OKX Withdraws From Nigeria, Here's Why!

OKX withdrew from Nigeria (Photo; Doc. Coingape)

JAKARTA - OKX, one of the world's leading crypto exchanges, announced that it will be discontinuing services in Nigeria from August 16, 2024. This decision was taken in response to increasingly stringent changes in local regulations, which makes crypto exchange operations increasingly difficult in the country. The move follows in the footsteps of other major crypto exchanges such as Binance and KuCoin, which have also left Nigeria for similar reasons.

In an email sent to Nigerian users, OKX explained the steps to be taken before August 16, including closing open and withdrawing funds. Once that date, the OKX service will be discontinued, and users will only be able to withdraw their assets. The move reflects the broader regulatory challenges facing crypto platforms in Nigeria, where digital assets play an important role in providing financial inclusion and economic opportunities.

However, the Nigerian government's stance seems to be against the role. The government has implemented various restrictions, which further complicate crypto platform operations in the country. The only reason why Nigerian youth is calm and peaceful is because crypto, forex, and betting have made many people rich, "said one user.

OKX's move is a significant blow to Nigeria's fast-growing crypto market in recent years. This departure is especially worrying for the younger generation, many of whom have found financial stability and success through crypto trading and investment. Feelings of disappointment and frustration are widespread among the crypto community, with many worried that the loss of these platforms could curb the country's growing crypto ecosystem.

Concerns are not only about losing access to trading platforms, but also the broader economic impact. With less opportunities to engage in crypto assets reduced, there are concerns that this could lead to increased unemployment and economic difficulties, especially among tech-savvy youths who have used digital assets to improve their standard of living.

OKX guarantees its users that their funds remain secure and accessible, but they are encouraged to withdraw or transfer their assets before August 30, 2024. Following that date, users may face further restrictions in accessing their funds, depending on local laws and OKX service provisions.