Access to Crypto Exchange OKX is blocked in Russia
The Russian government blacklisted OKX’s IP address on Wednesday for possible illegal activity related to violations of Article 15.3 of Russia’s Information Law, reports said.
According to Roskomnadzor, Russia’s internet censorship regulator, the Seychelles-registered cryptocurrency exchange disclosed information related to “financial pyramid activities.”
Roskomnadzor noted that the information includes details of “the provision of financial services by persons” who are not authorized to do so under federal law.
Article 15.3 safeguards against, among other things, the spread of false information, threats against financial institutions and appeals about extremist behaviour.
No specific reason for the blocking of the site has been made public at the time of writing.
Crypto Exchange Owners: What’s Happening?
Even the owners of blocked websites, according to Roskomsvoboda founder Artem Kozlyuk, usually have no idea why they have been banned, and the only way to find out is to file complaints with Roskomnadzor.
Roskomsvoboda is a non-governmental organization (NGO) that advocates for transparent self-regulatory structures and protection of digital rights for Internet users in Russia.
Roskomsvoboda is a parody of the Russian censorship agency Roskomnadzor, where “nadzor” (which translates to “supervision”) has been replaced with “svoboda” (“freedom”).
OKX, which was founded in China, does not relate to Western sanctions against Russia. OKX is popular for its support of Manchester City football and motorsport.
Image: Gulf Crypto
OKX can file a lawsuit vs. Russian regulator
The third largest cryptocurrency exchange by trading volume, OKX has reportedly ignored a petition from South Korean regulators to suspend accounts linked to Terraform Labs co-founder Do Kwon.
OKEx is not the first cryptocurrency exchange to be shut down by Russia. Last June, a Russian court ordered the suspension of Binance’s website on the grounds that the issuance and use of bitcoins is completely decentralized.
Like Binance’s IP block, OKX could file a lawsuit against Russia’s Internet Censorship Agency to find out the exact reason for the ban and perhaps get it lifted.
Russia’s attitude towards Bitcoin – to ban or not to ban
The Russian government continues to examine and evaluate its policies for the rapidly emerging crypto-asset as other countries continue to adopt Bitcoin in their financial infrastructure.
Nevertheless, Russia has taken significant steps with regard to cryptocurrencies, as the government has just authorized the use of crypto for international transactions.
As far as we can tell, the Central Bank of Russia has been persistently opposed to cryptocurrencies, but Ivan Chebeskov, head of the Fiscal Policy Department of the Russian Finance Ministry, claims that the ministry has a more progressive stance on cryptocurrencies.
The CBR and the Ministry of Finance announced last month that they have reached an agreement for cross-border payments in Bitcoin and other leading cryptocurrencies.
BTC total market cap at $389 billion | Featured image from Crime Prevention Security Systems, Chart: TradingView.com
