OKX did not formally impose restrictions on residents of Russia.
As reported “RBC”, the website of the cryptocurrency exchange OKX (the name before the recent rebranding was OKEx) is blocked in Russia. OKX is based in the Seychelles and has not formally imposed any restrictions on Russian users based on the sanctions adopted by the US and its allies against Russia and its residents.
According to Coinmarketcap, OKX at the beginning of October is #3 in terms of transaction volume ($1.5 billion/day), the line of cryptocurrencies is represented by 350 types of digital assets. It is not known whether there is an independent audit of the crypto-exchange’s performance. It is also worth noting that OKX refers to centralized crypto exchanges, with the general trend being an increase in investor interest in DeFi platforms, whose turnover also cannot be independently verified.
For crypto exchanges like OKX, the number and volume of transactions by users is critical, given that most of their revenue comes from commissions on transactions for buying and selling cryptocurrencies. That said, the largest regulated U.S. crypto exchange, Coinbase, facing a sharp post-IPO plunge in its stock price of 89% in the moment, is increasingly drifting toward increasing the share of revenue other than cryptocurrency trading fees in its corporate revenues.