OKX, a cryptocurrency exchange, has exited the Nigeria market attributing the decision to changes in the local laws and regulations. The notice, sent to users on July 17, stated that clients must interact with the application’s functions by August 16, 2024.
OKX discontinuing their service in Nigeria is a big disappointment.
This govt just wants to take food from our table but we wont panic. pic.twitter.com/xQjmd4JPo6
— King.sol (@teddi_speaks) July 17, 2024
After the deadline, users will withdraw funds until August 30, after which they will need to contact customer service for account-related actions. This comes after the earlier decision to suspend Naira withdrawals in May 2024.
Government Crackdown on Crypto Exchanges
The Nigerian government has been stepping up its measures against cryptocurrency exchanges. This year alone, Binance faced legal complaints for manipulating the Naira, money laundering, and tax evasion, which increased the regulator’s attention.
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We współpracy z: https://www.thecoinrepublic.com/2024/07/18/nigerian-regulation-force-another-crypto-exchange-to-cease-operations/
