The OKX Situation Impact on Nigerian Users : What's the way forward?

[Cryptoababe]

We all know OKX is a good and reliable CEX for trading, but now it seems to have put Nigerians in a position of needing to choose another exchange.

OKX announced that they will stop supporting P2P for Nigerian currency, and now they've announced they will stop supporting Nigerian users by the end of the month. This has become a significant problem for its Nigerian users.

People would like to switch to an exchanges like OKX or to a better exchange that supports P2P, have a User Protection Fund, good partnerships, proof of reserves, and are also secure.

I'd love to see some recommendations here and why the exchange is being recommended. Also, does this mean that there are more exchanges that are going to stop supporting Nigeria?

[BitMaxz]

If Okx exchange stop supporting Nigerian p2p and users I'm sure Binance will be the next due to current trouble happening in Nigeria with Binance.

Why not use decentralized exchange for now as alternative?
You can find P2P exchange on kycnot.me

Or if KYC is fine then check Bitget and bybit as optional.

[Adbitco]

Hey I don't think if there is any exchange that is going to seize there operation from Nigeria anymore apart from okx, because as I know Nigeria is a major key player in the crypto space, having to leave Nigeria or not supporting their currency is a kind of not selling their exchange properly. Apparently, Nigeria is the largest African country that is trading cryptocurrency with the highest trading volume amongst the African countries if I am not mistakenly.

However, since there are much eyes to Nigerian youth I would advise you to careful visit our local board because I believe there lot of people who are also trading on p2p they would recommend you the best place to do that.

Anyway thank you @BitMaxz the said exchange are the one currently being used by most of us here that is from Nigeria.

[EL MOHA]

If Okx exchange stop supporting Nigerian p2p and users I'm sure Binance will be the next due to current trouble happening in Nigeria with Binance.

Why not use decentralized exchange for now as alternative?
You can find P2P exchange on kycnot.me

Or if KYC is fine then check Bitget and bybit as optional.

Right before their announcement of leaving they have stoped the use of its P2P for Nigerians. They are just discontinuing every thing now, which clearer indicates that they fail to come to conclusion with the Nigeria government. The government had placed a VAT tax on KuCoin and it seems that’s part of what is making OKX to step aside. Currently there are many exchanges still supporting Nigerians and OP can find P2P features on them. Especially the two listed by you.

Hey I don't think if there is any exchange that is going to seize there operation from Nigeria anymore apart from okx, because as I know Nigeria is a major key player in the crypto space, having to leave Nigeria or not supporting their currency is a kind of not selling their exchange properly. Apparently, Nigeria is the largest African country that is trading cryptocurrency with the highest trading volume amongst the African countries if I am not mistakenly.

There is no denying the fact about the importance of Nigerians to most of these exchanges but I wouldn’t be so confident given the policies that this government is presenting to them, if they are not favourable most of them will leave. We have heard of big exchanges leaving India even with their population in this space not until the government later had a rethink about the policies and some latter returned. So it could be Nigerias faith too, if this persists, exchanges are here to enrich themselves too.

People would like to switch to an exchanges like OKX or to a better exchange that supports P2P, have a User Protection Fund, good partnerships, proof of reserves, and are also secure.

I will advice you not to fall prey to any exchange no matter the security conditions they set aside or portray to you. Take you funds off them.

[logfiles]

I think this might be related to some tax that the Nigerian Government is trying to force on those exchanges?

This is what one of the members from the Nigerian community shared with me some days back

First, they ban crypto transactions using banks. Then we resorted to P2P. Then they forced the crypto exchanges to delist the Naira pair on their platforms so as to stop people from getting involved in crypto, yet we found another way. And now they are back because it was a futile attempt that didn't work. So now, they are going to enable the naira pair but any crypto transactions will carry a 7.5% VAT. Well if this doesn't work, I won't be surprised if they raise it up to 10% which they had earlier proposed in their 2023 finance act
......
To understand better, you can read this article - Nigeria introduces 7.5% VAT on crypto transactions

OKX citing that it's not going to be good business for them therefore just decided to pull out and if that truly is the reason, I think more exchanges will follow the same trend until the Nigerian Youth stand up for themselves against the oppressive Government.

