Crypto exchange OKX to discontinue services in Nigeria from August 16, 2024
- OKX will discontinue its services in Nigeria from August 16, 2024, citing recent changes in local laws and regulations.
- KuCoin informed its Nigerian users that it would start charging a value-added tax (VAT) of 7.5% in addition to transaction charges.
- Binance discontinued all Nigerian naira services and is facing legal action with the Nigerian authorities over money laundering and tax evasion charges.
The discontinuation of OKX's services in Nigeria, along with the strict regulatory environment faced by other global crypto exchanges, reflects the challenges and uncertainties surrounding cryptocurrency operations in the country. The imposition of additional taxes and legal actions against exchanges further hinder the growth and adoption of cryptocurrencies in Nigeria.
