OKX Discontinues Its Service in Nigeria
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
OKX announced that its services in Nigeria would be discontinued due to recent changes in local laws and regulations. The decision to cease operations in Nigeria was based on an ongoing assessment of policies in each market they serve, aiming to ensure compliance with local regulations and maintain the integrity of their operations globally.
As a result of this decision, starting August 16, 2024, customers in Nigeria would no longer be able to open any new positions or access any services on the platform. The only exception would be the ability to withdraw funds and close or redeem any open positions. This change aims to provide customers with the necessary time to manage their existing investments and transition smoothly.
The notice requested that customers review their accounts on OKX and complete any necessary steps by 12:00 a.m. (PST) on August 16, 2024. This includes withdrawing any remaining funds and closing or redeeming any open positions to avoid complications after the specified date. The company emphasized the importance of timely action to ensure that customers’ interests are protected and their funds are securely managed during this transition period.
Nigerian OKX users are advised to do the following:
1. Close all P2P, margin, perpetual, futures, and options positions and orders.
2. Close any spot orders involving USDT, DAI, and EURT.
3. Redeem all assets from Grow products, including Earn, Loan, and Jumpstart.
4. Transfer assets from your OKX account to a wallet of your choice.
What Will Happen to OKX After August 16, 2024?
After August 16, 2024, customers would only be able to withdraw their assets. Depositing or conducting any other transactions would no longer be possible.
How Long to Withdraw Funds from OKX:
While funds would remain secure and accessible in customers’ accounts, it was strongly recommended that they withdraw them to their private wallets or transfer them to accounts on other third-party platforms by midnight (PST) on August 30, 2024. This precautionary step ensures that customers maintain full control over their assets and prevents any potential inconvenience.
After August 30, 2024, any account-related actions, such as accessing funds or making further transactions, would necessitate contacting OKX’s customer service teams. This change was being implemented to comply with new regulatory requirements and to ensure the ongoing security of customers’ assets.
To avoid potential restrictions on remaining balances, as outlined in the Terms of Service and local laws, it was advised to transfer or withdraw funds before the deadline. Ensuring funds are moved promptly would help customers avoid any disruptions and guarantee continued access to their assets.
For any questions or assistance, customers are encouraged to contact the support team at [email protected]. The team was ready to help with this process and address any concerns.
