OKX to End Operations in Nigeria, Blames "Changes in Local Laws"

Cryptocurrency exchange OKX is discontinuing its services in Nigeria due to what it termed changes in local regulations, Cointelegraph reported, citing emails sent to users. The surprise announcement followed months of gradual service reduction, culminating in a complete exit by mid-August. A Complete Suspension of OperationsIn the emails sent to Nigerian clients on July 17, the crypto exchange specified that all services would cease by August 16. After this deadline, users will only be able to access the platform to withdraw funds or close positions, marking a complete suspension of the country's exchange operations.OKX suspended naira withdrawals in May 2024, citing regulatory concerns. This occurred amid accusations by the Nigerian government against rival Binance, which was charged with manipulating the country's fiat currency, money laundering, and tax evasion. Subsequently, the government blocked access to major centralized exchanges, leading Binance to cease its naira services and give users a short window to withdraw funds or convert to dollar-denominated stablecoins.Despite these measures, Nigeria's Economic and Financial Crimes Commission (EFCC) intensified its scrutiny, demanding that Binance disclose user information for all individuals who used the platform for trading. This regulatory pressure appears to be part of a broader effort to control and monitor cryptocurrency activities within the country.Detainment of Binance ExecutivesThe situation escalated earlier this year when Nigerian authorities detained Binance executives Nadeem Anjarwalla and Tigran Gambaryan in February 2024. The case has garnered the interest of US lawmakers, and the situation could strain diplomatic relations between Nigeria and the United States. This article was written by Jared Kirui at www.financemagnates.com.