OKX blocks accounts. What's happening?
Does the OKX exchange really block Russian users? Or is this situation a big misunderstanding?
Who is being blocked and why?
In recent days, there have been more and more reports and information that the OKX crypto exchange is blocking user accounts from Russia and the CIS. People began to complain massively about blocking their accounts for no obvious reason. Someone even lost funds due to the inability to withdraw them. Even the exchange's partners, influencers who recommend the OKX platform, have been blocked. One of them is the popular crypto blogger Rafael Manvelyan, the author of the channel "Tears of Satoshi". He called on users from the CIS countries to "urgently withdraw all funds from Okx and abandon its use for an indefinite period."
But is it worth raising a panic and running with burning torches after the owner of the exchange? Let's look at the situation in detail.
What does OKX say?
In the case of Rafael, the situation is as follows: the CEO of OKX commented on the situation, stating that Manvelian's blocking occurred due to his violation of the sanctions control policy. He denied accusations of making money by freezing accounts or embezzling user funds:
"Several large transactions related to authorized exchanges or DeFi protocols were carried out on the account. We gave [Manvelian] the opportunity to withdraw all funds before the account was blocked. [He], in turn, requested the creation of a new account and the transfer of his data from the old account to the new one. Unfortunately, we cannot do this, as it would be a violation of the policy of compliance with the necessary norms and working conditions of the exchange", — Xu Star
But what about everyone else? After all, it was not only "Satoshi's Tears" that suffered. The head of the exchange commented on this as follows:
"If our control systems record transactions related to authorized exchanges or DeFi protocols such as Garantex or Tornado Cash, then our compliance team can restrict the account that violated the terms of service," said Xu Star.
According to him, traders who act within the framework of the law never face such restrictive measures. OKX does not block user accounts unreasonably. Restrictive measures are introduced only in case of detected violations.
Why could I be blocked?
OKX blocks accounts when replenishing the balance with funds from sanctioned sources (Tornado Cash and Garantex) or when withdrawing to authorized addresses. Also, OKX does not work with users who are on the SDN sanctions lists and does not provide services to individuals or organizations under these sanctions.
Never use "dirty" cryptocurrencies — those that are associated with illegal or undesirable activities. Dirty cryptocurrency can be laundered, counterfeit, stolen or sanctioned, and many other things. The main thing is that you can not use it in any case.
Unscrupulous people often use cryptocurrency mixers such as Tornado Cash. It allows you to hide the origin of the cryptocurrency. We urge you not to use such tools and always act within the law. Then it's safer for you, and the probability that your account will be blocked is minimal.
OKX account was blocked anyway. What to do?
The most important thing is not to panic. Always take action with a cool head. To begin with, you should contact OKX support. If you have not violated any rules, then you should not worry and they will help you resolve the situation.
Use crypto exchanges that are focused on working with citizens from Russia and the CIS. And never keep all your funds in one place!
Should I be afraid of being blocked in OKX?
Rumors about the blocking of accounts on OKX really have a right to exist. Trading cryptocurrency while living in Russia (CIS) can be quite risky. It is worth being especially attentive to the near-political news, to monitor and be aware of all sanctions, so as not to get into a situation like "Satoshi's Tears". Always remember to diversify your funds on different platforms and stick to the rules — this will help to at least partially protect yourself from trouble.
