OKX Exits Nigeria Amid Regulatory Concerns, Following Binance's Troubles

OKX has announced its departure from Nigeria, citing local regulatory changes, following similar actions by Binance.

OKX Cites Regulatory Changes

In an email addressed to clients in Nigeria on July 17, OKX said that it is leaving the country and would no longer provide services to any customers in Nigeria.

With an August 16, 2024, deadline for customers to utilize the platform's functionalities, OKX primarily cited "recent changes in local laws and regulations" as the rationale for suspending services in the country. You can only withdraw funds or shut out positions after the deadline if you are a Nigerian user on the platform.

Binance's Regulatory Issues in Nigeri

Following accusations by the Nigerian government against Binance of manipulating the country's fiat currency, money laundering, and tax evasion schemes in May 2024, OKX banned Naira withdrawals citing regulatory concerns.

Cointelegraph shares that following this, the Nigerian government restricted participation in key controlled markets. As a result, Binance halted Naira services in Nigeria and provided customers with a limited time to either withdraw their assets or convert them to stablecoins denominated in dollars.

In spite of this, the EFCC in Nigeria ordered Binance to reveal the identities of all users who transacted on the site.

Nigerian Government's Market Restrictions

In February 2024, Nadeem Anjarwalla and Tigran Gambaryan, two executives from Binance, were detained by Nigerian authorities as part of the investigation and charges against the business.

May was the month when Gambaryan's sickly wife insisted on seeing a doctor. Since then, lawmakers in the US have taken notice of the case because of the humanitarian aspect and Gambaryan's worsening health.

The jail doctor who is caring for Gambaryan, Dr. Abraham Ehizojie, was recently the subject of an arrest order issued by Nigerian court officials. The warrant was issued due to Ehizojie's failure to appear in court and provide a medical report regarding Gambaryan's health.

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