Topic: OKX leaves Nigerian market (Read 531 times)
I wanted to make a bitcoin transaction few hours ago, I remember one of the benefits of OKX as I wanted to transfer the coins on an exchange. At 6 sat/vbyte at the time which should be $0.51 for onchain transaction. I wanted to use Bybit but the fee was $7.35. $4.17 on Binance. I remember OKX because I know the exchange has low fee for bitcoin withdrawal. I make the transaction with just $1.819 on OKX. I did recommended it for bitcoin withdrawal to people. And yet it is 2-of-3 multisig wallet, unlike Binance and Bybit that are single signature wallet. For 2-of-3 multisig wallet, the onchain fee would still be more than $0.51 which is estimated for single signature wallet.
Binance left we survived,now is OKX's turn we will continue to survive.
I dey sure sey d condition wey owa anti-populist govment give OKX dey tough to manage. Na im go make d exchange knack out instead of to dey continue business wey nor go favour dem. I go wit wetin Igebotz' speculate for dat reason. As FGN or OKX nor open up to the public on the issue of the gbenge, e nor go pass tax on the issue if we judge how FGN brouhaha wit Binance dey go. D good news be sey govment nor fit kill d people's enthusiasm and participation for dis matta. No matta what, Nigerians go continue to dey find way to transact cryptos.Again, e go dey good make Nigerians on dat exchange find way to stick to the August 16 date (that's where my target is at) to pull out their funds instead of the end of August to avoid stories wey go touch d heart later.
our government has given them a though rules and regulations in other to chase them away ,they don't want what happened to binance to happen to them, no matter how hard Nigeria government try ,they cannot eradicate crypto transactions. Nigeria citizens has gone beyond pocketing them, mainly the youths.
Binance left we survived,now is OKX's turn we will continue to survive.
https://nairametrics.com/2024/07/17/crypto-exchange-okx-to-discontinue-service-in-nigeria/
Binance left we survived,now is OKX's turn we will continue to survive.
https://nairametrics.com/2024/07/17/crypto-exchange-okx-to-discontinue-service-in-nigeria/
It's a pity that Okx has to leave Naija, I won't even blame them, our government is not making them have a condusive atmosphere to work. This kind country that's going backward in everything I wonder if there is going to be any drastic change anytime soon. They should have tried to negotiate with the government to see if tax payment is actually what they want. I don't know if dem swear for this country like this ooo.
Really it's tiresome. But one thing I love about crypto, there's no monopoly ahah. So other platforms have stepped up and trust our niaja brothers and sisters. They won't remember okx anymore in few months..
It's a pity that Okx has to leave Naija, I won't even blame them, our government is not making them have a condusive atmosphere to work. This kind country that's going backward in everything I wonder if there is going to be any drastic change anytime soon. They should have tried to negotiate with the government to see if tax payment is actually what they want. I don't know if dem swear for this country like this ooo.
It's just unfortunate that cryptocurrency is moving away from decentralization to centralization because even though most exchanges are centralized due to the fact that people do KYC verification before they can make transactions on most exchanges but for the government to request for VAT on every transactions performed on exchanges shows the height government is working just to make things complex for crypto enthusiasts within the country.
How I wish everyone has same mind as I do we would have just stopped using exchanges to perform transactions let me see how they will seek for value added tax when we don't perform any transactions but it's quite difficult since some people in the crypto industry depends on the profits they make from some crypto assets for their livelihood so it will require them to exchange their cryptos to Fiat so it will still result to using centralized exchanges.
As for those exchanges that are considering to enact VAT on every transactions Nigerians perform, to hell with them as we instead move to other exchanges than agree to pay for VAT like this is cryptocurrency and not the normal Fiat that banks impose a lot of charges on transactions.
How I wish everyone has same mind as I do we would have just stopped using exchanges to perform transactions let me see how they will seek for value added tax when we don't perform any transactions but it's quite difficult since some people in the crypto industry depends on the profits they make from some crypto assets for their livelihood so it will require them to exchange their cryptos to Fiat so it will still result to using centralized exchanges.
As for those exchanges that are considering to enact VAT on every transactions Nigerians perform, to hell with them as we instead move to other exchanges than agree to pay for VAT like this is cryptocurrency and not the normal Fiat that banks impose a lot of charges on transactions.
OKX is good in sending emails to their customers about what is about to be their next move. No email received yet and not official statement. I will kindly still disregard this so call called rumour.
About moving funds, OKX can not just leave like that. If you are trading on the exchange (I mean people like day traders), I do not see this to be concerning yet. If OKX will no more provide crypto products and services to Nigerians any longer, they will officially let us know.
