OKX is back in Nigeria

[Fivestar4everMVP]

This news is all over X about okx coming back and now allowing Nigerians to regain access to their account, but every Nigerian who has previous owned an account on the exchange will have to go through an account verification again, while new users will also go through the verification process to start using the exchange..

It's good to have them back to offering their services to Nigerians again after being away for a long time, but my question is, why did they decide to come back, initially, they cited that laws or regulations is the reason the left, but if I am current enough, nothing has changed, the government of Nigeria has not changed the law on cryptocurrencies, so I am just wondering..

But anyways, good for them though, but for me, it might take some time before I think of using okx again, I am already used to bybit and bitget.

[SatoPrincess]

I’m sure when Binance returns , they will also face the same issue of scammers using their p2p service to scam, it could just be less.

I still have my account with Binance but I only use it for trading. To be fair, I don’t think scammers will flock to Binance like they are doing in all these other exchanges, the chances of successfully scamming on Binance p2p is very low because the customer support is very active and involved in disputed transactions.

[Obim34]

Binance next???

I hope so, both Binance and Kucoin should be next in line. I'm not so excited about OKX because i haven't used them, I would like to know if they are a good recommendation? I switched different times after P2P was removed, from Binance down to Kucoin and then Bybit, I don't mind leaving Bybit for Binance once they resume P2P.

I still have my account with Binance but I only use it for trading. To be fair, I don’t think scammers will flock to Binance like they are doing in all these other exchanges, the chances of successfully scamming on Binance p2p is very low because the customer support is very active and involved in disputed transactions.

Talking about the biggest CEX, Binance won't tolerate any violation, after few complains those merchants will be blocked.

[igebotz]

Still using Binance till date lol.. I’m only concerned on not igniting any issue with the account because they don’t offer any service to Nigerians.
Bybit issue is only because they are not making their rules firm.. Scam is everywhere though, I’m sure when Binance returns , they will also face the same issue of scammers using their p2p service to scam, it could just be less.

No, they offer services to Nigeria partially ( blocked only p2p) unlike OKX that went " no service" to Nigeria.

I hope so, both Binance and Kucoin should be next in line. I'm not so excited about OKX because i haven't used them, I would like to know if they are a good recommendation? I switched different times after P2P was removed, from Binance down to Kucoin and then Bybit, I don't mind leaving Bybit for Binance once they resume P2P.

They became the second best after Binance stopped p2p service to Nigerians; the most trade volumes-  Kucoin, Bybit became a beneficiaries after OKX left..

[promise444c5]

Still using Binance till date lol.. I’m only concerned on not igniting any issue with the account because they don’t offer any service to Nigerians.
~snip

No, they offer services to Nigeria partially ( blocked only p2p) unlike OKX that went " no service" to Nigeria.

Thank you igebotz..
 I confirmed it again Binance to Discontinue All Nigerian Naira (NGN) Services and truly Nigerians are still free to use it without any issues .

So basically not only P2P was blocked but also every deposit and Withdrawal services as mentioned on their page.

 Just learnt that you can literally deposit directly from your local bank and e-naira wallet [anyone used this specifically?] before the whole government thing, you can withdraw directly aswell..
Never used both their direct deposit and withdrawal, I didn’t even know they exist .

[Tetu100]

Don't you think there return to Nigeria can be suspicious? They must have agreed with the Nigerian government to submit our data to them whenever the Nigerian government asked for Nigerians users data.

Should old and new users rush to maintain and create a new account there? Maybe we should take things lowly and see feedbacks from people that have gotten their accounts back. I don't trust the Nigerian government about users' data safety.
There coming back may have a lot of differences to work with the law enforcement directly, sending the information of traders that are often trading with huge amounts of money.

The EFCC has been known to have corrupt officials which can be a wind of lottery for them, getting access to innocent traders data and tracking their location easily without using too many sophisticated tools. I have neighbors that have been victims of the EFCC attacks.
Binace is a more reputable exchange to what OKX may be trying to offers to Nigerians. We need to watch our guard!

