OKX stopped Naira withdrawals in May 2024 due to regulatory issues after Binance was accused of manipulating Nigeria’s currency and laundering money.
Nigerian cryptocurrency analysts have expressed strong criticisms following the exit of the crypto exchange OKX from Nigeria. This departure has sparked significant concerns about the country’s regulatory landscape and its impact on the rapidly growing blockchain and cryptocurrency sector.
Speaking with Cointelegraph, Rume Ophi, a local crypto stakeholder, voiced his frustration over the sudden exits of several crypto exchanges from Nigeria. He questioned how these exchanges entered the country and are now swiftly leaving.
“It is shocking to know that we, as industry leaders, are trying to engage the government on the way forward to good regulation, and exchanges are already leaving because of regulations that we don’t even know about,” he stated.
