Cryptocurrency exchange, OKX has announced it will cease operations in Nigeria due to recent changes in local laws and regulations.
In a statement sent to its users on Wednesday, OKX explained that the decision follows its ongoing evaluation of market policies.
The statement announced that OKX services in Nigeria will be discontinued due to recent changes in local laws and regulations, and starting 16th August 2024, customers will be unable to open new positions or access most services except for withdrawals and the closing or redemption of open positions.
OKX urged users to review their accounts and follow retrieval instructions, stating that from 16th August, only asset withdrawals will be possible as deposits and other transactions will be disabled.
OKX also advised users to withdraw or transfer funds before 30th August 2024, as any account-related actions after this date will require contacting customer service and may be subject to further restrictions in line with their Terms of Service and local laws.
The statement read below:
“We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations.
“From August 16, 2024, our customers will no longer be able to open any new positions or access any services on the platform, with the exception of withdrawals and closing/redemption of open positions.
“From August 16, users will only be able to withdraw your assets; you will not be able to deposit or transact otherwise.
“While your funds remain secure and accessible in your account, we highly encourage you to withdraw them to your private wallet or your accounts on other third-party platforms by 12:00 am (PST) on August 30, 2024.
“After August 30, 2024, you will have to reach out to our customer service teams for any account related actions. We strongly encourage you to withdraw or transfer funds prior to this date, as remaining balances may be subject to further restrictions in accordance with our Terms of Service along with local laws.”
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