Cryptocurrency exchange OKX has announced that it will stop serving Nigerian traders from August 16 due to stricter regulatory requirements.
According to OKX’s announcement, OKX clients in Nigeria will not be able to open new positions, accounts or use the platform’s services from August 16. However, they will be able to withdraw their crypto assets and close positions.
The exchange has asked local users to verify their accounts to close peer-to-peer (P2P), margin, perpetual, futures and options positions, close spot orders, withdraw assets from all OKX programs and move assets to external wallets by August 16. Nigerian traders must withdraw all their assets from the exchange by August 30, otherwise the platform will impose restrictions on the remaining funds.
OKX’s decision to shut down operations in Nigeria comes two months after the exchange removed Nigerian naira trading pairs from its P2P platform. Crypto exchanges have faced a tough regulatory environment in Nigeria since the start of the year, as the government believes that cryptocurrency trading contributes to the devaluation of the national currency.
Not all crypto exchanges are willing to shut down their business in Nigeria. For example, KuCoin is willing to make some changes to continue operating in the country. KuCoin recently informed Nigerian customers that it would deduct 7.5% value-added tax (VAT) from transaction fees. In May, the exchange also suspended its P2P services with the naira.
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Source: Cryptocurrency
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