OKX halted Naira withdrawals in May 2024 due to regulatory issues, following accusations against Binance of manipulating Nigeria’s currency and laundering money. This move has prompted strong criticisms from Nigerian cryptocurrency analysts, who express concerns about the country’s regulatory environment and its impact on the growing blockchain and cryptocurrency sector. The slow regulatory progress is seen as a significant setback for Nigeria, especially when compared to South Africa, which is emerging as a leader in the continent’s cryptocurrency market.
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