OKX exchange exits Nigeria due to regulatory concerns
OKX is withdrawing from Nigeria and ceasing services to all Nigerian customers, the crypto exchange said in a July 17 email to Nigerian customers.
Okex cited “changes in local laws and regulations” as the main reason for the suspension of services in the country and the last date for users to access the platform's features on August 16, 2024. After the deadline, Nigerian users can access the platform to withdraw funds or close positions.
The Nigerian government has targeted crypto exchanges
After the Nigerian government accused Binance of operating the country's fiat currency, money laundering and tax evasion schemes earlier this year, OKX suspended nara withdrawals in May 2024, citing regulatory concerns.
Subsequently, the Nigerian government blocked access to major centralized exchanges. Binance responded by suspending nara services in Nigeria and giving users a short window to withdraw funds or convert to the dollar-denominated stablecoin.
Despite this, Nigeria's Economic and Financial Crimes Commission (FCCC) has demanded that Binance disclose user information to all those who use the platform to trade.
Related: Nigeria Begins Review of Its Blockchain Technology Policy
Arrested Binance executives
As part of the investigation and charges against Binance, Nigerian authorities arrested company executives Nadeem Anjarwala and Tigran Gambian in February 2024.
In May, a Gambian wife sought medical help for her sick husband. Since then, the case has drawn attention from US lawmakers due to the humanitarian nature of the case and the worsening health situation in Gambia.
Recently, the Nigerian court authorities brought the imprisoned Gambian medical doctor, Dr. Abraham Ehizoji, to court and filed an arrest warrant for failing to file a medical report on Gambian health.
This could cause problems between the Nigerian government and the United States governments. In the year On July 10, US lawyer Rich McCormick proposed to the Foreign Affairs Council Committee that the detention of the Gambian US citizen should be treated as a hostage if the case is not resolved by mid-July.
Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in.
