OKX, a prominent global cryptocurrency spot and derivatives exchange, has established a significant presence in the digital asset market, ranking as the second largest crypto exchange by trading volume. With a user base surpassing 50 million individuals worldwide, OKX has been a pivotal platform for crypto enthusiasts and traders, offering a broad spectrum of trading services.
However, recent developments have necessitated a strategic shift for the exchange. OKX has made the difficult decision to discontinue its services in Nigeria. This move comes in response to recent changes in local laws and regulations governing cryptocurrency operations within the country.
The Nigerian government has been increasingly stringent about crypto-related activities, aiming to regulate and control this rapidly growing sector. These regulatory changes often include tighter compliance requirements, higher scrutiny on transactions, and restrictions that can hamper the operational efficiency of crypto exchanges.
OKX statement as follows….
Notice regarding your account
We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve.
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.
We request you to please review your account and complete applicable steps by 12:00 am (PST) on August 16, 2024:
Step 1: Close any P2P, margin, perpetual, futures, options positions and orders.
Step 2: Close any USDT, DAI, and EURT spot orders.
Step 3: Redeem all assets from Grow products, including Earn, Loan, and Jumpstart.
Step 4: Transfer your assets out of your OKX account to a wallet of your choice.
What happens to my account after August 16, 2024?You will only be able to withdraw your assets; you will not be able to deposit or transact otherwise.
How long do I have to withdraw my funds?
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.
If you have any questions or require assistance, please contact our support team at support@okx.com.
Regards,
OKX team.
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