[nelson4lov]

I think this might be related to some tax that the Nigerian Government is trying to force on those exchanges?

This is what one of the members from the Nigerian community shared with me some days back

We don't have the full story but I'm not sure it's only because of the 7.5% VAT because if it was, they would've just gone down the path that kucoin went since those fees are bore by their users and not the exchange itself plus the volume they would make from Nigerians using their exchange would have have far outweigh the fees but no. I do not think that's the case. Imo, it would be something serious but the real reason is not yet known similar to how Binance had a showdown with the Nigerian Government and both parties came up with different story lines.

[Stepstowealth]

Also, does this mean that there are more exchanges that are going to stop supporting Nigeria?

You can expect this but also expect that they will always be alternatives, because cryptocurrency will be very difficult to discourage. I was not a user of OKX, and even I was, I will move to another exchange like Kucoin that still works and look  like they will not be closing soon or moving out of Nigeria because they pay taxes to the Nigerian government.

[BlackBoss_]

We all know OKX is a good and reliable CEX for trading, but now it seems to have put Nigerians in a position of needing to choose another exchange.

OKX announced that they will stop supporting P2P for Nigerian currency, and now they've announced they will stop supporting Nigerian users by the end of the month. This has become a significant problem for its Nigerian users.

OKX is an exchange with not too good history on how they turn their polices around and don't make enough transparency as well as give their users enough window time to decide to fulfill new policies or simply leave.

I read some threads in the past reported their user experience issues with OKX.

OKX frozen my account and required me to KYC with a less than $1,000 deposit
https://twitter.com/Boukareey/status/1676130911161573376

Recent months, top exchanges started to become targets of SEC, DOJ and strict investigations as well as fines from them, so these exchanges have no other choices than changing their policies to adapt to latest regulatory changes from governments.

Many P2P marketplaces had to close their business like Localbitcoins, localcryptos and weeks ago, Paxful CEO Schaback got problems with DOJ too.
https://www.justice.gov/opa/pr/paxful-inc-co-founder-pleads-guilty-conspiracy-fail-maintain-effective-anti-money-laundering

People would like to switch to an exchanges like OKX or to a better exchange that supports P2P, have a User Protection Fund, good partnerships, proof of reserves, and are also secure.

Let's try https://kycnot.me/

[Davidvictorson]

I think this might be related to some tax that the Nigerian Government is trying to force on those exchanges?

Yes, you are right. The Nigerian Government has made it a living hell for these CEXs to do business in Nigeria. And it is not favourable to them businesswise so they have to pack up and go somewhere else where the business environment is not toxic and growth is encouraged.

OKX citing that it's not going to be good business for them therefore just decided to pull out and if that truly is the reason, I think more exchanges will follow the same trend until the Nigerian Youth stand up for themselves against the oppressive Government.

Trust me logfiles, we are getting there. Despite it being long overdue when it eventually happens it is going to be loud. We are all tired , everyone is. Today this crypto exchange is leaving the country, tomorrow it is going to be another one until have successfully driven out all the exchanges.

[slaman29]

I said this before and I say it again.

P2P is amazing, and I don't mind platforms to start. But they will always eventually require KYC whether soon or later, as long as its centralized they have to follow the law, which means KYC whether you like it or not. That's the underlying reason they are stopping Nigerians now.

So watch out HodlHodl users!!

OP convince Nigerians to all start using Bisq, then the volume and liquidity there will grow. Forever no KYC, and non custody escrow protection so you don't even need any kind of security from any exchange.

[AVE5]

We all know OKX is a good and reliable CEX for trading, but now it seems to have put Nigerians in a position of needing to choose another exchange.

OKX announced that they will stop supporting P2P for Nigerian currency, and now they've announced they will stop supporting Nigerian users by the end of the month. This has become a significant problem for its Nigerian users.

People would like to switch to an exchanges like OKX or to a better exchange that supports P2P, have a User Protection Fund, good partnerships, proof of reserves, and are also secure.

I'd love to see some recommendations here and why the exchange is being recommended. Also, does this mean that there are more exchanges that are going to stop supporting Nigeria?

