OKX stops providing services in Uzbekistan

The exchange did not inform about the reasons for its decision

26.02.2024 - 08:15

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What’s new? Crypto exchange OKX has announced the termination of providing services for users in Uzbekistan. To avoid freezing of accounts, all open positions of local users should be closed until March 15, 00:00 UTC, and assets should be withdrawn until March 30, 00:00 UTC. The company has guaranteed the safety of funds in the accounts of clients from Uzbekistan until they are withdrawn from the platform.

Press release

What else is known? OKX did not inform about the reasons for its decision. At the same time, earlier, the exchange faced claims in other countries. Thus, the Digital Asset Exchange Alliance (DAXA) working group, which includes the five largest crypto exchanges in South Korea, informed the local authorities that OKX was operating without registration.

Earlier, the Financial Intelligence Authority of India (FUI) accused nine crypto exchanges of non-compliance with anti-money laundering laws and asked the Ministry of Electronics and Information Technology to block their websites in the country. After that, the applications of some exchanges, including OKX, disappeared from the local App Store, although it was not mentioned in the appeal of the financial intelligence.

In addition, journalists from 404 Media reported that they were able to pass OKX’s customer identification (KYC) procedure using a passport generated by the neural network.

In early February, Uzbekistan’s National Agency for Perspective Projects (NAPP) said it would use the courts to demand that Binance pay a fine for operating in the country without a license issued in January. The platform refused to pay the fine, officials said. Access to the Binance website was blocked in the country in August 2022.

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