OKX leaves Nigerian market

[Phoenixtrader]

Hello people. Who's seen this news. I saw it on twitter. OKX leaving Nigerian market?


What's your thoughts on this?. Can anyone confirm it!.

[Amphenomenon]

Base on what is trending about them on X(Twitter) I think this might be true though there haven`t been any official Announcement from them on X and also  I did checked my email since I have an account there but I did not receive any news of such neither see any of such news on their app but I will choose to believe this since they didn`t specify when they halt services with our naira and also from the fact that if this is really true then there are chances of not getting your funds back except you use another Nations national identity for KYC after the said deadline. Not Your Key Not Your coin.

[Kelward]

I just de hear about dis story for dis your thread now and I don do small research but I no see anywhere wey confirm di authenticity. I hope say more of our forum members wey de use OKX exchange go help us to confirm weda na true say dem de leave Nigerian market. I know say na some people work to de spread fake news to de put panic for people body, dat na why no be everything wen I hear for social media I de rush to believe, unless I hear am from di authentic source or from a reputable site. Aldo I no go de too surprised if any top exchange leave our Nigerian market, despite how lucrative wey dem business de do for di country, because of our government issues with Binance wey come de affect oda exchanges. Make we wait and see weda OKX go officially make any announcement say dem wan to leave Nigeria.

[Igebotz]

OKX is good in sending emails to their customers about what is about to be their next move. No email received yet and not official statement. I will kindly still disregard this so call called rumour.

About moving funds, OKX can not just leave like that. If you are trading on the exchange (I mean people like day traders), I do not see this to be concerning yet. If OKX will no more provide crypto products and services to Nigerians any longer, they will officially let us know.

It's not a rumour it's happening if you're also in doubt you can send a message to the CS on their website and get the answers that you need, the deadline is August 30th and that's enough time to send email across. As of now I will advise everyone holding their assets on OKX to withdraw to another exchange. Don't know why they're restricting their services to Nigeria yet but it could be the VAT tax implementation problem.

[Doan9269]

Whatever is their decision on this, i hope is to the best of their interest, OKX leaving is a short on the Nigeria's economy which the government are not seeing, i thought that of the p2p ban is good enough without restriction of accounts, but if this should happen, then the government is not trying at all towards considering the needs of the people and the source at which many of the youths are surviving from the use of centralized exchanges, its the best decision for us to take away our asset from them and make use of a cold storage, but what surprises me now is why the exchange have not been informing their customers on this same issue, or do they want to cart away our asset along with them while leaving.

[Charles-Tim]

It's not a rumour it's happening if you're also in doubt you can send a message to the CS on their website and get the answers that you need, the deadline is August 30th and that's enough time to send email across. As of now I will advise everyone holding their assets on OKX to withdraw to another exchange. Don't know why they're restricting their services to Nigeria yet but it could be the VAT tax implementation problem.

Do not mind me. I was misinterpreting it to Kucoin. I have seen it to be true.

[EL MOHA]

It's not a rumour it's happening if you're also in doubt you can send a message to the CS on their website and get the answers that you need, the deadline is August 30th and that's enough time to send email across. As of now I will advise everyone holding their assets on OKX to withdraw to another exchange. Don't know why they're restricting their services to Nigeria yet but it could be the VAT tax implementation problem.

It’s definitely going to be the VAT tax, if we could remember the last time they had naira transactions banned it was just few days away from that of KuCoin announcement. Now with KuCoin adding that they will start charging for VAT tax and it is logical that OKX will be in discussions with the Nigeria government to know their own stands and possibly the conditions given to them might be erroneous for them to comply with. And could probably be leaving.

