OKX restores P2P trading and full platform access for Nigerian users

Almost two years after suspending its services in Nigeria amid the government’s crackdown on crypto exchanges, OKX has restored full platform access, including peer-to-peer (P2P) trading. This marks a development that will be welcomed by thousands of Nigerian crypto traders who lost access to one of the world’s largest exchanges in 2024.

The return of P2P and full account access marks a significant reversal for OKX, which shut down its Nigerian operations in August 2024, citing unfavourable regulatory conditions. The restoration suggests OKX has either secured the required regulatory standing under Nigeria’s current framework or reached a compliance arrangement with relevant authorities.

For Nigerian crypto traders, OKX was not a minor convenience; it was a primary trading platform. Its exit, coming on the heels of Binance’s own forced withdrawal from Nigeria earlier in 2024, left a significant gap in the local market.

How Nigeria ended up locking out major crypto platforms

To understand why OKX’s return matters, it helps to understand how the ban happened in the first place.

The Nigerian government’s crackdown on crypto exchanges began in early 2024, driven by a specific accusation: that peer-to-peer crypto trading platforms were being used to manipulate the naira’s exchange rate. The government argued that traders on P2P platforms were setting informal dollar-naira rates that were undermining the official rate and contributing to the currency’s freefall.

With the naira losing significant value against the dollar in 2023 and early 2024, the government needed a visible target and crypto P2P markets became one.

Binance bore the brunt first. Nigerian authorities blocked the platform’s website, detained two Binance executives who had come to Nigeria for regulatory talks, one of whom, Tigran Gambaryan, was held for months before being released on health grounds, and charged the company with money laundering and tax evasion. Binance was forced to disable its naira P2P function in February 2024 and eventually exited the market.

OKX followed. In May 2024, it disabled naira P2P trading. In July 2024, it notified Nigerian users by email that it would discontinue all services from August 16, 2024. Users were given until August 30, 2024, to withdraw funds or contact support.

Back story: Another crypto exchange, OKX shut down services in Nigeria

The broader regulatory picture at that time was also deeply conflicted. The CBN had lifted a two-year ban on banks facilitating crypto transactions in December 2023, but then turned around and directed banks to identify and freeze accounts involved in crypto activity. The mixed signals left traders, exchanges, and even banks uncertain about what was actually permitted.

Why OKX is returning now

Nigeria’s regulatory environment has shifted considerably since 2024. President Bola Tinubu signed the Investments and Securities Act in March 2025, which formally recognised cryptocurrencies as legal investment assets and granted the Securities and Exchange Commission (SEC) clear authority to regulate the sector.

The SEC subsequently introduced an Accelerated Regulatory Incubation Programme (ARIP), under which crypto exchanges could apply for provisional licences to serve Nigerian users.

OKX’s return, with P2P now active, suggests the platform has moved to meet the requirements that previously made serving Nigeria untenable, whether through the ARIP process, bilateral regulatory engagement, or a combination of both. OKX has not yet issued a detailed public statement on the terms of its return, and full clarity on its licensing status with the SEC would be important for users to establish before transacting.

For the millions of Nigerians who use crypto, Nigeria consistently ranks among the world’s highest in crypto adoption by volume; the restoration of OKX access expands the options available on a regulated or semi-regulated basis, alongside platforms like Quidax and Busha that have held provisional licences through the crackdown period.

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