OKX exchange restricts access to a number of products for Russians

The company explained its decision with regulatory requirements

20.06.2023 - 07:20

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2 min

What’s new? On June 19, the cryptocurrency exchange OKX announced the introduction of restrictions for users located in Russia. As reported on the OKX website, the restrictions will affect Selected Earn product offers, as well as Shark Fin and Dual Investment products. Representatives of the platform noted that the changes in service to users from Russia are due to regulatory requirements and market conditions.

Announcement on the exchange’s website

What is known about OKX? It is a centralized exchange (CEX) headquartered in Seychelles, founded in 2013. As of June 20, 348 coins and 575 trading pairs are available on the platform, with a daily trading volume of $749,4 million. The exchange token OKB is trading at $41,55, having gained 0,5% overnight, according to aggregator CoinGecko.

Details about restrictions. The Earn section on OKX includes three areas: simple earn, on-chain earn, and structured products. The exchange did not say which of these areas will not be available to Russians.

OKX noted that in the event of a service shutdown, all previous subscriptions will be automatically closed on the expiration date. Users can also close them early if the product provides this option.

In this, the website of the crypto exchange has been blocked in the Russian Federation since last October by the decision of Roskomnadzor for the dissemination of prohibited information.

Sanctions against the Russian Federation. In April 2022, the EU introduced the fifth package of sanctions against Russia, which limited investments of Russian residents in digital assets to €10 000, since then the exchange Binance joined in their compliance. In October, the EU imposed a complete ban on Russian services for crypto companies. Cryptopay and Kraken exchanges joined it, while Bitfinex and Huobi refused to limit users from the Russian Federation.

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