The KYC verification on their platform has even been down since last week, someone had complained to me that they weren’t able to get it done. We all know that their KYC verification doesn’t take time. So that and now this is enough to say they are definitely restricting Nigerians. Their failure to send email yet might be that they are still working things out

[Igebotz]

It’s definitely going to be the VAT tax, if we could remember the last time they had naira transactions banned it was just few days away from that of KuCoin announcement. Now with KuCoin adding that they will start charging for VAT tax and it is logical that OKX will be in discussions with the Nigeria government to know their own stands and possibly the conditions given to them might be erroneous for them to comply with. And could probably be leaving.

The KYC verification on their platform has even been down since last week, someone had complained to me that they weren’t able to get it done. We all know that their KYC verification doesn’t take time. So that and now this is enough to say they are definitely restricting Nigerians. Their failure to send email yet might be that they are still working things out

They will rather stop providing services to Nigerians than implementing the VAT tax to enrich the same Govemment who took their main target Nigerian market (p2p) away from them. Not having a Naira p2p marketplace is as good as not having Nigerians at all since it's the only service we patronize the most.

They're not longer accepting new customers from Nigeria and Nigeria IDs are not longer accepted for KYC on their platform - they're moving away from our jurisdiction. Sadly

[Charles-Tim]

They will rather stop providing services to Nigerians than implementing the VAT tax to enrich the same Govemment who took their main target Nigerian market (p2p) away from them. Not having a Naira p2p marketplace is as good as not having Nigerians at all since it's the only service we patronize the most.

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

[IceLincoln]

They will rather stop providing services to Nigerians than implementing the VAT tax to enrich the same Govemment who took their main target Nigerian market (p2p) away from them. Not having a Naira p2p marketplace is as good as not having Nigerians at all since it's the only service we patronize the most.

They're not longer accepting new customers from Nigeria and Nigeria IDs are not longer accepted for KYC on their platform - they're moving away from our jurisdiction. Sadly

I think it’s a very poor management on their side (OKX) if this is the reason they’re pulling out of Nigeria. When there are so many competitors in the market, Nigerians will jus have to move elsewhere while they’ll be at a loss.
Naija, oya oooo carry your funds from OKX before 30th.
We Meuve

[CryptoHeadlineNews]

It's not a rumour it's happening if you're also in doubt you can send a message to the CS on their website and get the answers that you need, the deadline is August 30th and that's enough time to send email across. As of now I will advise everyone holding their assets on OKX to withdraw to another exchange. Don't know why they're restricting their services to Nigeria yet but it could be the VAT tax implementation problem.

This is a very sad news for the entire Nigerian crypto community, because I thought the issue about VAT tax has already settled, with OKX agreeing to pay Nigerian government 7% of every transaction fees charged for transactions done within the jurisdiction of our country, only to come to our local board this evening and see this news. Or should it be our authorities were expecting 30% of each transaction fees? Because I definitely think the ratio at which the fees was shared must be the major problem here. (i.e Just my personal view)

[Charles-Tim]

It's not a rumour it's happening if you're also in doubt you can send a message to the CS on their website and get the answers that you need, the deadline is August 30th and that's enough time to send email across. As of now I will advise everyone holding their assets on OKX to withdraw to another exchange. Don't know why they're restricting their services to Nigeria yet but it could be the VAT tax implementation problem.

This is a very sad news for the entire Nigerian crypto community, because I thought the issue about VAT tax has already settled, with OKX agreeing to pay Nigerian government 7% of every transaction fees charged for transactions done within the jurisdiction of our country, only to come to our local board this evening and see this news. Or should it be our authorities were expecting 30% of each transaction fees? Because I definitely think the ratio at which the fees was shared must be the major problem here. (i.e Just my personal view)

The reason OKX wants to disable Nigerians from accessing their site has not been stated. But people are only guessing or speculating it would be because of VAT. The one you are referring to is Kucoin and not OKX. Also it is 0.75% of 1% trading fee on Kucoin and not 0.7%.

[Wiwo]

OKX is good in sending emails to their customers about what is about to be their next move. No email received yet and not official statement. I will kindly still disregard this so call called rumour.

