Regulatory Authorities In Russia Have Blocked OKX’s Website Over Financial Information Concerns

Since October 4, the website of OKX, a cryptocurrency exchange has been blocked in Russia. The local reporting agencies have confirmed that Roskomnadzor, the state media monitoring service in Russia has blocked the exchange’s website.

Reason Provided by Roskomnadzor

One of the local news agencies ‘TASS’ reached out to Roskomnadzor to get a comment on their recent action against the OKX website.

The spokesperson at Roskomnadzor confirmed that they acted upon the request launched by the Prosecutor General’s Office.

According to the Office, the website of the OKX exchange was being used for the distribution of a significant amount of information that was unreliable.

The website was socially distributing such information and it was of a financial nature. The unreliable information being shared by the website would mislead the local investment community.

Information Posted on OKX Website

According to Roskomnadzor, the information posted by OKX on the website was about the financial pyramids and their activities. The website also offered financial information from individuals who are not authorized or credible to provide the financial information at all.

The Roskomnadzor clarified that according to Russian law, none of the activities they have mentioned are legal. Therefore, they have blocked the very source involved in providing such misleading and unreliable information.

Locals Use VPN to Access OKX Website

Since the official announcement made by Roskomnadzor on October 4, the website is inaccessible in Russia.

Still, many users are able to access the website claiming that access is possible if they use VPN. The users wanting to use the website of OKX to access their trading accounts can do it using VPN.

The announcement by OKX Russian-Language Administration

The Russian-language OKX administration has also released an official statement surrounding the matter. According to them, the users in Russia using VPN to access the OKX website must refrain from doing so.

They have recommended that the users should not do it because that would end up invoking their risk controls. This would eventually lead to the accounts of the users getting banned.

OKX is in a Troubled Situation

OKX has been troubled with multiple regulatory and law enforcement authorities monitoring its activities.

The exchange was founded in China but was forced to relocate to Seychelles due to regulatory pressure in the mainland.

OKX was also under the microscope in South Korea following the local law enforcement authorities’ legal action against the Terra Network’s founder, Do Kwon.

Now, the exchange is faced with a difficult situation in Russia where it needs to clear its position to the regulators before it can start running its website.

Since the announcement of the website going down, OKX’s native token ‘OKB’ has recorded a 1.55% dip and it currently trades for $15.73.