OKX leaves 9ja market from on the 30th August. What do you think?

[Smcchamp]

Good day everyone. How trading dey go?

Who' else has noticed this news about OKX leaving Nigerian market. It's trending on twitter..






How una reason this thing?

[Charles-Tim]

This is very true. It is likely that Nigerian government wants exchanges to be paying VAT and also giving some conditions that may not favour the exchange like to register and have office in Nigeria so that the exchanges would b well regulated. But it is surprising that OKX is leaving Nigeria.

[EluguHcman]

You must not have been updated then because OKX has long delisted naira P2P from its trading exchange since earlier this year following after Binance exchange too delisted naira from its P2P feature.

[Cantsay]

You must not have been updated then because OKX has long delisted naira P2P from its trading exchange since earlier this year following after Binance exchange too delisted naira from its P2P feature.

This time it’s not just only p2p but their entire service - okx is leaving Nigeria as a whole and citizens won’t be allowed to use their services again including spot trading or future trading and anyone found using it that’s a Nigerian citizen will lose their money as the account might be blocked.

[Agbe]

It has been long I used OKX and I have already uninstalled the app from my devices so they leaving the country with everything will not have any impact on me again and many people are also like me though it was one of the best exchanges in the country. Those are some of the crypto companies that do not take or like nonsense from government so instead of staying here to see the government nonsense regulations, and they can't implement them to their customers instead they have to leave to have peace of mind. I think Kucoin is accepting the VAT and I don't know if dem don start because I am not using it is since there is no p2p. So nothing I dey go there dey fine dey pay VAT with them.

[Maxcryptic]

Good day everyone. How trading dey go?

Who' else has noticed this news about OKX leaving Nigerian market. It's trending on twitter..

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How una reason this thing?

I have long saw this happening after they removed NGN from their P2P. This current trend will welcome the mass encouragement of using wallet than centralized exchange. I currently using Bitget for P2P and trading while pivate wallet has my attention now.
 

[Fivestar4everMVP]

I came across this news yesterday on Twitter, and being a very active user of okx exchange, I immediately reach out to their customer care to confirm if it's true, and behold, the customer care confirmed to me that it's true that they are leaving the Nigerian market beginning from August 30th.

It's a very unfortunate development for many of us, specially like myself because I personally love to use okx, if not for any thing, they are to me the exchange with the lowest withdrawal fees for most coins and tokens, there are times I usually send coins there just to switch the coin from it's initial blockchain to another, I withdraw using another blockchain and pay a very small withdrawal fee when other exchanges, including Binance are charging exorbitantly.

Anyways, i honestly do not blame them though, this present government have literally made it difficult for several businesses to do business with Nigerians, it's very painful to be honest.

[Sim_card]

I have only used the OKX exchange once and for some personal reasons I stopped using it after they delisted Naira p2p from their exchange but I know that this will affect users that have built their trust on OKX. There are other exchanges in the country that one can switch to if this exit of OKX is bad news to you. I don't know what is going on with our government and the exchange regulations if the conditions are too harsh for them to cope with in Nigeria.

[Cantsay]

::/::
I don't know what is going on with our government and the exchange regulations if the conditions are too harsh for them to cope with in Nigeria.

That’s what you get when animals are placed on power - very soon you’ll see more companies fleeing from Nigeria just because the place is becoming more unbearable for them.

Other exchanges might not follow but if you check you’ll see that this is not only in the crypto sector - the pharmaceutical industry is currently facing this issue; GlaxoSmithKline (GSK) which has helped produced some of the best pharmacists in terms of practice has left Nigeria and very soon many other country will follow when they discover that there are no longer generating revenue from the country and the government which was supposed to be active has turned his attention to useless stuff like creating a new state.

[SmartGold01]

Does their seize of operation affects you or me?
To it cost no harm because I never traded in this exchange neither have I used their p2p it was very actively open for Nigerian so if they like they should stop and lock off every single Nigerian it wouldn't affect me, provided that I have no asset there except for our fellow Nigerian who have their asset stored in that exchange could do as much as possible to get off their asset in that exchange.

[Smcchamp]

You must not have been updated then because OKX has long delisted naira P2P from its trading exchange since earlier this year following after Binance exchange too delisted naira from its P2P feature.

I know that. But they're leaving Nigerian market entirely..

[Smcchamp]

Good day everyone. How trading dey go?

Who' else has noticed this news about OKX leaving Nigerian market. It's trending on twitter..






How una reason this thing?

I have long saw this happening after they removed NGN from their P2P. This current trend will welcome the mass encouragement of using wallet than centralized exchange. I currently using Bitget for P2P and trading while pivate wallet has my attention now.

That's a valid point. Moving to dex wallet fully is an option but cex still plays a vital role. I use BG too though so wasn't affected by OKX leaving Nigeria and I've been impressed by their service, but it'll be a blow to the Nigeria crypto community. What can be done?

[Cantsay]

I have long saw this happening after they removed NGN from their P2P. This current trend will welcome the mass encouragement of using wallet than centralized exchange. I currently using Bitget for P2P and trading while pivate wallet has my attention now.

I believe you ain’t saving the use of wallet to trade spots and future? But for storing their coins?

It’s already been echoed around the internet that those using cex to store their coins should stop it and make it an habit to store their coins in a noncustodial wallet - using  centralized exchange to store will only lead to you losing your money in situations when they shutdown due to unforeseen circumstances just like FTX collapse. 

[Smcchamp]

I have long saw this happening after they removed NGN from their P2P. This current trend will welcome the mass encouragement of using wallet than centralized exchange. I currently using Bitget for P2P and trading while pivate wallet has my attention now.

I believe you ain’t saving the use of wallet to trade spots and future? But for storing their coins?

It’s already been echoed around the internet that those using cex to store their coins should stop it and make it an habit to store their coins in a noncustodial wallet - using  centralized exchange to store will only lead to you losing your money in situations when they shutdown due to unforeseen circumstances just like FTX collapse.

Mate they're still cex without a hack history & are transparent with their protection funds monthly. I know most users don't trust cex but I think we should give kudos to the platforms for doing exceptionally well. Even dex can be hacked. We've seen a lot of situations like this. So I'll advise to be careful

[Husires]

It’s already been echoed around the internet that those using cex to store their coins should stop it and make it an habit to store their coins in a noncustodial wallet - using  centralized exchange to store will only lead to you losing your money in situations when they shutdown due to unforeseen circumstances just like FTX collapse.

Regulatory laws are constantly changing, and if you left your currencies on a platform for 6 months, the laws may have changed and the citizens of your country may be prevented from using them at that time. If you are not able to withdraw in a timely manner, you may lose your investments.
crypto exchanges are designed for trading, and you should not leave them with a balance greater than the trading balance.