About moving funds, OKX can not just leave like that. If you are trading on the exchange (I mean people like day traders), I do not see this to be concerning yet. If OKX will no more provide crypto products and services to Nigerians any longer, they will officially let us know.

It's not a rumour it's happening if you're also in doubt you can send a message to the CS on their website and get the answers that you need, the deadline is August 30th and that's enough time to send email across. As of now I will advise everyone holding their assets on OKX to withdraw to another exchange. Don't know why they're restricting their services to Nigeria yet but it could be the VAT tax implementation problem.

The end to naira P2P on centralised exchanges have dealth a great blow on those exchanges, and as a result most of them are losing their motivation to keep servicing clients in Nigeria and also the issues with tax as mentioned is one of those things that can push them out if the Nig business stage.

Okx have left ever since the paused their P2p market in Nigeria and I believe that situation led to many traders moving away from that exchange to the other alternative that offers them P2p service so that as their are trading, you can take profits and get them converted to your local currency, wish them all the best and anyone having some funds on that exchange should take them off before the deadline.

[Princess Leah]

 First it was the removal of P2P and now they'll be leaving, it's would so sad that one of the leading exchanges might be leaving the Nigerian Market soon, well since I've not received an official statement from them, I'll just sit back and watch their next step, maybe just maybe they might only decide to stop KYC process for Nigerians till further notice.

 But then, for the day to day traders using that exchange it would be wise to take off your assets as soon as possible, if possible move it to a secure wallet or use another good exchange for trading until the news is officially confirmed by OKX in their official page that they'll be leaving in the specified date in that image.

 Well if the news become officially confirmed, too bad  to the Nigerian government, they've succeded in chasing away one of the leading exchanges from the Nigerian Market with taxation, this is a blow to the crypto space in Nigerian, thankgoodness their are other alternatives.

[Abu-Naim]

The reason OKX wants to disable Nigerians from accessing their site has not been stated. But people are only guessing or speculating it would be because of VAT. The one you are referring to is Kucoin and not OKX. Also it is 0.75% of 1% trading fee on Kucoin and not 0.7%.

The OKX can have their reasons but I don’t also think it will be the VAT because KuCoin agreed to it which I am sure it will be the same process with other CEX including OKX.
Maybe it will be because of p2p, perhaps they requested to bring it back and if Ferderal Government disagrees they can leave which can be another reason.
I just wish others will not leave soon.

[Lida93]

Base on what is trending about them on X(Twitter) I think this might be true though there haven`t been any official Announcement from them on X and also  I did checked my email since I have an account there but I did not receive any news of such neither see any of such news on their app but I will choose to believe this since they didn`t specify when they halt services with our naira and also from the fact that if this is really true then there are chances of not getting your funds back except you use another Nations national identity for KYC after the said deadline. Not Your Key Not Your coin.

Very much Not Your Keys Not Your Coins indeed. CEX is never a safe position to leave your coins, I think this should serve as a reminder.

There is no smoke without fire so whether this is an official announcement from OKX or not any Nigerian that has funds in their platform should treat this as urgent playing safe by moving away their coins to a self-custodial wallet. If they could stop naira p2p without prior information to customers then there's no need taking this as a rumour. As Nigerians we should be vigilant about all the CEX with how the government has been very harsh on them cramping down them with stench policies a lot them may be forced to leave before we know it

[Jaycoinz]

The reason OKX wants to disable Nigerians from accessing their site has not been stated. But people are only guessing or speculating it would be because of VAT. The one you are referring to is Kucoin and not OKX. Also it is 0.75% of 1% trading fee on Kucoin and not 0.7%.

The OKX can have their reasons but I don’t also think it will be the VAT because KuCoin agreed to it which I am sure it will be the same process with other CEX including OKX.
Maybe it will be because of p2p, perhaps they requested to bring it back and if Ferderal Government disagrees they can leave which can be another reason.
I just wish others will not leave soon.

