OKX leaves Nigerian market - page 2.

iBaba

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Quote from: Amphenomenon on July 17, 2024, 10:23:10 AM

Actually if it's the VAT then it will really be shameful and disappointing especially from a top exchanges like them because the VAT is actually taken from the traders and not they themselves, this is base on the Kucoin VAT fee, I believe Binance might follow suite with Kucoin, if not for their ongoing cases with the federal government and also their executives detained

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.

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Quote from: Charles-Tim on July 17, 2024, 10:02:11 AM

I know Nigerians would have withdrawn all their coins from OKX. I mean traders because I expect holders not to leave their coins on exchanges. OKX has sent an email although we know it already.

Quote from: Igebotz on July 17, 2024, 09:56:10 AM

Quote from: Charles-Tim on July 16, 2024, 12:22:50 PM

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

If it's about VAT, there's a solid reason: you can't take millions of Nigerians away from them to other exchanges and expect them to implement a VAT tax for you. They're already on the losing end when Naira was removed from their platform, so they don't have much to lose if they entirely abandon Nigerians.

It's unjust that other exchanges are still trading Naira p2p, while OKX was ordered to delist. I'm sure they begged the FG to return Naira p2p before implementing the VAT, but they didn't reach a conclusion, so they decided to quit.

VAT or no VAT, Kucoin is an exchange that cares more about Nigerians. Kucoin also delisted naira P2P, implemented VAT and started convert which people can use to trading at zero fee. I hope other exchanges will not be like OKX. If VAT is the reason for them leaving, I am totally disappointed.

OKX are in the best position to reveal the actual reason for their leaving the Nigerian market but they chose not to disclose much to the public for reason personally known to them which is why I don't think it's quite acceptable that we just start making the VAT assumptions as one of those undisclosed reasons.

The comparison of Kucion and OKX by C-T for me it doesn't cut in at all saying that Kucion care much about Nigerians than OKX. They are both in a business environment, and one have weighed the possibilities available within the market for itself and finds they may not be in expected profit in future under the new changes of the regulatory policies and have decided to take the exit door, which is what any business organization would do. We saw that with binance in the China I think around 2017.

So therefore, if Kucoin chooses to stay it must have evaluated many options but it took a decision of continuity in Nigeria despite deprived of Naira p2p in it's platform (at the time of writing this).

Cryptoprincess101

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Quote from: EL MOHA on July 16, 2024, 11:21:21 AM

Quote from: Igebotz on July 16, 2024, 10:33:00 AM

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.

It’s definitely going to be the VAT tax, if we could remember the last time they had naira transactions banned it was just few days away from that of KuCoin announcement. Now with KuCoin adding that they will start charging for VAT tax and it is logical that OKX will be in discussions with the Nigeria government to know their own stands and possibly the conditions given to them might be erroneous for them to comply with. And could probably be leaving.

The KYC verification on their platform has even been down since last week, someone had complained to me that they weren’t able to get it done. We all know that their KYC verification doesn’t take time. So that and now this is enough to say they are definitely restricting Nigerians. Their failure to send email yet might be that they are still working things out

It's really funny how some exchanges have been implementing things in their platforms with prior notice to their users and it's very unusual because a lot of people who are not aware of such developments may be trapped and find it difficult. One question I keep asking is if the implementation of this VAT tax will make the naira to appreciate because at first the government was clamping down exchanges as the cause of naira depreciation, now they want to introduce VAT tax in people's transactions.

I think OKX and Kucoin should be avoided for now and if not for high transactions fees when trying to transfer funds from non custodial wallets to exchanges, keeping assets in any exchange now is very risky for we Nigerians because I won't be surprised if we wake up one morning and finds out that the federal government have instructed some exchanges to restrict Nigerians from withdrawing their funds in the their platforms and since we went through KYC verification, it is possible for them to achieve that.

SmartCharpa

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Quote from: Kelward on July 16, 2024, 10:07:19 AM

I just de hear about dis story for dis your thread now and I don do small research but I no see anywhere wey confirm di authenticity. I hope say more of our forum members wey de use OKX exchange go help us to confirm weda na true say dem de leave Nigerian market. I know say na some people work to de spread fake news to de put panic for people body, dat na why no be everything wen I hear for social media I de rush to believe, unless I hear am from di authentic source or from a reputable site. Aldo I no go de too surprised if any top exchange leave our Nigerian market, despite how lucrative wey dem business de do for di country, because of our government issues with Binance wey come de affect oda exchanges. Make we wait and see weda OKX go officially make any announcement say dem wan to leave Nigeria.