It's no more a trending update because OXK already delisted Nigeria naira on their p2p feature following after the embattle with Binance which prompted Nigeria crypto users to alternate their trading to other exchanges.
OKX itself delisted Nigeria naira p2p since March 2024 so, this your update shouldn't call for a panic Op because Nigerians has adopted more convenient exchanges like Bybit for their trading long ago.

So you can download your Bybit exchange app here https://play.google.com/store/apps/details?id=com.bybit.app on the play store and enjoy more features unlike binance could offer.

[Wexnident]

~

I'd say without at least knowing the exact reason why OKX pulled out Naira, there's really no way to actually find out. I'd expect if it was the VAT as others have said then other exchanges would've also left but I don't think that's exactly it, especially if we take into account what others have said with the fees being shouldered by users, not the exchange. That, or they had some sort of internal communication between the exchanges involved and OKX just decided to backout because of that.

I'd say if another exchange leaves then yea, your fear might be coming true OP.

 

[SquirrelJulietGarden]

I'd say without at least knowing the exact reason why OKX pulled out Naira, there's really no way to actually find out. I'd expect if it was the VAT as others have said then other exchanges would've also left but I don't think that's exactly it, especially if we take into account what others have said with the fees being shouldered by users, not the exchange. That, or they had some sort of internal communication between the exchanges involved and OKX just decided to backout because of that.

I'd say if another exchange leaves then yea, your fear might be coming true OP.

Big exchanges have many reasons to pull out Naira if they don't care about benefit from Nigerian users.

See what Nigerian government did with Binance representatives?
Do any OKX staff who lives or moves to Nigeria want to face with the same arrest?

Detained Binance Executives to Remain in Nigerian Custody Until Hearing: WSJ
Nigeria Charges Binance With Tax Evasion After Detained Exec Escapes: Reports

They accused Binance and their exchange and marketplace destroy Naira fiat currency value while we all know that problems are from the nation and its government.

https://wise.com/gb/currency-converter/ngn-to-usd-rate/history
This chart was not cooked by Binance!

[Baki202]

Hey I don't think if there is any exchange that is going to seize there operation from Nigeria anymore apart from okx, because as I know Nigeria is a major key player in the crypto space, having to leave Nigeria or not supporting their currency is a kind of not selling their exchange properly. Apparently, Nigeria is the largest African country that is trading cryptocurrency with the highest trading volume amongst the African countries if I am not mistakenly.

However, since there are much eyes to Nigerian youth I would advise you to careful visit our local board because I believe there lot of people who are also trading on p2p they would recommend you the best place to do that.

Anyway thank you @BitMaxz the said exchange are the one currently being used by most of us here that is from Nigeria.

The federal government still has its eyes on other exchanges because they feel that crypto is the one controlling the value of our currency and I don't think they will come for Bybit because that is one of the most functional exchanges in Nigeria currently. just trying to figure out what the government is trying to do. their other ways to address the issue of the naira losing value. when I got my mail from OKX I was not happy because other countries are doing very well with both their currency and Bitcoin, and they are doing very well bitcoin should even help the economy so why is ours different? because if you look at the market

Nigeria has been one of the major stakes giving us more opportunity but the government is no longer showing interest because they have a misconception about Bitcoin, the fact that Nigerians are adopting will even help reduce the crime rate because people's attention is diversifying into crypto so taking that away will worsen because what do you expect them to do when there is no longer crypto. if they eventually block the p2p and exchanges I know Nigerians we are going to find a way of doing our crypto the government will not be able to stop us from doing it. crypto did not start today and it will not end today.

[Webetcoins]

Ouch, that was sad. Dropping the support for P2P is sad as well but can be considered, since they can still use the exchange and do other activities but now they can't do that anymore. I only know a couple of good alternatives to OKX. They can be Binance, Kucoin and Houbi, though I think Huobi is also OKX? As I heard one of the top exchange got rebranded.

If you ask if more exchanges are going to follow, to be honest we don't know this because we can't read someone else mind but we can only hope for the better of the future of Nigerians and the crypto. There are still plenty of exchanges out there and there will always be new ones that will come out, in case many will end up on the same situation.

[Bournesparks]

Ouch, that was sad. Dropping the support for P2P is sad as well but can be considered, since they can still use the exchange and do other activities but now they can't do that anymore. I only know a couple of good alternatives to OKX. They can be Binance, Kucoin and Houbi, though I think Huobi is also OKX? As I heard one of the top exchange got rebranded.