I'm beginning to see reasons in what you are saying because if I may ask why did they exit Nigeria at the first place, or maybe we aren't important to them anymore so why the sudden change. However, what ever their intentions are for coming back that is their business because I have already moved on to other trading platform and I'm super cool with it. All what we should ensure of for those that are going back is just to be careful thats all.

[Karl_3000]

I'm beginning to see reasons in what you are saying because if I may ask why did they exit Nigeria at the first place, or maybe we aren't important to them anymore so why the sudden change. However, what ever their intentions are for coming back that is their business because I have already moved on to other trading platform and I'm super cool with it. All what we should ensure of for those that are going back is just to be careful thats all.

Did you not see what the past government did to Binance and some other exchanges like Kucoin? Only what OKX thought of that time was to just leave providing crypto services to Nigerians to avoid problem with the Nigerian government, but I do not like their total withdrawal from Nigeria also.

[Big Dirams]

I'm beginning to see reasons in what you are saying because if I may ask why did they exit Nigeria at the first place, or maybe we aren't important to them anymore so why the sudden change. However, what ever their intentions are for coming back that is their business because I have already moved on to other trading platform and I'm super cool with it. All what we should ensure of for those that are going back is just to be careful thats all.

Did you not see what the past government did to Binance and some other exchanges like Kucoin? Only what OKX thought of that time was to just leave providing crypto services to Nigerians to avoid problem with the Nigerian government, but I do not like their total withdrawal from Nigeria also.

Yeah those years crypto haven’t  been legalized in Nigeria during those times so with the government reactions and negative effects on those with crypto now pushes OKX to leave Nigeria to avoid any kind of trouble. But the OKX team did gave people time to withdraw or move their assets into somewhere else because they made it clear that they will be leaving Nigeria which was so sad back then.

But now I think maybe them coming back is because they sees that cryptocurrency has been legalized in our country so they did came back with good features and it really nice having them back. At least now there are many options of p2p around the country so it just our choice to pick which to use or which is more suitable for us. 

[Futurexxx]

Binance next???

With what binance and it executive experience in the hands of the Nigerian government, I seriously doubt if they will want to come back, but the only reason they will still want to come back into the Nigerian market is the kind of money they stands to make, because they have already gain their ground here, and due to the fact that Nigerian youth are more crypto enthusiastic, so they will not lack customers if they decides to return, but as I have said already, I doubt if that will happen considering what the binance executive suffered in detention unjustly.

[Big Dirams]

I see some people on OKX complained about them finding it difficult to add their payment method on the p2p section. And that even after it asked for their verification after verification they still don’t get to add their payment method so I did experience same and I did had a chat with the customer service and they made it clear that it issue from their side and not form ours.
That they will resolve the issues within the end of next week and if we still face such issues then we shouldn’t hesitate to contact them.

Was it just me that witness this issue and some few people or is there anyone who witness such issues too.
Just want to make it clear that we shouldn’t be worried at all because the issue isn’t from us and soon they will resolve it.

Here is our conversation.

[Sammye3]

OKX sent me an email today which let me know that Nigerians have started using the exchange again, the email is about me to verify some information about which I did. I sent small amount of money there and withdraw it using the p2p and it was all successful.

When they stop Nigerians from using their exchange, Nigeria was no more part of the countries that you can select when you want to verify, you can now select on Nigeria. Also you can not deposit on the exchange because it will not give you any receiving addresses. Also you can not use P2P on the exchange. All are now possible on OKX.

Yes they're fully back and all services restored; they cited change in local laws as the reason they stopped their services to Nigeria I'm wondering what changed now.

Old users will go through a mandatory reverifcation - they deleted our KYC database that's good to know.

Binance next???

It is still a wonder why OKX lifted the suspension on P2P since 2024. Due to speculations, it was concluded that the volume on P2P trading was contributing to the volatility of the foreign exchange market and other regulatory systems that led to the suspension.

The reason behind this recent incident has not being publicized but it could seen that Nigeria have come to a compliance with the OKX exchange ( unauthorized suspicions) though.

[Hewlet]

Old users will go through a mandatory reverifcation - they deleted our KYC database that's good to know.

Binance next???

