OKX Logo with Candle Chart Behind. Source: photo_gonzo - stock.adobe.com

Key Takeaways:

OKX is exiting Nigeria, giving users until August 16, 2024, to access services before limiting activities to withdrawals and position closures.
The exit follows Nigerian regulatory challenges, including accusations against Binance for financial misconduct and subsequent demands for user information by the EFCC.
The detainment of Binance executive Tigran Gambaryan in Nigeria, raising humanitarian concerns, has drawn attention from US lawmakers.

OKX has announced its exit from Nigeria, halting services for all Nigerian customers due to recent changes in local laws and regulations.

Nigerian users have until August 16, 2024, to access platform features, after which they can only withdraw funds or close positions.

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

This move follows regulatory challenges in Nigeria, including the Nigerian government’s earlier accusation against Binance for manipulating fiat currency, money laundering, and tax evasion.

Binance ceased Naira services in response and allowed users a limited time to withdraw funds or convert to stablecoins.

Despite compliance efforts, Nigeria’s Economic and Financial Crimes Commission (EFCC) demanded Binance disclose user information, leading to the detainment of Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, in February 2024.

Gambaryan’s detainment has raised humanitarian concerns due to his deteriorating health, prompting US lawmakers to consider his situation as a potential hostage case if unresolved.