OKX Elevates US-based Compliance Department to Highest Priority
Crypto exchange OKX has decided to internally elevate its US-based compliance department, according to an X post by WuBlockchain. The decision comes at a time when OKX has been already facing operational hurdles and issues with regulators like that of India.
OKX Elevates US-based Compliance Department
According to Wu Blockchain, the US-based compliance department of OKX, the second-largest offshore exchange, has been elevated to the top of the organizational hierarchy. This compliance section puts the utmost importance into every activity. Prices of OKB also fell nearly 1.3% after the announcement. They stood at $63.07 at the press time.
OKX’s Recent Operation Glitch
The news of the internal elevation of the US-based compliance department comes at a time when OKX faced operational issues. Previously, while some OKX customers’ accounts displayed balances of zero dollars, others showed sums that were surging to tens of millions of dollars.
This points to strange activity on the OKX API that impacts thousands of customers. It is important to remember that the majority of the users impacted were essentially US, Singaporean, and Japanese citizens. Some traders also claimed that a significant portion of the reported enormous losses could be attributed to the absence of data on opinions gleaned via the API.
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OKX India Wind-Up
The cryptocurrency exchange had to also wind up its operations from India recently. It had declared its intention to shut down its operations in India. This judgment was made over three months after cryptocurrency exchanges were targeted by the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance. The firm had also sent out a message to its Indian users requesting that they deactivate their accounts and retrieve their monies before April 30. Local regulatory obstacles were the main justification provided by the CEX for the action.
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