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19/07/24
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OKX Informs Customers About Exiting Nigeria
On July 17, OKX notified its customers in Nigeria that it is exiting the country and will no longer offer services to them. According to the crypto exchange, the decision was based on “recent changes in local laws and regulations”
Hence, from August 16, they will not be able to access any services on the exchange’s platform, including the opening of new positions. They will only be allowed to withdraw their funds, as well as close or redeem open positions.
The announcement came after OKX suspended naira withdrawals two months ago, citing regulatory concerns. The Nigerian government accused Binance of manipulating naira, money laundering, and tax evasion schemes a few months ago.
According to the country’s Securities Exchange Commission (SEC), Binance engaged in currency speculation and manipulation, with claims that the cryptocurrency exchange contributed to currency devaluation.
Binance was banned from operating in Nigeria after arresting and detaining its executives based on regulatory standards claims. Nigerian authorities blocked access to major centralized exchanges. The Abuja Division of the Federal High Court asked Binance to provide information regarding Nigerians trading on its platform and submit it to the Economic and Financial Crimes Commission (EFCC).
Tigran Gambaryan is still in custody in Nigeria as he faces trials on money laundering charges. On June 4, several members of the U.S. Congress sent a letter to President Joe Biden, Secretary of the U.S. Department of State, and Special Presidential Envoy for Hostage Affairs asking them to bring Gambaryan home.
On June 6, several former federal prosecutors and federal agents sent a letter to U.S. Secretary of State Antony Blinken, urgently requesting that the State Department do more to ensure that Gambaryan is released. Last week, Congressman Rich McCormick introduced H.Res.1348 in the U.S. House of Representatives, urging the Nigerian government to immediately release him.
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