OKX exits Nigeria amid near-pervert regulatory crackdown

OKX is winding down services in Nigeria, citing changes in local laws and regulations.

The crypto exchange informed Nigerian clients via email on July 17.

Users have until August 16, 2024, to access platform features.

Post-deadline, access will be limited to withdrawing funds or closing positions.

OKX faces regulatory pressure

In May 2024, OKX suspended Naira withdrawals due to regulatory concerns.

The Nigerian government accused Binance of currency manipulation, money laundering, and tax evasion.

Subsequently, the government blocked access to major centralized exchanges.

Binance ceased Naira services and allowed users to withdraw funds or convert to stablecoins.

Binance executive arrested in Nigeria

Authorities detained Binance executives Nadeem Anjarwalla and Tigran Gambaryan in February 2024.

Nigeria’s Economic and Financial Crimes Commission demanded Binance disclose user data.

Gambaryan’s wife requested medical attention for him in May due to his deteriorating health.

US lawmakers have shown concern over Gambaryan's condition, potentially straining US-Nigerian relations.

U.S. expresses concern over Nigeria’s detention of Binance executive

On July 10, US lawmaker Rich McCormick submitted a resolution recommending treating Gambaryan’s detention as a hostage situation if unresolved by mid-July.