To address the growing fears surrounding the level of security on the OKX exchange, the OKX team has made this big decision to put an end to speculation and rumors about the security of its platform and bring back trust among customers.
Founded in 2017 by Star Xu and managed by OK Group, OKX is a popular cryptocurrency exchange. It offers a range of services including spot trading, futures trading and margin trading. Known for its security features and user-friendly interface, OKX is a favorite among cryptocurrency traders around the world.
On June 12, 2024, the OKX crypto exchange fully opened compensated two OKX users whose accounts were stolen due to SMS and email hijacking. To prevent such incidents in the future, OKX will implement the mandatory use of Google Authenticator for every user.
However, here the entire incident took place due to ignorance about account security among these two users, but the OKX team compensated to maintain the trust level among the customers.
The move was aimed at easing customer panic, which had led to a net outflow of $630 million in cryptocurrencies from the platform over the past seven days.
Now we expect the outflow of money from OKX to stop now, after this news.
Closure of OKX in India
In March this year, OKX suspended crypto trading from the Indian jurisdiction as the exchange failed to make changes to its crypto services to comply with measures taken by the Indian FIU.
Currently, no Indian crypto traders can register or access the OKX crypto exchange.
Many crypto experts noted that OKX’s decision to close the business was shocking as with some adjustments they could build a better relationship with Indian financial regulators.
On the other hand, KuCoin & Binance have managed to get regulatory approval to resume crypto services for Indian customers.
Also read: Mainland China’s commercial bank says: “Ethereum is a digital oil”