OKX has stopped its p2p service for Nigerian customers

[Bournesparks]

Back to the old traditional p2p ? Money go loss oooo, the only best way I see is Bitcoin to gift cards then trade it to Naira.

I think gift card is part of virtual asset and at that the government will still be after it trading too, but btwn Nigerians will always fine they way around,  and just as you said it will take time and high risk, but since the government have decided to do a selective fight to recover the worsening value of the naira and choosing exchanges as major target I think it certainly sure for us that we are going to witnessed a tough time ahead and soon all the known centralized exchange will  delist naira from their trading pair.

Much more also the eas of carrying out p2p transactions I going to be greatly effected but you know our government with lack of followup on policies so very soon their going to choose other sector to take their fight to when the discovere that cryptocurrency trading or even the USDT is not the problem and reason for naira weak value.

The matter weak me, instead of the govt to adopt innovations and support Crypto them wan bring am down, but it's well, other options still da ground. Na Bitget P2P I mount put and their rate solid too. Make we da see how e da go .

[Charles-Tim]

Decentralized exchanges are there ready to use but the volume is extremely low for Naira p2p trading since most Nigerian do not know much about DEX exchanges and how it works - CEX makes p2p very easy and safer that's only reason it's more popular.

The only problem on decentralized exchanges is the trading volume liquidity. Also that most people find zero transaction fee easy as they leave their money on centralize exchanges and only making money from the centralized exchanges P2P. On decentralized exchanges, there can be service fee and onchain fee.

Back to the old traditional p2p ? Money go loss oooo, the only best way I see is Bitcoin to gift cards then trade it to Naira.

Centralized exchanges are not safer if traders know what they are doing. Decentralized exchanges also have escrow and disputes are solved also just like how it is on centralized exchanges. Trading bitcoin for gift card and to naira is not profitable like trading bitcoin to naira directly.

[Belarge]

The matter weak me, instead of the govt to adopt innovations and support Crypto them wan bring am down, but it's well, other options still da ground. Na Bitget P2P I mount put and their rate solid too. Make we da see how e da go .

Anywhere they carry us go, na there we go go, no stress. Weytin the government de plan sef? I just tire because weytin the government de do no goes well at all. First it was Binance and now it's OKX, what's actually going on? Because me no understand again oh. I know say the Government de blame these crypto related exchanges for the depreciation of the naira currency, perhaps e reach to wonder for the kind high level of fluctuation wey de go on.

[EluguHcman]

Rightfully thinking we have to understand that no firm like the exchange platforms would for no reasons just decide to delist any fiats of a nation from their trading platform.
 
So it is quite obvious that the governments must have such demands of which the exchange would have no choice than to succumb to the order of the government else the exchange would be termed breaking of the law.

Our government is just being wicked upon the citizens. While we were counting Binance and the OKX to had been disassociated the P2P from their platforms, something phishing was tasted tonight while I was on trying to make trading transaction using the Kucoin exchange.
I noticed that which ever bank I inputs in the platform as a method for payments, I am being alerted that the exchange does not support the selected bank which I thought it was the few I tried.
But that prompted me to kindly enroll on all the available banks in both commercial and Fintech banks that were listed in the exchange but it keep repeating that it doesn't support any of it.
That is to say Kucoin has been affected too denying Nigerians from their P2P. So bad.

[Mr.right85]

If you are an OKX user here, you must have found out by now that you can no longer trade crypto for Naira in that platform. E be like say our government don secretly warn this platform and told them to stop offering trading in Naira for Nigerians. First it was Binance, now it is OKX, i dey believe say very soon trading in Naira in centralized exchanges no go dey possible again.

No be lie, make we no forget say, people way Dey lead for this government na people way don dey from a time way we never get the kind advancement in technology as we get am today. Else, why wouldn’t they see the importance of a nation with a fair policy with cryptocurrency and learn from the results of previous ban attempt. E dey surprise me shah, say successive government dey pursue the mistake of previous. Them don launch CBDC and e no work, hope them no get the idea say, this go make people turn towards CBDC with this pattern shah.

