The tier-1 exchange, OKX, reports to The Block that it is ceasing its services for Nigerians from August 30 this year. However, Nigeria users funds will remain intact.
Not too early to leave Nigeria
Nigeria has been facing a series of regulatory issues relating to cryptocurrencies before the Covid-19 days and after it. There has been a ban on cryptocurrency usage. Commercial banking institutions were ordered by the country's apex bank to ban customers linked to crypto trading. More recently, a VAT of 7.5 percent are expected to be collected and paid to the federal government from individuals using P2P platforms in digital currency exchanges.
For OKX, complying with regulations of a country is key to their operations, the company told The Block. Therefore, they are abandoning all cryptocurrency services carried out for Nigeria users through their platform. However, the Tier-1 exchange claims that their funds will be saved with them.
Nigeria might be working on cryptocurrency regulation
According to a statement by the Director General of the Security and Exchange Commission (SEC), Emomotini Agama, it is likely that the country is working on a cryptocurrency regulation for the country. He states that cryptocurrency usage will hit 52.5 million dollars in 2028 and may be adopted mostly for foreign remittances to the country due to its cheap transaction fees.
Although we are yet to see any move for regulation, we remain positive that this will happen soon as Nigerians continue to adopt digital currency usage in the country.
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