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.
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.
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.