OKEX exchange is now closed and considered illegal and unregulated. Reasons include: not being authorized to regulate by the Maltese authorities, being suspected of money laundering and operating without a license, being criticized for misconduct such as fraud, and having its founder arrested for economic crimes.
Legality of OKEX Exchange
Answer:
OKEX Exchange is now closed and is considered illegal and unregulated.
Detailed description:
OKEX is a cryptocurrency exchange established in 2013. In 2018, OKEX moved its headquarters from China to Malta to avoid China’s regulation of cryptocurrency trading. However, the Malta Financial Services Authority (MFSA) has never authorized or regulated the operations of OKEX.
In June 2022, OKEX was investigated by the Chinese police for suspected money laundering and operating without a license. Subsequently, OKEX suspended all withdrawal and deposit services and announced its closure in February 2023. Founder Xu Mingxing was arrested and charged with economic crimes.
In addition, OKEX has been criticized for fraud and other misconduct on its trading platform. For example, in 2018, OKEX was accused of manipulating the price of Bitcoin on its trading platform.
Due to the lack of regulation, the accusations faced and its closure, OKEX is considered illegal and unregulated. The exchange is no longer operational and its users no longer have access to their funds.
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