It's not a rumour it's happening if you're also in doubt you can send a message to the CS on their website and get the answers that you need, the deadline is August 30th and that's enough time to send email across. As of now I will advise everyone holding their assets on OKX to withdraw to another exchange. Don't know why they're restricting their services to Nigeria yet but it could be the VAT tax implementation problem. About moving funds, OKX can not just leave like that. If you are trading on the exchange (I mean people like day traders), I do not see this to be concerning yet. If OKX will no more provide crypto products and services to Nigerians any longer, they will officially let us know.
This is exactly their reason why they’re leaving Nigeria. I also received the email from them few days ago. The VAT tax of the government on them seems not too cool for them to continue doing business in Nigeria for them. By paying those tax to the government is the only way they can enjoy their services here and also citizens trust in them to some extent. I don’t know if they’ll consider to come back in some later time after they leave maybe when the tax is reduced for them later. If they’re leaving because of the VAT tax on them, does that mean other exchanges are okay with those tax too? I thought OKX have a lot of users in Nigeria and would do anything to keep them. Although some government policies become unbearable for business and some resort to leaving when you least expect them.
I hope this doesn't get down to more exchanges restricting Nigerians from their services, though I could recall that Bybit and Kucoin have included vats in their charges and this is a normal thing that all other exchanges offering their services to Nigerians supposed to do, well, since this is the case and a notification has been sent out, and a closing date specified being August 30th, this is quite enough time for people to begin to move their funds off their exchange.
The wahala na say no be everybody go fit move their coins before that time but this one no be OKX problem because we dun warn people of not leaving their coins on exchange. The only coin wey suppose dey there na coin/tokens wey you dey trade. Anything else suppose dey your non constodial wallet/hardware wallet. They dun give warning and enough time, anybody wey no fit transfer their coins on time na their lost but sha I believe them go still give grace to late comers. OKX leaving na just one of many wey go leave soon. E no go shock me if Binance leaves too because na those one dun suffer pass for this government hands.
The reason for their departure hasn't been known but it could be they don't want to cooperate with the government and I support them for that. The exchanges wey dun add that their mumu VAT me dun avoid them. Kucoin own ma him vex me pass because I think say dem get sense to not accept this tax but use their leverage take negotiate for P2P to be allowed on their exchange before them accept any VAT. I just dey feel say all this exchanged don't care about us but only after not losing the Nigerian customers so them no go miss out on revenue wey dem dey get from the country.
These our government Dey really worry anything wey Dey seem beneficial to the common man for the country and na only God fit deliver us like this now and I also agree wit you say, na binance suppose don move from the country but I no Dey even see them going no where because that exchange get their own special ways of getting around things just like the case with their representatives wey come then country and how one take escape, na clear sign say, binance know wetin them Dey do and them no go fit leave this sweet Nigeria p2p market.
but this basically concerns those that do still store their cryptos in centralized exchanges because I believe there a lot of newbies who are yet to know the risk involved in keeping their crypto on CEX, secondly this also goes to those crypto traders that trade Bitcoin and crypto to earn some dollars on daily basis because I understand that some do find it a bit stressful moving their funds off and in exchanges after each trading day, and kind of feels is better keeping it their to trade the next day.
My first point could be off-topic but what adding. Not more than 10% of traders that are making money. This is according to the stat from from researches.
Any exchanges that people have coins on, they registered with an email. If an exchange is closing down in a country, most likely they will send an email to their customers in the country.
Also it is good to follow the exchanges on social media platform, especially X which is enough.
You can be moving your coins to a noncustodial wallet after trading. USDT and some other stable coins withdrawal fee on some exchanges cost less than $0.2. Some almost at $0 fee or $0 at times.
I hope this doesn't get down to more exchanges restricting Nigerians from their services, though I could recall that Bybit and Kucoin have included vats in their charges and this is a normal thing that all other exchanges offering their services to Nigerians supposed to do, well, since this is the case and a notification has been sent out, and a closing date specified being August 30th, this is quite enough time for people to begin to move their funds off their exchange.
The wahala na say no be everybody go fit move their coins before that time but this one no be OKX problem because we dun warn people of not leaving their coins on exchange. The only coin wey suppose dey there na coin/tokens wey you dey trade. Anything else suppose dey your non constodial wallet/hardware wallet. They dun give warning and enough time, anybody wey no fit transfer their coins on time na their lost but sha I believe them go still give grace to late comers. OKX leaving na just one of many wey go leave soon. E no go shock me if Binance leaves too because na those one dun suffer pass for this government hands.
Binance discontinuing services to Nigerians would be a significant setback to Bitcoin adoption in Nigeria; I hope it does not come to that.