Binance? Doesn't look like something that will easily happen. With the back and forth they've had with the Nigerian government it will be a big gamble if they decide to start things again except they first fix things with the Nigerian government who in their part will be expecting a lot of financial incentive from them.

It's good to see that with OKx coming back, the available P2P option that accepts the Naira has now increased. 2 years of being inactive in Nigeria is a long time but as long as they still continue from where they've stopped, a lot of Nigerian crypto users will be ready to jump on the platform.

[Somto9Light]

Binance next???

I really doubt Binance would follow the same step here. The demands placed on Binance by the Nigerian government is far too much for them to meet, which was why they left in the first place. Except of course they’ll be willing to renegotiate their terms and come to new terms with them before they can come back. Except that happens, I don’t see Binance being fully operational again like before in Nigeria, but I believe I’m not just the only one who would really wish for that to happen.

[Nathrixxx]

I also want to confirm this that it is true, OKX are sending messages to their existing users to take action in reactivating back their account by following the verify prompt and are giving their UID as well, if you once use your email to register an account with them before, try to check your mail or be ready to receive an update like this anytime soon, this is y kyc is somehow disgusting because you don't know who will be taking up your information from a centralized platform you have them on.

[Agbamoni]

..they cited change in local laws as the reason they stopped their services to Nigeria I'm wondering what changed now.

Isn't it obvious what has changed? Not too long ago, someone created a thread on the recent SEC development regarding licensing and supervisory frameworks. It was a positive signal for OKX to go into negotiation and reach a compliance agreement with the Nigerian regulators, allowing its service to be fully restored, most especially the P2P services. Although the full details of their agreement have not been made public. In addition, I think crypto in Nigeria has become one of the fast growing sector in the country. The government cannot neglect the importance of crypto, so they are doing everything possible now to regulate it properly.

[DubemIfedigbo001]

I suggest that most of us in Nigeria should continue using previous exchanges and try to be observant or possibly avoid some exchanges that the government has supported to operate in Nigeria legally just of recent, including OKX, the time is coming everyone will just have to depend on the use of decentralized exchange than all these.

Every foreign Exchange that you use and offers Nigerians P2P services has reached agreement with the Nigerian government before they were allowed to freely offer services to Nigerians, OKX came to an agreement with the government recently and as such continued their services which they stopped 2 years ago. The ones I would literally avoid are those ones given temporary licenses to operate like the 7 recently approved entities, definitely they're SEC's puppets and may victimize clients readily at the request of the government. OKX is a big exchange and I would only agree they came to terms in terms of some regulation and taxing agreements with the government which prompted them to return to Nigeria

[Mpamaegbu]

Bybit and Bitget nor go like dis news so.

[SatoPrincess]

Bybit and Bitget nor go like dis news so.

lol they just have to improve their p2p services so users can comfortably trade with them without fear of being scammed or having payments delayed unnecessarily. I don’t think people have any loyalty to any exchange, they often multiple accounts on different exchanges and go for the one with the best rates. So for me as a p2p trader, I’d love to see more competition in the market.

[Jegileman]

This is actually a great news and they’re one of the exchanges I was actively using after Binance left. It was only after they stopped given services to us Nigerians that I started using Bybit. It is good that we have an alternative to Bybit that we can explore p2p features, which is one of the services we mostly use on these exchanges as Nigerians. With them coming back fully active, I hope other top exchanges like Binance and KuCoin will resume their p2p activities for Nigerians. Binance is the first of them and people have garnered a lot of trust for them, so when they’re fully back with p2p, I’m certain they will get the customers back instantly.

[Judith87403]

lol they just have to improve their p2p services so users can comfortably trade with them without fear of being scammed or having payments delayed unnecessarily. I don’t think people have any loyalty to any exchange, they often multiple accounts on different exchanges and go for the one with the best rates. So for me as a p2p trader, I’d love to see more competition in the market.

True. Even with the return of OKX, if Bybit and the other exchanges are able to improve in their service, people would still use them. But about people having loyalty to a particular exchange, I don't know how true that is, because I remember when Binance had not delisted the Naira and was still offering P2P services to Nigerians, even with the existence of other exchanges that also offered good services, people would rather stick to Binance.