- Many customers were taken aback by the announcement, despite OKX having been gradually removing functionality in the Nigerian market for some months.
In an email to Nigerian consumers on July 17, OKX announced that it was leaving the country and suspending operations for all of its Nigerian clients.
OKX said that it was ending its operations in the nation due to recent changes in local laws and regulations. The company has set a deadline of August 16, 2024, for customers to utilize the platform’s functions. Nigerian users would only be permitted to access the platform to close their positions or withdraw monies after the deadline.
Nigerian authorities target cryptocurrency exchanges
After the Nigerian government accused Binance earlier that year of manipulating the nation’s fiat currency, money laundering, and tax evasion schemes, OKX banned Naira withdrawals in May 2024, citing regulatory concerns.
Subsequently, the government of Nigeria restricted access to significant centralized exchanges. In response, Binance suspended Naira services in Nigeria and offered customers a little window of time to withdraw their money or switch to stablecoins valued in dollars.
In spite of this, the Economic and Financial Crimes Commission (EFCC) of Nigeria asked that Binance reveal user data for each and every person who traded on the platform.
Executives from Binance are detained
In February 2024, Nigerian authorities detained Nadeem Anjarwalla and Tigran Gambaryan, two executives of the firm, as part of the investigation and charges against Binance.
Gambaryan’s wife requested medical care for her sick husband in May. Legislators in the United States have since become interested in the issue because of its humanitarian aspects and Gambaryan’s declining health.
Recently, Dr. Abraham Ehizojie, a physician at the prison where Gambaryan is being kept, received an arrest warrant from Nigerian court officials for neglecting to appear in court and provide a medical report on Gambaryan’s condition.
This can lead to issues between the governments of Nigeria and the United States. US congressman Rich McCormick wrote and delivered a resolution to the House Committee on Foreign Affairs on July 10th, suggesting that if the situation is not resolved by mid-July, the detention of US citizen Gambaryan be treated as a hostage situation.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
