OKX ceasing all services in Nigeria by end of August

Global cryptocurrency exchange OKX is winding down services in Nigeria as of Aug. 30, a company spokesperson told The Block in an email.

"OKX is committed to adhering to the applicable rules and regulations of all jurisdictions in which we strive to offer services," an OKX spokesperson said in a statement. "Due to local laws and regulations, we notified local customers that we would no longer offer services to customers in Nigeria from August 30."

OKX customers in Nigeria will be barred from accessing their accounts from the stated date, while the exchange noted that their funds remain secure.

This comes after the crypto trading platform halted withdrawal services for the Nigerian Naira in May as the country tightened regulatory scrutiny on Binance and other centralized exchanges. Binance removed support for the naira in March.

Nigerian authorities have filed criminal charges against Binance for alleged money laundering and tax evasion, but later dropped the tax charges. Tigran Gambaryan, a former agent for the U.S. Internal Revenue Service and Binance’s head of financial crime compliance, and Binance regional executive Nadeem Anjarwalla were detained following their arrival in Nigeria in February. 

While Anjarwalla has managed to escape Nigerian custody, Gambaryan remains detained in the African country, with reportedly deteriorating health due to a combination of malaria and pneumonia. Several U.S. lawmakers have called for stronger action from the White House to immediately bring back the Binance executive.