What setback? Binance is not different from OKX in relation to both being an exchange and making money from Nigeria in return of the the crypto products and services they are providing us. Although, I have known Binance and Kucoin to try to cooperate with the government of a nation better. An instance was when India removed many exchanges for there citizens not to be able to access them and also told Google and Apple to remove the exchanges apps from the application stores. Binance and Kucoin made it up to India again and were given license.I could have thought of how poor and bad our regulators are handling matters. An example were the detained Binance executives like we are practicing poor democratic system of government. That OKX can see getting close to Nigerian government as threat. But OKX was part of the exchanges banned in India but did not look for means to get licensed in India. This makes me see OKX wants to avoid responsibility of functioning like those banks and other businesses in Nigeria are.
Binance discontinuing services to Nigerians would be a significant setback to Bitcoin adoption in Nigeria; I hope it does not come to that.
What setback? Binance is not different from OKX in relation to both being an exchange and making money from Nigeria in return of the the crypto products and services they are providing us. Although, I have known Binance and Kucoin to try to cooperate with the government of a nation better. An instance was when India removed many exchanges for there citizens not to be able to access them and also told Google and Apple to remove the exchanges apps from the application stores. Binance and Kucoin made it up to India again and were given license.I could have thought of how poor and bad our regulators are handling matters. An example were the detained Binance executives like we are practicing poor democratic system of government. That OKX can see getting close to Nigerian government as threat. But OKX was part of the exchanges banned in India but did not look for means to get licensed in India. This makes me see OKX wants to avoid responsibility of functioning like those banks and other businesses in Nigeria are.
The wahala na say no be everybody go fit move their coins before that time but this one no be OKX problem because we dun warn people of not leaving their coins on exchange. The only coin wey suppose dey there na coin/tokens wey you dey trade. Anything else suppose dey your non constodial wallet/hardware wallet. They dun give warning and enough time, anybody wey no fit transfer their coins on time na their lost but sha I believe them go still give grace to late comers. OKX leaving na just one of many wey go leave soon. E no go shock me if Binance leaves too because na those one dun suffer pass for this government hands.
Those who missed the deadline can contact the support for manual withdrawal request but that's a process I wouldn't advise anyone to go through.
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The reason for their departure hasn't been known but it could be they don't want to cooperate with the government and I support them for that. The exchanges wey dun add that their mumu VAT me dun avoid them. Kucoin own ma him vex me pass because I think say dem get sense to not accept this tax but use their leverage take negotiate for P2P to be allowed on their exchange before them accept any VAT. I just dey feel say all this exchanged don't care about us but only after not losing the Nigerian customers so them no go miss out on revenue wey dem dey get from the country.
Implementing the VAT tax could provide them with the leverage they need to be on the good books of the Nigerian government, as well as the only leverage they have to renegotiate the return of Naira p2p and trading pairs to their exchange. Binance discontinuing services to Nigerians would be a significant setback to Bitcoin adoption in Nigeria; I hope it does not come to that.
This is a very sad news for the entire Nigerian crypto community, because I thought the issue about VAT tax has already settled, with OKX agreeing to pay Nigerian government 7% of every transaction fees charged for transactions done within the jurisdiction of our country, only to come to our local board this evening and see this news. Or should it be our authorities were expecting 30% of each transaction fees? Because I definitely think the ratio at which the fees was shared must be the major problem here. (i.e Just my personal view)
I think there is a big mystery behind everything because if it was just 7% vat tax I think they would have actually agreed to pay considering what they are actually benefiting, well like you said the government must have demanded too much to have made them decide to disabled Nigerians from using there site, well is actually sad because OKX is one of the exchanges that has a lot of Nigerian users, however OKX did not try at all because at least they should have notified all the usersusers before taking action, well is really very unfortunate with the way the government is going after those exchanges and who knows the next one they will strike again. 
It is no longer a rumor but rather a fact and I can confirm that the exchange are removing Nigeria from their list as soon as possible. I also received the mail and that cleared my doubt of the news I have been seeing all around the internet. I would not blame them for their actions but rather blame the Nigeria government for their inaction of stopping them from carrying out Nigeria P2P on their platform. The government knows they would benefit from them in the future why telling them to stop the trade when you would still have a round table negotiation with them for business discussion.
No doubt, I believe this is coming as a result of disagreement between both parties in the settlement of tax payments, or possibly the government would want them to come to Nigeria, which they might have refused to agree to. I personally would not want them to come because if they do, the fate of the binance officials might hold them down here, so there is no need for them to come, hence their resolve to discontinue with Nigeria on their list.
However, if they choose to pay, would the tax, which I believe is likely the bone of contention between the two parties be used judiciously by the Nigerian government?
No doubt, I believe this is coming as a result of disagreement between both parties in the settlement of tax payments, or possibly the government would want them to come to Nigeria, which they might have refused to agree to. I personally would not want them to come because if they do, the fate of the binance officials might hold them down here, so there is no need for them to come, hence their resolve to discontinue with Nigeria on their list.