I been dey hear about the matter since yesterday but since i no dey use the exchange, I no bother to check waiting dey sup whether the news na fake. There's no any announcement on their official pages but i believe say the rumors na true, no be something wey dey just create fake news to dey spread about. I just enter Twitter and saw a tweet from one man wey dey follow about anything wey related to cryptocurrency, that Okx will shutdown services for Nigerians from August 16, that means say d people wey get any coin for their wallet make them withdraw am before the deadline date.

Which kind of country is this for God sake, I no even understand waiting be the problem of our government again, just like play wey Binance no gree pay the money wey dey ask them our government started to dey drag this exchanges one by one. But some people dey claim say VPN dey, does that mean those that have account with them will still get access it to using the VPN?

Amphenomenon

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Quote from: Charles-Tim on July 17, 2024, 10:02:11 AM

Quote from: Igebotz on July 17, 2024, 09:56:10 AM

Quote from: Charles-Tim on July 16, 2024, 12:22:50 PM

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

If it's about VAT, there's a solid reason: you can't take millions of Nigerians away from them to other exchanges and expect them to implement a VAT tax for you. They're already on the losing end when Naira was removed from their platform, so they don't have much to lose if they entirely abandon Nigerians.

It's unjust that other exchanges are still trading Naira p2p, while OKX was ordered to delist. I'm sure they begged the FG to return Naira p2p before implementing the VAT, but they didn't reach a conclusion, so they decided to quit.

VAT or no VAT, Kucoin is an exchange that cares more about Nigerians. Kucoin also delisted naira P2P, implemented VAT and started convert which people can use to trading at zero fee. I hope other exchanges will not be like OKX. If VAT is the reason for them leaving, I am totally disappointed.

Actually if it's the VAT then it will really be shameful and disappointing especially from a top exchanges like them because the VAT is actually taken from the traders and not they themselves, this is base on the Kucoin VAT fee, I believe Binance might follow suite with Kucoin, if not for their ongoing cases with the federal government and also their executives detained

Charles-Tim

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I know Nigerians would have withdrawn all their coins from OKX. I mean traders because I expect holders not to leave their coins on exchanges. OKX has sent an email although we know it already.

Quote from: Igebotz on July 17, 2024, 09:56:10 AM

Quote from: Charles-Tim on July 16, 2024, 12:22:50 PM

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

If it's about VAT, there's a solid reason: you can't take millions of Nigerians away from them to other exchanges and expect them to implement a VAT tax for you. They're already on the losing end when Naira was removed from their platform, so they don't have much to lose if they entirely abandon Nigerians.

It's unjust that other exchanges are still trading Naira p2p, while OKX was ordered to delist. I'm sure they begged the FG to return Naira p2p before implementing the VAT, but they didn't reach a conclusion, so they decided to quit.

VAT or no VAT, Kucoin is an exchange that cares more about Nigerians. Kucoin also delisted naira P2P, implemented VAT and started convert which people can use to trading at zero fee. I hope other exchanges will not be like OKX. If VAT is the reason for them leaving, I am totally disappointed.

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Quote from: Charles-Tim on July 16, 2024, 12:22:50 PM

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

If it's about VAT, there's a solid reason: you can't take millions of Nigerians away from them to other exchanges and expect them to implement a VAT tax for you. They're already on the losing end when Naira was removed from their platform, so they don't have much to lose if they entirely abandon Nigerians.

It's unjust that other exchanges are still trading Naira p2p, while OKX was ordered to delist. I'm sure they begged the FG to return Naira p2p before implementing the VAT, but they didn't reach a conclusion, so they decided to quit.

EL MOHA

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Quote from: Jaycoinz on July 16, 2024, 04:09:18 PM

Well I don't see anything special about OKX leaving and I think there are going to be the ones at loss even, because the world know that Nigeria is a big market and these exchanges are getting lots of profit and I think that's the reason why kucoin and some others won't leave the Nigerian market, I believe Nigeria is one of the largest consumers and users of crypto in Africa

We can all say we don’t give a damn about when an exchange leaves the market or the country but i tell we definitely need to give a damn at this time around, the issue can’t be related to just VAT tax alone there Must be other conditions which we say Is definitely not what OKX wanted and I insist them leaving the country is a big blow. If other exchanges too decide to go down too it will only be just fewer exchanges who would have the liquidity and exchanges like that will definitely have more expensive fees or charges. So we shouldn’t just jump into conclusions that it is not a problem that exchanges are leaving, the number keeps reducing and it will give central power to those available

Jaycoinz

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Quote from: Abu-Naim on July 16, 2024, 03:21:13 PM

Quote from: Charles-Tim on July 16, 2024, 01:33:15 PM

The reason OKX wants to disable Nigerians from accessing their site has not been stated. But people are only guessing or speculating it would be because of VAT. The one you are referring to is Kucoin and not OKX. Also it is 0.75% of 1% trading fee on Kucoin and not 0.7%.

The OKX can have their reasons but I don’t also think it will be the VAT because KuCoin agreed to it which I am sure it will be the same process with other CEX including OKX.
Maybe it will be because of p2p, perhaps they requested to bring it back and if Ferderal Government disagrees they can leave which can be another reason.
I just wish others will not leave soon.

Well I don't see anything special about OKX leaving and I think there are going to be the ones at loss even, because the world know that Nigeria is a big market and these exchanges are getting lots of profit and I think that's the reason why kucoin and some others won't leave the Nigerian market, I believe Nigeria is one of the largest consumers and users of crypto in Africa

Lida93

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Quote from: Amphenomenon on July 16, 2024, 09:59:19 AM

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.

Very much Not Your Keys Not Your Coins indeed. CEX is never a safe position to leave your coins, I think this should serve as a reminder.

There is no smoke without fire so whether this is an official announcement from OKX or not any Nigerian that has funds in their platform should treat this as urgent playing safe by moving away their coins to a self-custodial wallet. If they could stop naira p2p without prior information to customers then there's no need taking this as a rumour. As Nigerians we should be vigilant about all the CEX with how the government has been very harsh on them cramping down them with stench policies a lot them may be forced to leave before we know it

Abu-Naim

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Quote from: Charles-Tim on July 16, 2024, 01:33:15 PM

The reason OKX wants to disable Nigerians from accessing their site has not been stated. But people are only guessing or speculating it would be because of VAT. The one you are referring to is Kucoin and not OKX. Also it is 0.75% of 1% trading fee on Kucoin and not 0.7%.

The OKX can have their reasons but I don’t also think it will be the VAT because KuCoin agreed to it which I am sure it will be the same process with other CEX including OKX.
Maybe it will be because of p2p, perhaps they requested to bring it back and if Ferderal Government disagrees they can leave which can be another reason.
I just wish others will not leave soon.

Princess Leah

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First it was the removal of P2P and now they'll be leaving, it's would so sad that one of the leading exchanges might be leaving the Nigerian Market soon, well since I've not received an official statement from them, I'll just sit back and watch their next step, maybe just maybe they might only decide to stop KYC process for Nigerians till further notice.

But then, for the day to day traders using that exchange it would be wise to take off your assets as soon as possible, if possible move it to a secure wallet or use another good exchange for trading until the news is officially confirmed by OKX in their official page that they'll be leaving in the specified date in that image.

Well if the news become officially confirmed, too bad to the Nigerian government, they've succeded in chasing away one of the leading exchanges from the Nigerian Market with taxation, this is a blow to the crypto space in Nigerian, thankgoodness their are other alternatives.

Wiwo

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Quote from: Igebotz on July 16, 2024, 10:33:00 AM

Quote from: ?? on ??

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.

The end to naira P2P on centralised exchanges have dealth a great blow on those exchanges, and as a result most of them are losing their motivation to keep servicing clients in Nigeria and also the issues with tax as mentioned is one of those things that can push them out if the Nig business stage.

Okx have left ever since the paused their P2p market in Nigeria and I believe that situation led to many traders moving away from that exchange to the other alternative that offers them P2p service so that as their are trading, you can take profits and get them converted to your local currency, wish them all the best and anyone having some funds on that exchange should take them off before the deadline.

Charles-Tim

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Quote from: CryptoHeadlineNews on July 16, 2024, 01:19:09 PM

Quote from: Igebotz on July 16, 2024, 10:33:00 AM

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.

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)

The reason OKX wants to disable Nigerians from accessing their site has not been stated. But people are only guessing or speculating it would be because of VAT. The one you are referring to is Kucoin and not OKX. Also it is 0.75% of 1% trading fee on Kucoin and not 0.7%.

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Quote from: Igebotz on July 16, 2024, 10:33:00 AM

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.

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)

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Quote from: Igebotz on July 16, 2024, 12:07:50 PM

They will rather stop providing services to Nigerians than implementing the VAT tax to enrich the same Govemment who took their main target Nigerian market (p2p) away from them. Not having a Naira p2p marketplace is as good as not having Nigerians at all since it's the only service we patronize the most.

They're not longer accepting new customers from Nigeria and Nigeria IDs are not longer accepted for KYC on their platform - they're moving away from our jurisdiction. Sadly

I think it’s a very poor management on their side (OKX) if this is the reason they’re pulling out of Nigeria. When there are so many competitors in the market, Nigerians will jus have to move elsewhere while they’ll be at a loss.
Naija, oya oooo carry your funds from OKX before 30th.
We Meuve

Charles-Tim

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Quote from: Igebotz on July 16, 2024, 12:07:50 PM

They will rather stop providing services to Nigerians than implementing the VAT tax to enrich the same Govemment who took their main target Nigerian market (p2p) away from them. Not having a Naira p2p marketplace is as good as not having Nigerians at all since it's the only service we patronize the most.

As Nigerians are trading forex, so they are trading cryptocurrencies. Nigerians are involved in new projects and others things related to cryptocurrencies. What I know about Nigerians about cryptocurrencies is that they are everywhere people that are involved in cryptocurrencies are.

Although, our government and regulators approaches are very bad and sometimes you may think that they are illustrates. But if VAT is the only reason OKX wants to stop providing crypto products and services to Nigerins, I have OKX to blame becuase OKX has nothing to lose. They are nothing more than banks that should pay taxes. And not that the tax would be deducted from them but from their customers that are Nigerians.

If it is VAT that caused this, their leaving is so annoying. There are other exchanges that we can still use. If they want, they should not come back again.

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Quote from: EL MOHA on July 16, 2024, 11:21:21 AM

It’s definitely going to be the VAT tax, if we could remember the last time they had naira transactions banned it was just few days away from that of KuCoin announcement. Now with KuCoin adding that they will start charging for VAT tax and it is logical that OKX will be in discussions with the Nigeria government to know their own stands and possibly the conditions given to them might be erroneous for them to comply with. And could probably be leaving.

The KYC verification on their platform has even been down since last week, someone had complained to me that they weren’t able to get it done. We all know that their KYC verification doesn’t take time. So that and now this is enough to say they are definitely restricting Nigerians. Their failure to send email yet might be that they are still working things out

They will rather stop providing services to Nigerians than implementing the VAT tax to enrich the same Govemment who took their main target Nigerian market (p2p) away from them. Not having a Naira p2p marketplace is as good as not having Nigerians at all since it's the only service we patronize the most.

They're not longer accepting new customers from Nigeria and Nigeria IDs are not longer accepted for KYC on their platform - they're moving away from our jurisdiction. Sadly

EL MOHA

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Quote from: Igebotz on July 16, 2024, 10:33:00 AM

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.

It’s definitely going to be the VAT tax, if we could remember the last time they had naira transactions banned it was just few days away from that of KuCoin announcement. Now with KuCoin adding that they will start charging for VAT tax and it is logical that OKX will be in discussions with the Nigeria government to know their own stands and possibly the conditions given to them might be erroneous for them to comply with. And could probably be leaving.

The KYC verification on their platform has even been down since last week, someone had complained to me that they weren’t able to get it done. We all know that their KYC verification doesn’t take time. So that and now this is enough to say they are definitely restricting Nigerians. Their failure to send email yet might be that they are still working things out

Charles-Tim

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Quote from: Igebotz on July 16, 2024, 10:33:00 AM

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.

Do not mind me. I was misinterpreting it to Kucoin. I have seen it to be true.

Topic: OKX leaves Nigerian market - page 2. (Read 511 times)