Well I don't see anything special about OKX leaving and I think there are going to be the ones at loss even, because the world know that Nigeria is a big market and these exchanges are getting lots of profit and I think that's the reason why kucoin and some others won't leave the Nigerian market, I believe Nigeria is one of the largest consumers and users of crypto in Africa

[EL MOHA]

Well I don't see anything special about OKX leaving and I think there are going to be the ones at loss even, because the world know that Nigeria is a big market and these exchanges are getting lots of profit and I think that's the reason why kucoin and some others won't leave the Nigerian market, I believe Nigeria is one of the largest consumers and users of crypto in Africa

We can all say we don’t give a damn about when an exchange leaves the market or the country but i tell we definitely need to give a damn at this time around, the issue can’t be related to just VAT tax alone there Must be other conditions which we say Is definitely not what OKX wanted and I insist them leaving the country is a big blow. If other exchanges too decide to go down too it will only be just fewer exchanges who would have the liquidity and exchanges like that will definitely have more expensive fees or charges. So we shouldn’t just jump into conclusions that it is not a problem that exchanges are leaving, the number keeps reducing and it will give central power to those available

[Igebotz]

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

If it's about VAT, there's a solid reason: you can't take millions of Nigerians away from them to other exchanges and expect them to implement a VAT tax for you. They're already on the losing end when Naira was removed from their platform, so they don't have much to lose if they entirely abandon Nigerians.

It's unjust that other exchanges are still trading Naira p2p, while OKX was ordered to delist. I'm sure they begged the FG to return Naira p2p before implementing the VAT, but they didn't reach a conclusion, so they decided to quit.

[Charles-Tim]

I know Nigerians would have withdrawn all their coins from OKX. I mean traders because I expect holders not to leave their coins on exchanges. OKX has sent an email although we know it already.

[Action required] Notice regarding your account

We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve.
From August 16, 2024, our customers will no longer be able to open any new positions or access any services on the platform, with the exception of withdrawals and closing/redemption of open positions.
We request you to please review your account and complete applicable steps by 12:00 am (PST) on August 16, 2024:
Step 1: Close any P2P, margin, perpetual, futures, options positions and orders.
Step 2: Close any USDT, DAI, and EURT spot orders.
Step 3: Redeem all assets from Grow products, including Earn, Loan, and Jumpstart.
Step 4: Transfer your assets out of your OKX account to a wallet of your choice.
What happens to my account after August 16, 2024?
You will only be able to withdraw your assets; you will not be able to deposit or transact otherwise.  
How long do I have to withdraw my funds?
While your funds remain secure and accessible in your account, we highly encourage you to withdraw them to your private wallet or your accounts on other third-party platforms by 12:00 am (PST) on August 30, 2024.
After August 30, 2024, you will have to reach out to our customer service teams for any account related actions. We strongly encourage you to withdraw or transfer funds prior to this date, as remaining balances may be subject to further restrictions in accordance with our Terms of Service along with local laws.
If you have any questions or require assistance, please contact our support team at support@okx.com.
View my account
Not based in Nigeria? Update your information.
Regards,
OKX team

Copyright © 2024 OKX. All rights reserved.

OKX did not disclose what the regulators demanded for but likely might be because of the VAT.

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

If it's about VAT, there's a solid reason: you can't take millions of Nigerians away from them to other exchanges and expect them to implement a VAT tax for you. They're already on the losing end when Naira was removed from their platform, so they don't have much to lose if they entirely abandon Nigerians.

It's unjust that other exchanges are still trading Naira p2p, while OKX was ordered to delist. I'm sure they begged the FG to return Naira p2p before implementing the VAT, but they didn't reach a conclusion, so they decided to quit.

VAT or no VAT, Kucoin is an exchange that cares more about Nigerians. Kucoin also delisted naira P2P, implemented VAT and started convert which people can use to trading at zero fee. I hope other exchanges will not be like OKX. If VAT is the reason for them leaving, I am totally disappointed.