Crypto change OKX has knowledgeable Nigerian shoppers that they’ve till Aug. 16 to shut their positions, as it’s ceasing operations within the African nation attributable to native laws.
In a July 17 electronic mail assertion obtained by CryptoSlate, OKX knowledgeable customers they might now not have the ability to open new positions or entry any providers on the platform, aside from withdrawals and shutting present positions.
OKX assured customers that their funds stay safe and accessible. Nevertheless, they have to withdraw these funds by Aug. 30, 2024. After this deadline, customers should contact customer support for account-related actions.
The announcement has brought about concern amongst Nigerian crypto customers, who’ve voiced their frustrations on social media platform X. OKXHelpDesk responded by stating the platform can not present know-your-customer (KYC) providers for Nigerian customers.
It acknowledged:
“Hello there, we’re at present unable to supply KYC verification providers for Nigeria. Any updates concerning licensing shall be shared on our official channels. Please keep linked with us for any future bulletins on this matter, thanks!”
The choice follows OKX’s removing of peer-to-peer providers for Nigerian customers and the removing of the native fiat foreign money, the Nigerian naira (NGN), from its platform in Could.
OKX has but to answer CryptoSlate’s request for extra commentary as of press time.
Crypto exchanges challenges in Nigeria
OKX’s determination follows the latest crackdown on crypto platforms in Nigeria.
Earlier this month, KuCoin notified its Nigerian customers of a 7.5% value-added tax (VAT) on all transactions. KuCoin cited a regulatory replace in Nigeria as the rationale for this modification.
Moreover, Binance faces authorized motion from Nigerian authorities for cash laundering and tax evasion. One of many change executives, Tigran Gambaryan, is at present detained on the Kuje Correctional Centre in Abuja regardless of his worsening well being circumstances and elevated worldwide requires his launch.
In the meantime, the Nigerian authorities preserve that these actions are a part of a broader effort to make sure compliance within the rising trade.