To trade with centralized exchanges these days don become too difficult, it’s either the government dey ask one thing of them or the exchange dey ask for some KYC document or something close. Anyhow e be, things no go too chnage although, as e dey hot for now, everybody need play safe.

[R1dwanRz]

If you are an OKX user here, you must have found out by now that you can no longer trade crypto for Naira in that platform. E be like say our government don secretly warn this platform and told them to stop offering trading in Naira for Nigerians. First it was Binance, now it is OKX, i dey believe say very soon trading in Naira in centralized exchanges no go dey possible again.

E be like say the fight against crypto by our government no go stop anytime soon, so e better make everybody begin protect themselves and their funds, they might start blocking bank accounts at the slightest suspicion of any involvement in crypto transactions.

It's sad to see this happening in Nigeria. The government is fighting a losing battle by attacking crypto instead of embracing it. I'm so glad Bitget P2P is still available for Nigerians. I've been using it without any problems, and the merchants are much better than those on Binance or OKX. Even if you do face an issue, their support is quick to help. Plus, you get better rates imo.

[Cryptomultiplier]

Rightfully thinking we have to understand that no firm like the exchange platforms would for no reasons just decide to delist any fiats of a nation from their trading platform.
 
So it is quite obvious that the governments must have such demands of which the exchange would have no choice than to succumb to the order of the government else the exchange would be termed breaking of the law.

Our government is just being wicked upon the citizens. While we were counting Binance and the OKX to had been disassociated the P2P from their platforms, something phishing was tasted tonight while I was on trying to make trading transaction using the Kucoin exchange.
I noticed that which ever bank I inputs in the platform as a method for payments, I am being alerted that the exchange does not support the selected bank which I thought it was the few I tried.
But that prompted me to kindly enroll on all the available banks in both commercial and Fintech banks that were listed in the exchange but it keep repeating that it doesn't support any of it.
That is to say Kucoin has been affected too denying Nigerians from their P2P. So bad.

I could remember how I was stuck some days back when I tried to trade by withdrawal to my local account. It didn't work with the notification that all banks and Fintech banks no longer support cryptocurrencies transaction.
I still haven't gotten that cash till the moment of writing this comment and I have grown pretty concerned about the issue that government is fighting tooth and nail to control.

Abi make Dem deport us or import us to another country o, because me no understand why work no dey and Dem still dey try lock down cryptocurrency space wey citizens dey eke a living from. It's so absurd.

So far I have not known how to withdraw my funds or trade with all this ban on the NGR market and centralized platforms. It would have been better to just regulate cryptocurrency use and let us take care of ourselves since they care little in providing the needed amenities and job opportunities and aid to the citizens who have grown reliant on cryptocurrencies trading and earning for survival.

[Igebotz]

The gift card method dey sharp because many vendors still dey wey dey buy gift cards. But will our government not suddenly plan something against giftcards?

Not, it's a digital assets for digital payments and not in anyway crypto related but the only disadvantage here is that gift cards are trade at a very low rates compared to crypto since we would be dealing mostly on the E-code which is usually lower than the physical card. Not a very convenient route tbh.

[EarnOnVictor]

If you are an OKX user here, you must have found out by now that you can no longer trade crypto for Naira in that platform. E be like say our government don secretly warn this platform and told them to stop offering trading in Naira for Nigerians. First it was Binance, now it is OKX, i dey believe say very soon trading in Naira in centralized exchanges no go dey possible again.

E be like say the fight against crypto by our government no go stop anytime soon, so e better make everybody begin protect themselves and their funds, they might start blocking bank accounts at the slightest suspicion of any involvement in crypto transactions.

This is no longer a secret warning, the Nigerian government through all their possible actors and agencies is fighting the exchanges in the open. Only that some exchanges are more adamant than each other because by now I believe they must have served all the top-rated ones their dissatisfaction and warning to desist from providing the services that are NGN-related. But still, many of them are still providing the service, let's see who's is next.

