OKX crypto exchange has announced its departure from Nigeria on July 17, 2024. The exchange cited changes in local regulations as the main reason for this decision.
The exchange has set August 16, 2024, as the deadline for Nigerian users to complete their activities on the platform. After this date, users will only be able to withdraw funds or close their positions.
This move follows a series of regulatory crackdowns on crypto exchanges by Nigerian authorities. Earlier this year, OKX suspended transactions in Naira due to regulatory concerns. The Nigerian government’s scrutiny increased after accusing Binance, another major exchange, of currency manipulation and tax evasion around the same time.
The pressure escalated further when Nigerian authorities blocked access to several exchanges, prompting Binance to halt its Naira services. The Economic and Financial Crimes Commission (EFCC) also demanded user information from Binance.
However, the situation worsened with the detention of two Binance executives, Nadeem Anjarwalla and Tigran Gambaryan by Nigerian authorities in February 2024. Gambaryan’s case gained international attention, especially after his wife’s plea for his medical care.
These events have attracted the interest of U.S. lawmakers. Representative Rich McCormick proposed a bill suggesting Gambaryan’s detention could be treated as a hostage situation if not resolved promptly.
As these events unfold, Nigeria is reconsidering its blockchain technology policy, hinting at a possible shift in its approach to digital assets. The country is exploring the creation of its own blockchain called “Nigerium,” which would adhere to strict local laws and regulations.
