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 19th
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 3rd 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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