Besides, the Nigerian government has taken this matter with a kid's glove, they are not just mature about their approaches. Regulations, I mean a strict one is the solution here, or don't they know that we will always find alternatives to do our P2P thing? One way or another, our cryptos must be exchanged whether they like it or not, this is even as we are finding opportunities to make extra money in the tough economy they've created for us.

As it is now, I think the new SEC's DG, Emomotimi Agama may be going somewhere now with the virtual meeting planned between himself and the blockchain and exchange business in the country. I even heard the foreign ones are invited as well (https://punchng.com/crypto-regulation-sec-chief-to-meet-foreign-local-crypto-exchanges-others-monday/). The meeting has been rescheduled again to a later time today which means it is serious and will hold (https://punchng.com/blockchains-industry-meeting-with-sec-dg-rescheduled/).

Let's see how things unfold even as Nigerians are not panicking due to the threat by Fintechs to block people's accounts. Cryptocurrency is legal in our country, period! It's the government that should fix the economy and find the means to bring in huge FX to stabilise the exchange rate. I hope the new DG will be wise enough to regulate and not do gragra like EFCC and CBN government that are clueless about the whole issue.

[Africolo]

This is no longer a secret warning, the Nigerian government through all their possible actors and agencies is fighting the exchanges in the open. Only that some exchanges are more adamant than each other because by now I believe they must have served all the top-rated ones their dissatisfaction and warning to desist from providing the services that are NGN-related. But still, many of them are still providing the service, let's see who's is next.

Besides, the Nigerian government has taken this matter with a kid's glove, they are not just mature about their approaches. Regulations, I mean a strict one is the solution here, or don't they know that we will always find alternatives to do our P2P thing? One way or another, our cryptos must be exchanged whether they like it or not, this is even as we are finding opportunities to make extra money in the tough economy they've created for us.

The CBN and FG can easily handle this by removing the ban on the Naira card for internationally shopping and purchases, allowing us to trade and buy Bitcoin at the CBN rate, as it was during the Goodluck Jonathan administration before Buhari took office. I doubt anyone would use the black market rate if the rate for card transactions was 1,100 or 1300 (or whatever rate they deemed appropriate). This way, the black market will be unaffected because no one will go there since the CBN rate is better.

Allow Naira withdrawals from exchanges at the same CBN exchange rate as before. P2P only became a trend once exchanges stopped accepting withdrawals and Naira cards. If we could get all of these things back to exchanges, Naira P2P would decrease and the supposed "Naira manipulation" would cease.

I'm still following up the SEC meeting News, nothing in the News yet.

[Uhwuchukwu53]

Many at times I do wonder why our leaders leave necessity and go after the infinitesimal problem of the citizens, this issue I face as I nearly get depression thinking is a my phone network, or my app not being updated on the Kucoin exchange, u check back if my verification have issue but no issue but realized that this P2P problem with naira is the course, most of the exchange is finding it difficult to allow naira using P2P this actually will slow down our transaction but I strongly believe there must be a way out us very disheartened to say they way out leaders are going about certain issue it will even bring down the economy more than allivate it .

[Asiska02]

If you are an OKX user here, you must have found out by now that you can no longer trade crypto for Naira in that platform. E be like say our government don secretly warn this platform and told them to stop offering trading in Naira for Nigerians. First it was Binance, now it is OKX, i dey believe say very soon trading in Naira in centralized exchanges no go dey possible again.

The Nigerian government must have secretly warn them because in the case of binance, we saw what transpired between them and the government before p2p was banned on binance exchange. So OKX must have been secretly contacted and we don’t know what transpired between them to take this action without notice. The remaining exchanges will be at alert maybe they can also delist p2p soon as this is a war against cryptocurrency and Nigerian Naira.

E be like say the fight against crypto by our government no go stop anytime soon, so e better make everybody begin protect themselves and their funds, they might start blocking bank accounts at the slightest suspicion of any involvement in crypto transactions.

