Crypto exchange OKX is halting all services for Nigerian customers, as revealed in an email sent to clients. The decision comes amid a broader regulatory crackdown on crypto firms in the country.
Nigerian users have until Aug. 16 to fully access the platform’s features. After this deadline, they can only withdraw funds or close positions. OKX attributed the move to “recent changes in local laws and regulations” in Nigeria.
This development follows a series of regulatory actions against crypto exchanges in Nigeria. In May 2024, OKX suspended Naira withdrawals due to regulatory concerns. The Nigerian government had previously accused Binance of currency manipulation, money laundering, and tax evasion.
Impact on other crypto exchanges
The crackdown extended to other major centralized exchanges, with the Nigerian government blocking access to several platforms. Binance responded by ceasing Naira services and giving users a brief window to withdraw funds or convert to dollar-denominated stablecoins.
Nigeria’s Economic and Financial Crimes Commission (EFCC) intensified its investigation, demanding that Binance disclose user information for all individuals who used the platform to trade.
In Feb. 2024, the situation escalated as Nigerian authorities detained Binance executives Nadeem Anjarwalla and Tigran Gambaryan. Gambaryan’s declining health condition while in custody has captured the attention of U.S. lawmakers ever since.
Court officials in Nigeria recently issued an arrest warrant for Dr. Abraham Ehizojie, a prison physician, after he failed to attend court and provide a medical report on Gambaryan’s health.
Nevertheless, tensions between Nigeria and the US have heightened due to the current circumstances. On July 10, Rich McCormick, a U.S. legislator, proposed a resolution to the House Committee on Foreign Affairs recommending that Gambaryan’s detention should be considered akin to a hostage scenario if not resolved by the middle of July.
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