OKX is withdrawing from Nigeria and ceasing all services to Nigerian customers, the cryptocurrency exchange said in an email to Nigerian customers on July 17.
OKX cited “recent changes in local laws and regulations” as the main reason for discontinuing its services in the country, and stated that the deadline for users to access platform features is August 16, 2024. After the deadline, Nigerian users will only be able to access the platform to withdraw funds or liquidate positions.
Nigerian Government Targets Crypto Exchanges
OKX suspended Naira withdrawals in May 2024, citing regulatory concerns, after the Nigerian government accused Binance of manipulating the country’s currency and engaging in a money laundering and tax evasion scheme earlier that year.
The Nigerian government subsequently blocked access to major centralized exchanges. Binance responded by suspending its Naira services in Nigeria and giving users a short period of time to withdraw their funds or convert them to dollar-denominated stablecoins.
Despite this, Nigeria’s Economic and Financial Crimes Commission (EFCC) has demanded that Binance disclose the user information of all individuals who traded on the platform.
Related: Nigeria Begins Review of Blockchain Technology Policy.
Binance executives detained
As part of the investigation and prosecution of Binance, Nigerian authorities detained company executives Nadeem Anjarwala and Tigran Gambarian in February 2024.
In May, Gambarian’s wife sought medical attention for her ailing husband. Since then, the case has attracted the attention of U.S. lawmakers for its humanitarian nature and Gambarian’s deteriorating health.
Recently, Nigerian court officials issued an arrest warrant for Dr. Abraham Ehijojie, the doctor at the prison where Gambarian is being held, for failing to appear in court and submit a medical report on Gambarian’s health.
This could cause problems between the Nigerian government and the U.S. government. On July 10, U.S. Rep. Rich McCormick drafted a resolution and submitted it to the House Foreign Affairs Committee, stating that if the detention of Gambarian, a U.S. citizen, is not resolved by mid-July, it should be considered a hostage situation.
magazine: How to Protect Your Cryptocurrency in a Volatile Market: Bitcoin OGs and Experts Say.