Most of the fintech banks don already release circular to their users not to trade anything cryptocurrency through their platforms as their accounts go dey blocked and dem go repot them to relevant agencies which is d government. Wetin you no create, you no fit kill am na him be the case of Naija and cryptocurrency now. Dem go just dey strict and penalised those wey dem see say transact anything cryptocurrency. I hear rumour say any account wey dem block go take 6 months before them unblock am but I no know how true that one be yet.

[Doan9269]

If the worst happened, then everyone will then migrate to the use of a decentralized exchange for their usual daily trades where they will not have to undergo any kyc challenge with the exchange or the government regulation for policies and regulations, this is my opinion anyway, a suggestion we may all want to go for after the realization of all that is happening with the government and the crypto networks.

[Odogwu-Blockchain]

I been never notice this news on my okex news feed, I still dey conduct p2p trade on my okex app and no restrictions, I just made successful p2p recently on the 4th of this month maybe the news never dey effective.

https://talkimg.com/images/2024/05/07/rgzTm.jpeg

If our government want make this thing hard for us, then this could bring us down in our crypto engagement with other world enthusiast tbh, although other reputable alternative exchange like Kucoin, Huobi and Bybit dey conducts p2p trades. I've traded p2p on Huobi once but the time given to buyers to pay is approximately 48hours to make payments, that's shitty.

[EarnOnVictor]

This is no longer a secret warning, the Nigerian government through all their possible actors and agencies is fighting the exchanges in the open. Only that some exchanges are more adamant than each other because by now I believe they must have served all the top-rated ones their dissatisfaction and warning to desist from providing the services that are NGN-related. But still, many of them are still providing the service, let's see who's is next.

Besides, the Nigerian government has taken this matter with a kid's glove, they are not just mature about their approaches. Regulations, I mean a strict one is the solution here, or don't they know that we will always find alternatives to do our P2P thing? One way or another, our cryptos must be exchanged whether they like it or not, this is even as we are finding opportunities to make extra money in the tough economy they've created for us.

The CBN and FG can easily handle this by removing the ban on the Naira card for internationally shopping and purchases, allowing us to trade and buy Bitcoin at the CBN rate, as it was during the Goodluck Jonathan administration before Buhari took office. I doubt anyone would use the black market rate if the rate for card transactions was 1,100 or 1300 (or whatever rate they deemed appropriate). This way, the black market will be unaffected because no one will go there since the CBN rate is better.

Allow Naira withdrawals from exchanges at the same CBN exchange rate as before. P2P only became a trend once exchanges stopped accepting withdrawals and Naira cards. If we could get all of these things back to exchanges, Naira P2P would decrease and the supposed "Naira manipulation" would cease.

I'm still following up the SEC meeting News, nothing in the News yet.

Well, their mismanagement of the economy and the commonwealth has put us all into this mess and now they are blaming dealers, exchanges and the P2P. Besides, the reason why they can't allow our bank cards to function as you said is because they do not have the FX to fulfil such international obligations which is gross and so annoying. And even if there was an option like that, someone like me would never go for it because it would be cheaper and can't mean a good business for me. I would rather locate a parallel market as it is in all countries of the world, only that our country missed it from the beginning which is why things are burning this way.

However, the P2P initiative is not the issue, the government through their poor reasoning and action believe it is, but it is not. Imagine, if the country is doing well and there are four places you can exchange your crypto which are; 1. Official/bank, 2. Parrallel market/BDC, 3. Normal local exchanges, 4. P2P. These mediums will merely quote their rates and anyone interested in such rates and the service they render will go for them without any issue. The P2P is working fine in every other country of the world, so why is Nigeria's situation different?

The government are just clueless and I wonder how P2P will be the only issue when there are still other three channels quoting similar rates with the P2P. This is the problem we've been facing with the country from the beginning, they never have any solution to problems but just proving smart. As for the news, just do not waste your time, it was never a good one, it's another waste of chance by SEC.

[Mr.right85]

Decentralized exchanges are there ready to use but the volume is extremely low for Naira p2p trading since most Nigerian do not know much about DEX exchanges and how it works - CEX makes p2p very easy and safer that's only reason it's more popular.

