The Russian government reportedly blacklisted OKX’s IP address on Wednesday for possible illegal activity related to the violation of Article 15.3 of Russia’s information law, reports said.
According to Ross ComnadzorRussia’s internet censorship regulator, the Seychelles-registered cryptocurrency exchange disclosed information related to “financial pyramid activities.”
Roskomnadzor noted that the information includes data on “the provision of financial services by persons” who are not authorized to do so under federal law.
Article 15.3 protects against, among other things, the dissemination of false information, threats to financial institutions, and appeals to extremist behavior.
No specific reason for the website block has been made public as of this writing.
Crypto Exchange Owners: What is going on?
Even the owners of blocked websites, according to Roskomsvoboda founder Artem Kozlyuk, usually have no idea why they were banned, and the only way to find out is to file complaints with Roskomnadzor.
Roskomsvoboda is a non-governmental organization (NGO) that advocates transparent self-regulatory structures and protection of digital rights for Internet users in Russia.
Roskomsvoboda is a parody of the Russian censorship body Roskomnadzor, with “svoboda” (‘freedom’) replaced by “nadzor” (which translates to ‘supervision’).
OKX, founded in China, does not comply with Western sanctions against Russia. OKX is popular for its support of Manchester City soccer and motor racing.
Image: Gulf Crypto
OKX May Laws File vs. Ruler of Russia
The third largest cryptocurrency exchange by trading volume, OKX has reportedly ignored a petition from South Korean regulators to suspend accounts related to Terraform Labs co-founder Do Kwon.
OKEx is not the first cryptocurrency exchange to be shut down by Russia. In June of last year, a Russian court ordered the suspension of the Binance website on the grounds that the issuance and use of bitcoins is completely decentralized.
Like Binance’s IP block, OKX may file a lawsuit against Russia’s internet censorship bureau to find out the exact reason for the ban and possibly get it lifted.
Russia’s Position on Bitcoin – To Ban or Not to Ban
The Russian government continues to examine and evaluate its policies on the rapidly emerging crypto asset as other countries continue to adopt Bitcoin into their financial infrastructure.
However, Russia has taken significant steps regarding cryptocurrencies, since the government has just authorized the use of cryptocurrencies for international transactions.
As far as we can tell, the Central Bank of Russia has been persistently against cryptocurrencies, but Ivan Chebeskov, chief executive of the Department of Financial Policy at the Russian Ministry of Finance, claims that the ministry has a more progressive position 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
