OKX is back in Nigeria

[knowngunman]

They must have agreed with the Nigerian government to submit our data to them whenever the Nigerian government asked for Nigerians users data.

When you agreed to submit your details for KYC what do you really expect?

They stated this clearly in their terms of service that they may release your data to relevant authorities when they request for it. So it's not longer suspicious, it's what you already know and agree to. This is not about OKX only, it's applicable to every other exchanges operating in this country.

OKX may disclose Personal Data to the following categories of recipients, in each case only to the extent necessary for the stated purpose and subject to appropriate contractual data protection obligations:
Regulators, FIUs, and law enforcement: Where required by applicable law, court order, or lawful regulatory request, including STR/SAR disclosures to Financial Intelligence Units.

https://www.okx.com/help/privacy-policy-statement

If you care about your data being sent to Nigerian government, don't bother register on any exchange. That's how they operate! You either dance to their tune or you stop using them. Unfortunately, you don't have much options.

It's a good development to see them coming back. I hope other exchanges like Kucoin resume their P2P service soon.

[Sticky Bomb]

It's a good development to see them coming back. I hope other exchanges like Kucoin resume their P2P service soon.

Nigerians have a bitter experience with Kucoin. There was a certain time they blocked almost everyone I knew from utilizing their funds on the exchange and they all removed their funds from there, never to return. Kucoin likes every development that hangs users fund on the CEX which can also be seen in the transition of Toncoin to Gram, they stopped trading pair on the 14th and all funds in Toncoin was inaccessible while others like Binance gave it's clients 2 weeks to prepare for the transitioning from 30th of June to 2nd of July. I doubt most Nigerians would be very open to using their P2P services if they finally resume after such bitter experiences.

[CryptoHeadlineNews]

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.

I once used OKX for my regular p2p transactions, and it was actually a good crypto exchange with zero worries. So I'm actually happy that they are back in operation after they left due to unfavorable laws during the Late formal president Mohammadu Buhari regime. So I will be giving it a try ones again and come give my honest review later. However, looking forward to see Binance bring back it's NGN currency that was delisted from it's platform. And one thing for sure is that Binance can never have the dominance it had before on NGN p2p trades. As there have been many competitors now.

[Salahmu]

I once used OKX for my regular p2p transactions, and it was actually a good crypto exchange with zero worries. So I'm actually happy that they are back in operation after they left due to unfavorable laws during the Late formal president Mohammadu Buhari regime. So I will be giving it a try ones again and come give my honest review later. However, looking forward to see Binance bring back it's NGN currency that was delisted from it's platform.

There was a lot of centralized exchange that got restricted from Nigerians during Buhari time but it seems that only OKX has been very lucky to come back to Nigerians users because Binance was also affected during that time but nothing has been said about them, as for Kucoin I have forgotten if it was during Buhari they also restricted Nigerians or it was from President Bola Amed Tinubu and they are also not back in P2P including other exchanges I may have forgotten to mention so actually they should unrestrict all the exchanges to come back. when I heard OKX has come back I quickly check if Binance is also back with there P2P for Nigerians but they're not yet back but however Binance could be coming up next.

[Karl_3000]

There was a lot of centralized exchange that got restricted from Nigerians during Buhari time but it seems that only OKX has been very lucky to come back to Nigerians users because Binance was also affected during that time but nothing has been said about them, as for Kucoin I have forgotten if it was during Buhari they also restricted Nigerians or it was from President Bola Amed Tinubu and they are also not back in P2P including other exchanges I may have forgotten to mention so actually they should unrestrict all the exchanges to come back. when I heard OKX has come back I quickly check if Binance is also back with there P2P for Nigerians but they're not yet back but however Binance could be coming up next.

OKX did not only restrict p2p but also restricted Nigeria from using their exchange, it was a full restriction until recently that they are also back fully, Binance still allow Nigerians to deposit, withdraw cryptocurrencies, only the naira p2p is not available on Binance.

Kucoin restricted the naira p2p also during the Buhari time.

[Davidvictorson]

Good to know that OKX is back.
I wonder if they have the tax fee now just like kucoin or bybit has.
I look forward to seeing a time when Binance will resume back in Nigeria. It used to be one of the best back then and they were the first to take the fall for it.
I also wonder how Bybit was able to continue during the periods when these exchanges were shutting down and leaving Nigeria.

