Russia has blocked the website of top cryptocurrency exchange OKX for reasons that remain a mystery.
Russia remains fervent in enforcing its stringent measures concerning cryptocurrency oversight. The transcontinental country has not shown as much laxation to digital assets as expected, considering Western restrictions barring it from the majority of mainstream international remittance systems.
In the latest of Russia’s rigorous actions, Seychelles-based cryptocurrency exchange OKX has received the sharp end of the sword. Business Insider recently disclosed that the exchange’s website is banned in Russia.
The information was shared by Roskomsvoboda – a Russian NGO aimed at counteracting cyber censorship. The NGO’s records indicate that the office of the Russian Prosecutor-General placed OKX’s website on restriction on October 4.
Notwithstanding, Russian authorities have not disclosed the reason behind the restriction, as is the common practice within the nation. The country has adopted the habit of remaining silent on the reasons behind any censorship action taken on a platform, as revealed by founder of Roskomsvoboda, Artem Kozlyuk.
However, Kozlyuk noted that the team behind any restricted platform could get information on the reason behind the ban when they sue Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor). Roskomnadzor’s records also indicate that OKX’s website has been banned. Despite keeping mum on the reason behind it, the records reveal that the ban was carried out following article 15.3 of the Russian Federal Law based on the Information Technologies and Protection of Information sector.
OKX is not the first crypto exchange to receive this treatment from Russian authorities. Similarly, Russia placed a restriction on Binance’s website in June of 2020, citing a contradiction of federal law in its services, as the Russian authorities have not found a way to regulate the crypto sector properly.
Nevertheless, in a preceding turn of events, Binance recently limited Russian nationals’ crypto holdings to 10,000 euros in April of this year due to EU sanctions. Furthermore, the exchange blocked accounts linked to Russian personnel under sanctions from the West, as previously reported.
The Russian government’s adoption rate of cryptocurrencies has been oddly slow, considering the Western financial restrictions the country has suffered due to its offenses against Ukraine.
Notwithstanding the slow pace, Russia has made some progress in its journey toward adopting cryptocurrencies. Russian Media Agency TASS recently revealed that the Finance Ministry of Russia is looking to facilitate cross-border settlements with cryptocurrencies for all industries without restrictions.
Additionally, Russia’s CBDC plans remain in motion as the country seeks to begin trials on real entities in 2023. Furthermore, the Central Bank of Russia will connect all local banks to the digital ruble in 2024.