The only problem on decentralized exchanges is the trading volume liquidity. Also that most people find zero transaction fee easy as they leave their money on centralize exchanges and only making money from the centralized exchanges P2P. On decentralized exchanges, there can be service fee and onchain fee.

I for say I see how this go increase in time because, these na things way fit bring a shift for other available options but the matter be say, na only us Dey suffer and complain this thing now shah. If na on a global scale, things for change wella to a more decentralized option of transacting.

Back to the old traditional p2p ? Money go loss oooo, the only best way I see is Bitcoin to gift cards then trade it to Naira.

Centralized exchanges are not safer if traders know what they are doing. Decentralized exchanges also have escrow and disputes are solved also just like how it is on centralized exchanges. Trading bitcoin for gift card and to naira is not profitable like trading bitcoin to naira directly.

I never use decentralized exchange before although I don hear about am many times, the fact say e no deybuser friendly like that no really make an option but, that na via say, we never Dey forced to use it as an option like we Dey see in recent attack on cryptocurrency services by our government.
One thing I know well be say, Nigerians go always find a way, so government no fit undo the process finish.

On decentralized exchange, how the dispute system Dey be like, which people Dey act as support to issue resolution?

[Coyster]

I been never notice this news on my okex news feed, I still dey conduct p2p trade on my okex app and no restrictions, I just made successful p2p recently on the 4th of this month maybe the news never dey effective.

You did not make this transaction on the 4th of this month, take a good look at the order time, it was on the 23rd of last month, and at that time trading in Naira was still available on OKX centralized exchange. They delisted trading in Naira on the 3rd of this month, and since then it is no longer possible to trade in Naira.

[Marykeller]

So like this now, peso no go fit trade p2p for Binance and OKX for upto 8 years. I thought that at the start of Tinubu regime, em been d in full support of crypto(cos em be drum em support for crypto during em campaign period), neither do we not know that em own tenure go worst pass the previous government wey kicked against trading with the banks.

Now coming to his own, em come be say he is coming against crypto exchange directly not only the banks. That's how wicked our government can be to its citizens. Acting nicely before they take power, after they must have taken power they begin to act strangely and give annoying implementation of law that will affect its whole citizens.  Anyway I no blame this government sha since they can wake up any given morning to implement wetin no d necessarily into law without making enough findings of wetin d wan implement go be in favor of its citizens or the real cause of the country palava. How on earth does p2p trading affect the naira valuation wey be sae we use more of imported goods and services than our own. Petroleum wey be our own, we refine it in another country and import it back to home(Nigeria). That's so pitiful to reason about sae no single refinery for our country. And the government of the day expect make dollar to naira no increase. That one no be juju

[Africolo]

On decentralized exchange, how the dispute system Dey be like, which people Dey act as support to issue resolution?

Most dispute on Decentralized exchanges comes in three steps. ( Trade chat, the mediator and the arbitrator).

There is a  trade chat option for seller and buyers to have a discussion and try to settle their dispute without needing the mediator. If both parties can't get it resolved either of them can use the "report to support" that's the mediator, the mediator serves as the third party if the traders are not pleased with the mediator suggestions, they go further to the arbitrator ( but is an unlikely situation). This is where the arbitrator set a time lock and once this elapsed the Bitcoin in escrow is sent ot the donation address on the website..... Story for the gods at this stage...

[CryptoHeadlineNews]

If you are an OKX user here, you must have found out by now that you can no longer trade crypto for Naira in that platform. E be like say our government don secretly warn this platform and told them to stop offering trading in Naira for Nigerians. First it was Binance, now it is OKX, i dey believe say very soon trading in Naira in centralized exchanges no go dey possible again.

The rate at which our Nigerian government dey go after crypto stuff this days is really becoming alarming and unfair to the Nigerian youths of now our days whose main source of income are either crypto trading or crypto buying and selling on these bigger exchanges,  because if you could vividly look into this case, you will notice that the real people who are into this money laundering are still the same politicians & CBN executives who are enforcing this laws. But one I know for sure be say even if government try succeed to block NGN p2p trading on all angles, Naija boys go always find a way out even if eh go cost us more fees.