[Agbe]

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 good to know that OKX is back to operation in the country. I think it was only OKX and Binance that were left to return and now that OKX has come back, it is only Binance that is remaining. And the issue here is not the returning but how the service is render. Someone told me that Binance charges very high now in the process of swapping coins so if all come back and their services are costly, those old exchanges that are charging low fee will still have more customers than them. And for Binance to come back, it will take time because they face di government more than other exchanges. Nigerians no like anything dat cost them. Welcome development.

[igebotz]

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 good to know that OKX is back to operation in the country. I think it was only OKX and Binance that were left to return and now that OKX has come back, it is only Binance that is remaining. And the issue here is not the returning but how the service is render. Someone told me that Binance charges very high now in the process of swapping coins so if all come back and their services are costly, those old exchanges that are charging low fee will still have more customers than them. And for Binance to come back, it will take time because they face di government more than other exchanges. Nigerians no like anything dat cost them. Welcome development.

Binance charges zero fees for coins conversion and spot trading but there is an exchange rate spread built into the quoted price ( varies by market though) every exchanges works like that and that is how they make their profits.

I don't use coin conversion or swapping I prefer spot trading if I'm swapping my coins to another network.

[AYOBA]

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.

Wow what a great news OKX is back in Nigeria again ever since the OKC was suspended in Nigeria abounded my OKX I even uninstalled it from my phone, but now that is final back I have to install it back again singer members said they tying sent a little amount of money there and withdrew back just to testify; and everything work normal he was able to withdraw his money back successfully.

This is the sign that Binance will also resume as soon as possible, I just hope that OKX didn’t implement any rules because it fit happen that they apply new rules to the exchange.

[JoyceBTC]

Good to know that OKX is back.
I wonder if they have the tax fee now just like kucoin or bybit has.
I look forward to seeing a time when Binance will resume back in Nigeria. It used to be one of the best back then and they were the first to take the fall for it.
I also wonder how Bybit was able to continue during the periods when these exchanges were shutting down and leaving Nigeria.

Just to educate us a little, forum users should avoid OKX now because nobody knows the agreement they made to federal government before they allowed them to come back and we are not sure if your information is safe with them or they will deliver their users to the federal government just to get back at crypto users in Nigeria. Binance refused to allow the federal government access to the information of their customers thqt was why they decided to arrest and make them to stop operating in the country.  OKX will not do is good it's better we avoid them cause they may steal our money and run away forever their time.

[Promocodeudo]

Just to educate us a little, forum users should avoid OKX now because nobody knows the agreement they made to federal government before they allowed them to come back and we are not sure if your information is safe with them or they will deliver their users to the federal government just to get back at crypto users in Nigeria. Binance refused to allow the federal government access to the information of their customers thqt was why they decided to arrest and make them to stop operating in the country.  OKX will not do is good it's better we avoid them cause they may steal our money and run away forever their time.

You have a good point, I don't trust our government there's nothing they can not do especially now that we have a man that's tax hungry as the president, the present government can go to any length to tax Nigerians, although I wasn't making use of OKX before they left, so I won't have any business with them and I don't think that I will ever have because this their return looks suspicious, we don't know whether this return of theirs is gone good or not and for that I support what you said, everyone should just be careful with them, a country whose government does not like anything about cryptocurrency has now started to allow some exchange that left to come back just like that, I think there's actually something that's hidden about this that we may not know.

[MorganaX]

Good to know that OKX is back.
I wonder if they have the tax fee now just like kucoin or bybit has.
I look forward to seeing a time when Binance will resume back in Nigeria. It used to be one of the best back then and they were the first to take the fall for it.
I also wonder how Bybit was able to continue during the periods when these exchanges were shutting down and leaving Nigeria.

The way Nigeria was going about restricting exchange or should I say giving out terms that some of these exchanges couldn't meet up looked as if they were going to chase almost all of them away because I know there was a time when they also stopped kucoins because kucoins too was having the means of p2p trade but they had to stop possibly due to the same issue that happened to binance too.

[Yablee0]

If you care about your data being sent to Nigerian government, don't bother register on any exchange. That's how they operate! You either dance to their tune or you stop using them. Unfortunately, you don't have much options.

