OKX stops services to Nigerians

You may have heard that OKX no longer wants to render services to Nigerians.

“We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve.

From August 16, 2024, our customers will no longer be able to open any new positions or access any services on the platform, with the exception of withdrawals and closing/redemption of open positions.

We request you to please review your account and complete applicable steps by 12:00 am (PST) on August 16, 2024.” – OKX Management.

Why this?
Nigerian government severely persecutes and punishes Binance, but Binance doesn’t stop its services to Nigerians except P2P and Naira trading.

Even KuCoin that has started deducting taxes from trading and transactional activities from Nigerians, on behalf of the government, cannot have its website accessed in Nigeria.

Nigeria government want to collect taxes from people’s trading and transactional activities but they don’t want them to access the website in the country. If not for the fact that the exchanges mobile apps can be used with ease, I would have easily, simply left this country.

The biggest, wealthiest and most technologically advanced nations in the world (plus world leaders and global celebrities) are acknowledging, approving, and regulating crypto industry and products and taking necessary favorable steps. However, Nigerian government is trying to kill crypto in their own country.

But crypto cannot be killed.

They say people are using crypto for money-laundry and illegal things. Bitcoin, the first and the most popular crypto coin, is only 15 years old. 

General Abacha and other military administrators looted a lot of money and sent it abroad. Did they do that through crypto?

Those who looted public funds before Abacha didn’t use crypto. Those who engaged in slave trade and other illegal things in the 19^th century didn’t use crypto. Those who siphoned government funds between 1999 and 2007 didn’t use crypto.

If crypto didn’t exist today, people in this country would still be laundering funds and doing illegal business activities with means available to them. In fact, in Nigeria, Naira is used more in illegal activities than crypto.

But the government think the cure for headache is to cut off the head. They could simply ban computers and smartphones in the country because some people are using them for bad things. They can ban churches, owing to the atrocities of some pastors?

Don’t they know that crypto has lots of beneficial and legitimate uses? And they need to stop crypto because of some bad actors?

This is a losing battle. Crypto is an integral part of the future.

The whole world has moved on!

Crypto doesn’t cause inflation
Go and listen to those old school songs from popular singers dead and alive. Or ask your parents or grandparents… They also complained of inflation in their lifetime.

Without inflation, all forms of investments cannot yield profits in the long run and the economy won’t grow.

What made it possible for someone who bought a piece of land for N50K about 35years ago, to sell it at N10 million today, if there was no inflation? Or do you think the prices for building materials 35 years ago are the same now?

But the inflation rate has to be normal.

Rapid inflation is an economic phenomenon… It is bound to happen when an economy is bad, demand is huge and supply is low. The only way to slow the inflation rate (no government in the world can stop inflation) is to improve the economy, increase supply and/or decrease demand.

Inflation is as old as trading itself, and it has nothing to do with crypto.

Back to OKX
OKX is currently the 3^rd biggest exchange in the world, by trading volume. They are excellent. But they are not the only excellent exchanges out there.

Actually they don’t accept citizens of the US and Canada. They don’t accept nationals from certain countries in Europe, Asia and Latin America.

Even their plan to discontinue services to certain countries includes not only Nigeria, but other countries in Africa (like Algeria), the Middle East and Asia. They have already left India.

If they say they don’t want Nigerians again, there are exchanges that are even nearly better than them.

As I always tell you, unless a woman tries 2 different husbands, she can’t know who is better or worse.

There are other excellent crypto exchanges out there, and I can tell you, moving out of OKX is as easy as moving into another good exchange.

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