OKX to Cease Operations in Uzbekistan

From March 30, the cryptocurrency exchange OKX will halt services for users in Uzbekistan.

To avoid account suspension, clients must close all open positions by 00:00 UTC (05:00 UZT) on March 15 and withdraw assets by 00:00 UTC on March 30.

The exchange has assured the security of funds until withdrawal.

In a comment to ForkLog, the OKX team cited “regulatory restrictions” as the reason for their decision.

In January, Uzbek authorities fined the exchange Binance for providing services without registering a legal entity in the country. After the platform refused to voluntarily pay 102 million sums (~$8300), the regulator took the matter to court.

Earlier, ForkLog reported that Uzbekistan revised licensing procedures for bitcoin exchanges.

Additionally, in April, criminal and administrative penalties for illegal activities related to cryptocurrency mining and usage will come into effect.