Russia Blocks OKX Exchange’s Website on Allegations of Spreading Unreliable Information

For now, the website is unavailable to access in Russia. People can, however, still use VPN to visit the page.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 6 October 2022 18:32 IST

Russia Blocks OKX Exchange’s Website on Allegations of Spreading Unreliable Information

Photo Credit: Unsplash/ Mohd Azrin

The details of whether the issue will reach courts remain unclear as for now

Highlights

OKX has neither accepted nor denied accusations
OKX was founded in China in 2017
Russia is not totally against experimenting with crypto

Russia, despite its support for the exploring the blockchain sector via CBDCs, does not fail to maintain a strict oversight over the crypto sector. In a fresh development, Russia's Roskomnadzor media monitoring agency has alleged that the website of OKX crypto exchange has been spreading fake financial information and exposing people to monetary risks. As a result, the OKX website has been deactivated. Founded in China in 2017, OKX is now headquartered in Seychelles.

“The site published information related to the activities of financial pyramids, as well as information on the provision of financial services by persons who do not have the right to provide them in accordance with the legislation of the Russian Federation,” Roskomnadzor told Russian media RBC.

For now, the website is unavailable for access in Russia. However, people can use a virtual private network (VPN) to visit the page.

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As per a post published on one of OXK's Discord server, the platform has urged people to refrain from opening the website via VPNs.

“We do not recommend using a VPN when accessing OKX as this will trigger our risk controls and can lead to a ban of our account,” CoinTelegraph quoted OXK as saying.

The details of whether the issue will reach courts remain unclear as for now.

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Previously, Roskomnadzor had flagged Binance on claims of unlawful operations between September 2020 and January 2021. A regional court reversed the decision later.

Meanwhile, Russia has not completely shut itself against the idea of allowing cryptocurrency for cross-border payments, reports had claimed in September.

According to a report by TASS, Russia's Deputy Finance Minister Alexei Moiseev said that the reliance Russians have on foreign platforms for crypto transactions further emphasises the need to legalise the industry locally.

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Further reading: Cryptocurrency, Russia, OKX Exchange

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More