If you ask if more exchanges are going to follow, to be honest we don't know this because we can't read someone else mind but we can only hope for the better of the future of Nigerians and the crypto. There are still plenty of exchanges out there and there will always be new ones that will come out, in case many will end up on the same situation.

It's sad that OKX left Nigeria though, but I think they can look out for alternatives. Those cex you mentioned don't support naira p2p though but Bitget does.

[Adbitco]

Hey I don't think if there is any exchange that is going to seize there operation from Nigeria anymore apart from okx, because as I know Nigeria is a major key player in the crypto space, having to leave Nigeria or not supporting their currency is a kind of not selling their exchange properly. Apparently, Nigeria is the largest African country that is trading cryptocurrency with the highest trading volume amongst the African countries if I am not mistakenly.

There is no denying the fact about the importance of Nigerians to most of these exchanges but I wouldn’t be so confident given the policies that this government is presenting to them, if they are not favourable most of them will leave. We have heard of big exchanges leaving India even with their population in this space not until the government later had a rethink about the policies and some latter returned. So it could be Nigerias faith too, if this persists, exchanges are here to enrich themselves too.

You are right because there are some law that has been imposed by Nigerian government that could be too hard for them to follow, like their terms to the exchange that is operating in nigeria and I believe that same thing is what that has made okx to have the compelling move towards entirely closing their operation from Nigeria. I could also flashed back to Binance case currently that has made them to cease operation and I believe if the case where handled amicably there isn't a way they could had delisted NGN.

[logfiles]

I think this might be related to some tax that the Nigerian Government is trying to force on those exchanges?

This is what one of the members from the Nigerian community shared with me some days back

We don't have the full story but I'm not sure it's only because of the 7.5% VAT because if it was, they would've just gone down the path that kucoin went since those fees are bore by their users and not the exchange itself plus the volume they would make from Nigerians using their exchange would have have far outweigh the fees but no. I do not think that's the case. Imo, it would be something serious but the real reason is not yet known similar to how Binance had a showdown with the Nigerian Government and both parties came up with different story lines.

The VAT is taken from the percentage of fees the exchange generates, not the trader. So if they decided to increase the fees (they would effectively chase away customers) but still the VAT eat away part of their revenue from the fees collected

Since they (Nigerian Governement) imposed a fine on Binance regarding tax evasion, OKX is probably trying to dodge that bullet before it comes

[Huppercase]

We all know OKX is a good and reliable CEX for trading, but now it seems to have put Nigerians in a position of needing to choose another exchange.

OKX announced that they will stop supporting P2P for Nigerian currency, and now they've announced they will stop supporting Nigerian users by the end of the month. This has become a significant problem for its Nigerian users.

People would like to switch to an exchanges like OKX or to a better exchange that supports P2P, have a User Protection Fund, good partnerships, proof of reserves, and are also secure.

I'd love to see some recommendations here and why the exchange is being recommended. Also, does this mean that there are more exchanges that are going to stop supporting Nigeria?

I don't think there is any other benefits OKX.has given most to Nigerians than the P2p service they were providimg initially but now it's seems that the couldn't reach an agreement with the Nigerian government and the chose to live which is better than been manipulated like the way the government accuse Binance of Terrorism and Naira manipulation. The exit of the p2p has made many Nigerians to stop using the platform and they wouldn't have much trading fees to earn even if they want to settle Nigeria government as value added tax.

I think Kucoin cooperated with the Nigerian government and so far, they are fine and are allowed to provide service to Nigerian people even though there is nothing about P2P right now but when they halt the service, they say temporary suspension. Perhaps they might reach a resolution and things will be better. OKX could have done like them but it's their company and there own policy, nobody can force them to stay.

[nelson4lov]

The only benefit OKX offered Nigerian users was  trading for some of the tokens listed on their exchange. They stopped P2p trading for NGN some months ago in the heat of the Nigerian FG vs Binance legal battle and that was one of the major reason most users flocked to their exchange and now, it's no more. I don't get why a lot of people are already panicking already. I doubt that the main exchanges like Binance, Bitget, Bybit, etc,  will follow suit because they have a business to run and the Nigerian community is part of their fee-paying customers.