Crypto exchange OKX has announced its exit from the Nigerian market, citing recent changes in local regulations as the main reason. In an email sent to Nigerian users on July 17, OKX revealed that all services in the country would cease by August 16, 2024. After this deadline, users will only be able to access their accounts to withdraw funds or close positions.
This move follows months of winding down features in Nigeria, including the suspension of Naira withdrawals in May 2024. The decision to halt Naira services came after the Nigerian government accused Binance of manipulating the national currency, money laundering, and tax evasion. In response, the government blocked access to major centralized exchanges, prompting Binance to cease Naira services and give users a brief period to withdraw funds or convert them to dollar-denominated stablecoins.
Amid these regulatory actions, Nigeria’s Economic and Financial Crimes Commission (EFCC) demanded that Binance disclose user information for all Nigerian traders on its platform.
The crackdown on crypto exchanges in Nigeria has also led to the detention of Binance executives. In February 2024, authorities detained Nadeem Anjarwalla and Tigran Gambaryan. In May, Gambaryan’s wife called for medical attention for her husband, whose deteriorating health has drawn the attention of U.S. lawmakers. Nigerian court officials recently issued an arrest warrant for Dr. Abraham Ehizojie, a prison doctor, for failing to produce a medical report on Gambaryan’s condition.
This situation has the potential to strain relations between Nigeria and the United States. On July 10, U.S. lawmaker Rich McCormick submitted a resolution to the House Committee on Foreign Affairs, suggesting that Gambaryan’s detention, given his U.S. citizenship, should be treated as a hostage situation if not resolved by mid-July.
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