Clear conscience fear no accusations, if we are transparent and our intentions are clean then I don't think their is a big deal there, it's only when someone has other interior motive while using the exchange is when panic normally stepped in.  Is no news that exchange normally asked for personal data when enrolling on their platforms , this is to ensure accountability for each and every persons using it and to give no room for dirty activities to take hold.

[Coyster]

It is hard to understand Nigeria's crypto regulatory environment. OKX stopped their operations because of unfavorable local laws, since then we have not read anything in this news about a clear regulatory framework or new regulations for the crypto industry, but yet OKX is back and ready to provide their services to the good people of Nigeria.

Sooner or later, the crypto landscape in Nigeria would need clear laws, not particularly because the crypto users in Nigeria are clamoring for it, i mean, it is legal and you can use crypto for legitimate business. But mainly for the government, they understand the industry is big in Nigeria, so a regulatory framework would define how they can get their own share of the pie through taxation of crypto in Nigeria.

[Btcdeybodi]

Binance charges zero fees for coins conversion and spot trading but there is an exchange rate spread built into the quoted price ( varies by market though) every exchanges works like that and that is how they make their profits.

I don't use coin conversion or swapping I prefer spot trading if I'm swapping my coins to another network.

How do you know that Binance don't charge fees on coin conversion when you don't make use of it? perhaps, those exchange rate spread you are talking about is still like a charge for a coin conversion or spot trading that you performed because you cannot get the equivalent of the coin you traded. During when i was actively using Binance, i do make use of the coin conversion section especially when there is a delay in spot trading. There was a time when my coin was delayed for more than 6 hours, what i did was to cancel the trade and converted it instead and it was very fast.

[Dr.Bitcoin_Strange]

There was a time when I almost lost my coins in this exchange, although it was my fault, I got the warning but still went ahead to deposit the coins and that was because I was just confident that since my KYC was already showing verified that there won't be any problem but I was wrong, there was actually a problem because when I wanted to trade the coins and withdraw, they told me that I can not trade or do any withdrawal so I was surprised knowing that my KYC was already verified, but when I went back to check, I then realized that it was showing as not verified but when I tried to do it again, it was not working. After some weeks of speaking with customer services, I managed to move out my coins from the exchange, with that tension then, I don't even think I can use the exchange now again, unless there is a serious need for that.

[Salahmu]

There was a lot of centralized exchange that got restricted from Nigerians during Buhari time but it seems that only OKX has been very lucky to come back to Nigerians users because Binance was also affected during that time but nothing has been said about them, as for Kucoin I have forgotten if it was during Buhari they also restricted Nigerians or it was from President Bola Amed Tinubu and they are also not back in P2P including other exchanges I may have forgotten to mention so actually they should unrestrict all the exchanges to come back. when I heard OKX has come back I quickly check if Binance is also back with there P2P for Nigerians but they're not yet back but however Binance could be coming up next.

OKX did not only restrict p2p but also restricted Nigeria from using their exchange, it was a full restriction until recently that they are also back fully, Binance still allow Nigerians to deposit, withdraw cryptocurrencies, only the naira p2p is not available on Binance.

Kucoin restricted the naira p2p also during the Buhari time.

That's true, OKX was the exchange that got the highest blow from the government those days than every other exchange but still the question about why is only them that has been allowed to come back fully with withdrawal, deposit and the P2P they took out from other exchanges still remain because considering how there restrictions was done, it was looking more impossible for them to come back than those other exchanges that are not yet back with P2P. Meanwhile Thank you for stating the political regime Kucoin was restricted because I have lost memory of who was the particular president at that time.

[Coyster]

After some weeks of speaking with customer services, I managed to move out my coins from the exchange, with that tension then, I don't even think I can use the exchange now again, unless there is a serious need for that.

I completely get it, it can be a frustrating experience to have your coins at the mercy of a custodial platform and you are not sure if you'd get it back or not. Though the thing is, it can happen in any centralized exchange and it does not even matter if your KYC submission has been verified by the exchange, they can at anytime decide to block withdrawals and seize funds, even for very flimsy reasons.

Crazy, but that it is the risk anybody takes when they use centralized exchanges.