{"id":84197,"date":"2024-07-17T11:39:43","date_gmt":"2024-07-17T15:39:43","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=84197"},"modified":"2024-07-17T11:40:51","modified_gmt":"2024-07-17T15:40:51","slug":"crypto-exchange-okx-halts-operations-in-nigeria","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-exchange-okx-halts-operations-in-nigeria\/","title":{"rendered":"Crypto Exchange OKX Halts Operations in Nigeria"},"content":{"rendered":"\n

OKX, a digital asset exchange, has announced the discontinuation of its services<\/a> in Nigeria, citing local regulations.<\/p>\n\n\n\n

\"Crypto<\/figure>\n\n\n\n

Crypto exchange OKX has announced its withdrawal from Nigeria, citing local laws in the wake of a recent crackdown on digital asset services in the country.<\/p>\n\n\n\n

This contributes to the ongoing regulatory crisis that crypto companies are currently encountering in the Nigerian market.<\/p>\n\n\n\n

The exchange has provided users with instructions as its local entity halts operations.<\/p>\n\n\n\n

OKX Is Leaving Nigeria<\/h2>\n\n\n\n

After reviewing local policies, OKX delivered an email to its consumers on July 17 informing them of the discontinuation of services in Nigeria.<\/p>\n\n\n\n

Starting August 16, OKX customers will be unable to access services or establish new trading positions in the country.<\/p>\n\n\n\n

However, users will be able to withdraw and close open positions.<\/p>\n\n\n\n

\n

\u201cWe are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The exchange also emphasized the importance of Nigerian customers\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> reviewing their accounts before August 16.<\/p>\n\n\n\n

In addition to redeeming all assets from Grow products and transferring all assets out of OKX to a preferred wallet, users are required to close P2P, margin, futures, and options positions on OKX.<\/p>\n\n\n\n

Users will be permitted to make withdrawals after August 16, but will be restricted from conducting deposits and related transactions.<\/p>\n\n\n\n

\n

\u201cWhile your funds remain secure and accessible in your account, we highly encourage you to withdraw them to your private wallet or your accounts on other third-party platforms by 12:00 am (PST) on August 30, 2024,\u201d the email added.<\/p>\n<\/blockquote>\n\n\n\n

Users will be required to contact customer service support for any actions related to this matter after August 30.<\/p>\n\n\n\n

Crypto Regulatory Pursuit<\/h2>\n\n\n\n

OKX discontinued its centralized crypto trading services in Hong Kong in May to satisfy regulatory mandates.<\/p>\n\n\n\n

The exchange advised users to refrain from depositing funds after May 31, in addition to providing additional guidelines.<\/p>\n\n\n\n

The situation in Hong Kong is significantly different from that of Nigeria due to the severe local restrictions that have resulted in the prohibition of Binance<\/a>, Coinbase, and other entities.<\/p>\n\n\n\n

The Nigerian government has intensified its enforcement of crypto trading services this year, associating them with a decrease in the local currency.<\/p>\n","protected":false},"excerpt":{"rendered":"

OKX, a digital asset exchange, has announced the discontinuation of its services in Nigeria, citing local regulations. Crypto exchange OKX has announced its withdrawal from Nigeria, citing local laws in the wake of a recent crackdown on digital asset services in the country. This contributes to the ongoing regulatory crisis that crypto companies are currently encountering in […]<\/p>\n","protected":false},"author":56,"featured_media":84199,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[1406,7819,350,12218],"class_list":["post-84197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-crypto-exchange","tag-crypto-regulation-2","tag-nigeria","tag-okx-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/Crypto-Exchange-OKX-Halts-Operations-in-Nigeria.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=84197"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/84199"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=84197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=84197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=84197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}