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OKX exchange exiting Nigeria due to regulatory concerns
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2024-07-18 06:07:33
Vince Quill2 hours agoOKX exchange exiting Nigeria due to regulatory concernsThough the announcement came as a surprise to many users, OKX has been winding down features in the Nigerian market for months.644 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOKX is exiting Nigeria and halting services for all Nigerian customers, the crypto exchange revealed in an email sent to Nigerian clients on July 17.
OKX cited "recent changes in local laws and regulations" as the primary reason for ceasing services in the country and an August 16, 2024, deadline for users to access the platform"s features. After the deadline, Nigerian users will only be able to access the platform to withdraw funds or close out positions.The OKX email to Nigerian customers. Source: King. SolNigerian government targets crypto exchanges
OKX suspended Naira withdrawals in May 2024, citing regulatory concerns, after the Nigerian government accused Binance of manipulating the country"s fiat currency, money laundering, and tax evasion schemes earlier that year.
The Nigerian government subsequently blocked access to major centralized exchanges. Binance responded by ceasing Naira services in Nigeria and giving users a short window to withdraw funds or convert to dollar-denominated stablecoins.
Despite this, Nigeria"s Economic and Financial Crimes Commission (EFCC) demanded that Binancedisclose user information for every individual who used the platform to trade.
Related: Nigeria begins review of its blockchain technology policy.Detained Binance executives
As part of the investigation and charges against Binance, Nigerian authorities detained company executives Nadeem Anjarwalla and Tigran Gambaryan in February 2024.
In May, Gambaryan"s wife demanded medical attention for her ailing husband. Since then, the case has garnered attention from United States lawmakers due to the humanitarian nature of the case and the deteriorating health condition of Gambaryan.
More recently, Nigerian court officials produced an arrest warrant for Dr. Abraham Ehizojie, a medical doctor at the prison Gambaryan is being held, for failing to appear in court and produce a medical report on Gambaryan"s health.
This could create problems between Nigerian government and United States governments. On July 10, US lawmaker Rich McCormick drafted and submitted a resolution to the House Committee on Foreign Affairs recommending that the detainment of Gambaryan, a US citizen, be treated as a hostage situation if the issue is not resolved by mid-July.
Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in.# Blockchain# Altcoin# Business# Nigeria# Binance# OKX# RegulationAdd reaction