OKX Will No Longer Be Available For Nigerians After August 16, 2024
Global cryptocurrency exchange (CEX) platform OKX is set to restrict access for users in certain countries, including Nigeria.
In May 2024, amid clampdown on cryptocurrency platforms in Nigeria by Security and Exchange Commission (SEC) in a mid to save the floundering naira, OKX halted its peer-to-peer trading feature in Nigeria.
According to the push notification sent by OKX to users, as from 16th July 2024, new user registration and authentication on the OKX platform is no longer available.
As from 30th August 2024, all OKX operational services in Nigeria will be suspended, users will no longer have access to their account.
“OKX Exchange is currently not available in Nigeria due to local laws and regu-lations. If you do not reside in Nigeria, you may continue using OKX Exchange with a valid government-issued ID. Our portal to Web3, OKX Wallet, can still be accessed.”
From August 16, 2024, users will no longer be able to access any services on the platform, with the exception of withdrawals and closing/redemption of open positions.
Reaching out to OKX customer support for the status of their Nigerian cryptocurrency asset holders on their platform, the company reiterated the need for all users in the region to withdraw their assets to their self custody wallet or another cryptocurrency exchanger.
“Please be advised that our products and services may not be available in all markets and jurisdictions, and we may restrict or prohibit the use of all or a portion of the Services from Restricted Locations, which at this time include Nigeria from August 30.
After August 30, your account will be restricted. Please ensure to close your positions by August 30, and withdraw any assets by August 30. Your funds will remain safe in your account until you withdraw them. You will be able to withdraw cryptocurrency to your self-custody wallet or your cryptocurrency account on another exchange.”
Recently, Nigerian authorities have clamped down on cryptocurrency platforms and bureau de change operations nationwide on claims that they aid currency speculators damaging the Nigerian currency.
