Why is okx frozen?

The Monetary Authority of Singapore (MAS) is investigating whether OKX’s operations in Singapore violated local anti-money laundering and counter-terrorism financing regulations, causing OKX to freeze the accounts of Singaporean users and prevent them from depositing, withdrawing or trading.

What is the freeze on OKX

The freeze on the OKX platform is due to an investigation by the Monetary Authority of Singapore (MAS) caused by. MAS announced on November 1, 2023 that it was investigating OKX’s operations in Singapore for alleged breaches of local anti-money laundering and counter-terrorism financing regulations.

Event Process

• November 1, 2023: MAS announced an investigation into OKX.
• November 2, 2023: OKX suspended the deposit and withdrawal services for Singapore users.
• November 3, 2023: OKX announced that the accounts of all Singapore users have been frozen.
• November 4, 2023: OKX issued a statement stating that it is working closely with MAS to resolve the issue.

User Impact

OKX freezing has had a major impact on Singaporean users:

• Funds are frozen and cannot be recharged, Withdraw or trade.
• No access to assets in the account, including cryptocurrencies and fiat currencies.
• Causes uncertainty and anxiety because users don’t know when access will be restored.

MAS’ INVESTIGATION

MAS’ investigation focuses on OKX’s compliance with Singapore’s anti-money laundering and counter-terrorism financing regulations. These regulations are intended to prevent criminals from using the financial system to launder money or finance terrorism.

The investigation is still ongoing and MAS has not announced any findings.

OKX’s response

OKX said it is working closely with MAS to resolve the issue. The company issued a statement saying it is committed to complying with all applicable laws and regulations and is working to restore service to users in Singapore.

What users can do next

Singaporean users currently do not have direct access to their OKX accounts or funds. They should:

• Pay close attention to the latest news from MAS and OKX.
• Waiting for OKX investigation results and further announcements.
• Seek legal or financial advice to understand their options.

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