To tackle the increasing fear around security level on the OKX exchange, the OKX team took this big decision to stop speculations & rumours over the security of its platform & bring confidence among the customers back.
Founded in 2017 by Star Xu and operated by OK Group, OKX is a popular cryptocurrency exchange. It provides a range of services including spot trading, futures trading, and margin trading. Renowned for its security features and user-friendly interface, OKX is favoured by cryptocurrency traders around the world.
On 12 June 2024, the OKX crypto exchange fully compensated two OKX users whose accounts were stolen due to SMS and email hijacking. To prohibit such incidents in the future, OKX will implement the mandatory use of Google Authenticator for each user.
However here the whole incident took place because of account security ignorance by those two users but the OKX team compensated to maintain the trust level among the customers.
This move aimed to alleviate the panic among customers, which had led to a net outflow of $630 million worth of cryptocurrencies from the platform over the past seven days.
Now here we expect that the outflow of money from OKX will now stop, following this news.
OKX business shutdown in India
In March of this year, OKX suspended crypto business from the Indian jurisdiction, as the exchange failed to bring changes in its crypto services to comply with Indian FIU’s measures.
At present, no Indian crypto traders can register or access the OKX crypto exchange.
Many crypto experts noted that the business wind-down decision by OKX was shocking, as they were able to establish a better relationship with the Indian financial regulators with some modifications.
On the other hand, KuCoin & Binance succeeded in getting regulatory approval to resume crypto services for Indian customers.
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