Nigeria’s crypto space is always changing with new rules, new platforms and lots of questions. One common question now is “does OKX work in Nigeria?”
OKX is a popular global crypto exchange where people can buy, sell, trade and earn rewards from cryptocurrencies. It used to be a top choice for many Nigerians.
With CBN’s restrictions on crypto transactions, some users are not clear if OKX still works in Nigeria.
In this article, we’ll break down what happened with OKX in Nigeria, where things stand today and what your best alternatives are if you’re looking to trade crypto safely and legally.
Before going into what happened, let’s find out what OKX is, for anyone who might be new to the platform.
What is OKX?
OKX is one of the leading global crypto exchanges. With millions of users worldwide, it is a digital marketplace where you can buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum and other digital assets. Apart from trading, you can earn small rewards when you keep your crypto on the platform and you get a safe wallet to store your assets.
For many Nigerians, OKX was a great option because of its user-friendly interface, wide range of cryptocurrencies and relatively low trading fees. What then happened to this platform?
OKX in Nigeria: What Changed?
In July 2024, OKX announced that it would be closing down its services in Nigeria by August 30. This was because of recent changes in local laws and regulations. Already, in May 2024, OKX had stopped withdrawal services for Naira as Nigeria tightened regulations on cryptocurrency exchanges.
This happened after the government started taking strong action against crypto companies, especially Binance, accusing it of helping people move money illegally and avoid paying taxes.
From August 16, 2024, Nigerians couldn’t start new trades or use most OKX features anymore. They were only allowed to take out their money or close any trades they had open until August 30. After that deadline, users had to contact customer service for any account-related actions.
Why did OKX leave Nigeria? Simply put, crypto rules in the country became confusing and too strict for them to keep operating safely. They decided it was safer to exit than to risk potential legal issues.
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Can You Still Use OKX in Nigeria?
So, can you still use OKX in Nigeria today? No, OKX has discontinued its services in Nigeria. Although you can access the website or app, buy and trade crypto in few sections of the app but it no longer works like before.
This means if you use OKX, but you’ll face these challenges:
- No Naira deposits or withdrawals: You can’t directly fund your account with naira or withdraw to naira. This is the biggest inconvenience.
- Limited P2P trading: P2P trading is no longer available to Nigerian users for buying and selling crypto.
- Unclear future: It is still uncertain whether OKX will make a comeback in Nigeria.
- No local support: Customer service for Nigerian users is limited compared to fully supported countries.
- Website availability: You could log in through their website or with the app but don’t expect full functionality.
Although the platform is still accessible, using it comes with risks and limitations that do not make it ideal for regular trading.
Legal and Regulatory Context in Nigeria
To understand why OKX and other crypto exchanges have struggled in Nigeria, you first need to know what’s going on with the country’s crypto rules. These rules keep changing, and to be honest, they’re still quite confusing.
2021: The Ban
As at February 2021, banks were no longer allowed to help people buy or sell crypto, with directives from The Central Bank of Nigeria (CBN). Because of that, traders started finding their own way to do business mostly through P2P trading, where people buy and sell directly from each other. This made P2P trading very popular in Nigeria.
2022: New Approach
The Securities and Exchange Commission (SEC) introduced new rules for digital assets, showing that the government was starting to take a more careful and organized approach to crypto instead of just banning it completely.
2023: The Reversal
In December 2023, the CBN lifted its ban and allowed banks to work with approved crypto companies again. It looked like a positive step for the crypto industry in Nigeria.
2024: Tight Control
The government launched investigations into Binance and other exchanges, accusing them of contributing to naira devaluation. This led to platform blocks and the exit of several exchanges, including OKX.
2025: New Structure
In March 2025, President Bola Ahmed Tinubu signed a new law called the Investments and Securities Act (ISA). This law officially recognized cryptocurrencies and other digital assets as legal investments in Nigeria.
It also gave the SEC the power to oversee and regulate crypto activities.
Now, the CBN and SEC are working together to create clear and lasting rules for how crypto should operate in Nigeria.
Crypto companies must now get approval from the SEC and follow safety steps like verifying users and preventing scams.However, many banks still block or question accounts that deal with crypto, so people are still unsure about what has changed.
In all, although crypto is now legal in Nigeria, the regulatory environment remains uncertain and inconsistent.
Top Pick:
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Breet: The Best OKX Alternative in Nigeria
If OKX isn’t working for you anymore, what are your options? Let’s introduce you to Breet.
Breet is one of the best options right now for Nigerians who want a stress-free crypto experience without VPNs or restrictions. It is an OTC trading platform designed specifically for users in Nigeria and Ghana.
With over 250,000 active users, it offers a seamless way to buy, sell and trade cryptocurrencies with direct Naira support.
Features
Here’s what makes Breet the best alternative to OKX:
- Simple, beginner friendly interface
- Quick withdrawals to Nigerian bank account; 287 seconds or less
- Strong security
- Supports over 170+ cryptocurrencies
- Low and transparent fees
- Helpful customer support
What to Consider When Choosing an OKX Alternative
Before you switch to a new platform, here are some factors to keep in mind:
- Local support matters: Go for platforms that understand the Nigerian crypto market. They’re less likely to suddenly block your account or struggle with deposits and withdrawals.
- Transaction Fees: Some exchanges have hidden fees and you don’t know this till you start transacting. Go for platforms that are transparent with their fees. Always compare transaction fees, withdrawal fees and any hidden charges.
- Payment methods: Ensure that whichever platform you choose will let you deposit naira easily. Also know the payment methods they accept and how long withdrawals take.
- Security: This should be top on the list to look out for because if your funds won’t be secure, there’s no need to use a platform. Your preferred exchange should have strong security features like 2FA and a track record of safety.
- Regulatory compliance: Government-approved platforms are usually safer to use because they follow local laws and can operate without problems.
- User reviews: Check what other Nigerian users are saying. Are withdrawals working smoothly? Is customer support responsive?
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Conclusion on Does OKX Work in Nigeria?
So, does OKX work in Nigeria? No, and there are restrictions for Nigerians. You can open the site, but since it no longer supports naira or offers full features, it’s not a good choice for daily crypto trading.
The good thing is that Nigerians still have strong options. Breet is great for fast crypto to naira transactions.
Frequently Asked Questions
Is OKX use illegal in Nigeria?
No, it’s not illegal to use OKX in Nigeria. However, note that OKX left Nigeria officially in 2024 and no longer accepts local users.
Can I withdraw my funds if I still have money in my OKX account?
Yes, you can still withdraw your funds.
Will OKX ever return to Nigeria?
It is uncertain whether OKX will resume operations in Nigeria given the current crypto rules.
What’s the safest way to buy crypto in Nigeria right now?
Use trusted platforms made for Nigerians, like Breet, that support naira and are easy to use. Always turn on two-factor authentication and only trade with verified users.
