OKX cryptocurrency exchange imposed restrictions on Russians

OKX cryptocurrency exchange imposed restrictions on Russians

Author: James Soplin

OKX cryptocurrency exchange imposed restrictions on Russians
Cryptocurrency exchange OKX has restricted a number of services for Russians
The platform explained this decision by the need to respond quickly to "market demands and regulatory requirements"

Cryptocurrency exchange OKX has introduced restrictions for Russians. The platform said in an announcement published on June 19 that this was due to the need to "respond quickly to market requests and regulatory requirements."

According to CoinGecko, OKX ranks fourth in daily trading volume among CEX platforms, with $776 million as of June 20.

The platform is registered in the Seychelles, previously it did not impose restrictions and did not support sanctions against Russians.

Separate offerings of the Earn service (a section of the exchange that combines products with the possibility of receiving passive income), as well as the Shark Fin financial indices and the "Double Investment" product, will not be available to OKX users from Russia.

Current subscriptions will be automatically terminated on the maturity date. If the product provides for early redemption, users can complete them earlier, the announcement said.

In early May, cryptocurrency exchange OKX tightened KYC requirements without a public annoncement. The platform reduced the withdrawal limit by a thousand times for users who did not complete full identification. At the end of the same month, the exchange applied for a license in France.

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