Key Points:
Activities to enhance the OKX US compliance department come amid heightened legal scrutiny faced by exchanges in the US, notably exemplified by the recent indictment of KuCoin and its founders.
Concerns over the regulatory risks associated with offshore exchanges have been further compounded by OKX’s recent decision to delist USDT in Europe, accompanied by the largest USDT freeze in history in collaboration with Tether.
In another significant development, OKX announced its exit from the Indian market following compliance issued by the country’s regulatory authorities with nine foreign exchanges, including Binance, Kraken, HTX, Bitfinex, and OKX. The Financial Intelligence Unit (FIU) of the Indian Ministry of Finance mandated the blocking of notified crypto exchanges’ websites within a two-week timeframe.
This move follows OKX’s recent settlement agreement with the Malta Financial Services Authority (MFSA) over violations of certain regulations.
Despite announcing an expansion of its operations in Malta in December 2023, OKX has faced regulatory challenges, prompting the company to strengthen its compliance efforts globally. OKX had established a local office in Malta to ensure adherence to the country’s crypto regulations, aiming to better serve its customer base in the region.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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