Cryptocurrency exchange OKX has announced the cessation of services for users in Uzbekistan, the platform's press service informs. In light of this development, OKX has advised users from Uzbekistan to close all open positions and withdraw assets from their accounts by specific deadlines to prevent account freezing.
Withdrawal Deadlines
Users are instructed to close all open positions before 00:00 UTC on March 15, 2024, and complete asset withdrawals by 00:00 UTC on March 30, 2024. The exchange assures that the remaining funds will remain secure in user accounts until they are withdrawn.
Compliance Measures
The decision to halt services in Uzbekistan comes after NAPP, an agency overseeing cryptocurrency operations, sent letters to major crypto exchanges, including OKX, demanding compliance with regulatory requirements. These efforts align with Uzbekistan's broader initiative to regulate cryptocurrency activities within the country.
Regulatory Environment
Since August 2022, access to websites of international crypto exchanges, including Binance, has been restricted in Uzbekistan. As a result, citizens and local entities are limited to utilizing services provided by licensed local providers authorized by the National Agency for Advanced Projects (NAPP).
Licensed Entities
Currently, NAPP has issued licenses to two crypto exchanges, Korean Kobea Group and Coinpay, along with two crypto depositories, Dubai Lockton Hub and Paynet Crypto. Additionally, ten crypto stores have received licensing approval, facilitating cryptocurrency transactions within the country.
Enforcement Actions
Earlier in January, NAPP imposed a fine of UZS 102mn ($8,175) on Binance for operating without a license, absence of legal entity registration, and hosting an electronic platform on servers within Uzbekistan's jurisdiction.
In response to these regulatory measures, OKX has taken the decision to suspend services in Uzbekistan, citing compliance requirements and regulatory scrutiny. The exchange has expressed regret for any inconvenience caused by these changes and has urged affected users to direct queries or seek assistance through support channels provided by OKX.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)