OKEx, a major cryptocurrency exchange, has announced that it will cease its services in Nigeria starting August 16, 2024. The move comes as local regulations tighten on crypto companies. As part of the closure, users in Nigeria are being asked to withdraw their funds and close all positions before that date, although withdrawals will still be possible until August 30, 2024.
The decision follows similar moves by other platforms such as Binance and KuCoin, which have also left the Nigerian market due to regulatory pressure. The situation has raised concerns among the Nigerian crypto community, especially among young people who rely on crypto trading for financial stability