However, if they choose to pay, would the tax, which I believe is likely the bone of contention between the two parties be used judiciously by the Nigerian government?
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I hope this doesn't get down to more exchanges restricting Nigerians from their services, though I could recall that Bybit and Kucoin have included vats in their charges and this is a normal thing that all other exchanges offering their services to Nigerians supposed to do, well, since this is the case and a notification has been sent out, and a closing date specified being August 30th, this is quite enough time for people to begin to move their funds off their exchange.
The wahala na say no be everybody go fit move their coins before that time but this one no be OKX problem because we dun warn people of not leaving their coins on exchange. The only coin wey suppose dey there na coin/tokens wey you dey trade. Anything else suppose dey your non constodial wallet/hardware wallet. They dun give warning and enough time, anybody wey no fit transfer their coins on time na their lost but sha I believe them go still give grace to late comers. OKX leaving na just one of many wey go leave soon. E no go shock me if Binance leaves too because na those one dun suffer pass for this government hands.
The reason for their departure hasn't been known but it could be they don't want to cooperate with the government and I support them for that. The exchanges wey dun add that their mumu VAT me dun avoid them. Kucoin own ma him vex me pass because I think say dem get sense to not accept this tax but use their leverage take negotiate for P2P to be allowed on their exchange before them accept any VAT. I just dey feel say all this exchanged don't care about us but only after not losing the Nigerian customers so them no go miss out on revenue wey dem dey get from the country.
I feel like there's more to OKX leaving than just the VAT. Could it be that there's something that they aren't telling Nigerians that they needed to tell us because you cannot just decide to pack up like that without any tangible reasons to why they called off their services in Nigeria. All I was meant to understand by their statement is that our local laws and regulations are unfavorable to their business In Nigeria thereby allowing them to discontinue their services here. I think it's really a big deal for their own business following a large pool of Nigerians that must have been patronizing their services.
Dem get tangible reason na, and our local laws and regulations no dey favor dem again as they were forced to stop p2p services in Naira, we all know say na p2p wey most Nigerians dey patronize for crypto exchanges, as dem no dey offer that service again, other services wey dem dey offer no really dey of interest and so dem gats completely shut down. I know say many Nigerians go get open positions in their platform, but you no go fit compare their activity with exchange wey still dey offer p2p in Naira, for example Bybit, so no need for them to still dey here.No be lie. Since that P2P issue, their traffic drop.. and I think this move isn't felt anymore. I used them before for avive oo. My $10 still da there sef. I go shift am go Bitget asap. H
I hope this doesn't get down to more exchanges restricting Nigerians from their services, though I could recall that Bybit and Kucoin have included vats in their charges and this is a normal thing that all other exchanges offering their services to Nigerians supposed to do, well, since this is the case and a notification has been sent out, and a closing date specified being August 30th, this is quite enough time for people to begin to move their funds off their exchange.
Base on what is trending about them on X(Twitter) I think this might be true though there haven`t been any official Announcement from them on X and also I did checked my email since I have an account there but I did not receive any news of such neither see any of such news on their app but I will choose to believe this since they didn`t specify when they halt services with our naira and also from the fact that if this is really true then there are chances of not getting your funds back except you use another Nations national identity for KYC after the said deadline. Not Your Key Not Your coin.
This is a clear definition of it "Not Your Key, Not Your Coin". Imagine some Nigeria's not getting to know about this notice before the end of the Aug. deadline. That means they gonna hit by surprise when they try to access their crypto assets on the OKX exchange. It will not be funny you know. Many will have heart attacks, out of shock to it.That being said, I do not mind the authenticity of this information, I am spreading it afterward cos it's better for this not to happen to anyone I know by surprise.
I believe we all gonna survive all these tough times in crypto, that our government brought upon us. We will never be caught off guard by it all, without coming out with solutions towards what our government or crypto exchanges have against Nigeria citizen's dealings on crypto exchange
I feel like there's more to OKX leaving than just the VAT. Could it be that there's something that they aren't telling Nigerians that they needed to tell us because you cannot just decide to pack up like that without any tangible reasons to why they called off their services in Nigeria. All I was meant to understand by their statement is that our local laws and regulations are unfavorable to their business In Nigeria thereby allowing them to discontinue their services here. I think it's really a big deal for their own business following a large pool of Nigerians that must have been patronizing their services.
Dem get tangible reason na, and our local laws and regulations no dey favor dem again as they were forced to stop p2p services in Naira, we all know say na p2p wey most Nigerians dey patronize for crypto exchanges, as dem no dey offer that service again, other services wey dem dey offer no really dey of interest and so dem gats completely shut down. I know say many Nigerians go get open positions in their platform, but you no go fit compare their activity with exchange wey still dey offer p2p in Naira, for example Bybit, so no need for them to still dey here. Jump to: