Topic: OKX leaves Nigerian market (Read 541 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. 
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.
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.
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.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.
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.
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).
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
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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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
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.
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.
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.
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.
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.
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.
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)
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) 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
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.
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
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
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 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. 
Whatever is their decision on this, i hope is to the best of their interest, OKX leaving is a short on the Nigeria's economy which the government are not seeing, i thought that of the p2p ban is good enough without restriction of accounts, but if this should happen, then the government is not trying at all towards considering the needs of the people and the source at which many of the youths are surviving from the use of centralized exchanges, its the best decision for us to take away our asset from them and make use of a cold storage, but what surprises me now is why the exchange have not been informing their customers on this same issue, or do they want to cart away our asset along with them while leaving.
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.
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.
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.
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.
Hello people. Who's seen this news. I saw it on twitter. OKX leaving Nigerian market?
What's your thoughts on this?. Can anyone confirm it!.
What's your thoughts on this?. Can anyone confirm it!.
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