Regulation
Access To Crypto Exchange OKX Is Blocked In Russia
The Russian government reportedly blacklisted OKX’s IP address on Wednesday for possible illegal activity related to a violation of Article 15.3 of Russia’s information law, reports said.
According to Roskomnadzor, Russia’s internet censorship regulator, the Seychelles-registered cryptocurrency exchange disclosed information associated with “financial pyramid activities.”
Roskomnadzor noted that the information includes details on the “provision of financial services by persons” who are not authorized to do so under federal law.
Article 15.3 safeguards against, among other things, the dissemination of false information, threats to financial institutions, and appeals for extremist behavior.
No specific cause for the website block has been made public as of this writing.
Crypto Exchange Owners: What’s Going On?
Even the owners of blocked websites, according to Roskomsvoboda founder Artem Kozlyuk, typically have no idea why they have been banned, and the only way to find out is to file complaints with Roskomnadzor.
Roskomsvoboda is a non-governmental organization (NGO) that advocates for transparent self-regulatory structures and digital rights protection for Internet users in Russia.
Roskomsvoboda is a parody of the Russian censorship body Roskomnadzor, in which “nadzor” (which translates to ‘oversight’) has been substituted by “svoboda” (‘freedom’).
OKX, which was founded in China, does not abide by Western sanctions against Russia. OKX is popular for its support of Manchester City soccer and motor racing.
Image: Gulf Crypto
OKX May File Lawsuit Vs. Russian Regulator
The third-largest cryptocurrency exchange by trading volume, OKX reportedly ignored a petition from South Korean regulators to suspend accounts associated with Terraform Labs co-founder Do Kwon.
OKEx is not the first cryptocurrency exchange to be closed by Russia. In June of last year, a Russian court ordered the suspension of Binance’s website on the grounds that the issuance and use of bitcoins are entirely decentralized.
Similar to Binance’s IP block, OKX may file a lawsuit against Russia’s internet censorship bureau to figure out the precise cause for the prohibition and, maybe, have it lifted.
Russia’s Stance On Bitcoin – To Ban Or Not To Ban
The Russian government continues to examine and evaluate its policies on the rapidly emerging crypto asset as other countries continue to adopt Bitcoin in their financial infrastructure.
Nevertheless, Russia has taken significant moves with regard to cryptocurrencies, since the government has just authorized the use of cryptos for international transactions.
So far as we can tell, the Central Bank of Russia has been persistently opposed to cryptocurrencies, but Ivan Chebeskov, chief of the Financial Policy Department at the Russian Ministry of Finance, claims that the ministry has a more progressive stance on cryptocurrencies.
The CBR and the Finance ministry announced last month that they have reached a deal for cross-border payments in Bitcoin and other leading cryptocurrencies.
BTC total market cap at $389 billion | Featured image from Crime Prevention Security Systems, Chart: TradingView.com
The CME group has announced plans to launch Solana (SOL) futures on its derivatives marketplace on March 17. This is significant because it could easily pave the way for the approval of the Solana ETFs.
CME Group To Launch Solana (SOL) Futures On March 17
In a press release, the CME group, the world’s leading derivatives marketplace, announced that it plans to launch Solana (SOL) futures on March 17, subject to regulatory approval. Market participants will be able to trade both a micro-sized contract (25 SOL) and larger-sized contract (500 SOL).
Speaking on this development, the CME Group’s Global Head of Cryptocurrency Giovanni Vicioso said,
With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk. As Solana continues to evolve into the platform of choice for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies.
Per the announcement, the SOL futures will be cash-settled and based on the CME CF Solana-Dollar Reference Rate, which serves as a reference rate of the Solana price in USD. Solana will become the third crypto on the derivatives platform, alongside Bitcoin and Ethereum.
Significance Of The SOL Futures Launch
The CME Group’s launch of the Solana futures is significant as it could pave the way for the US SEC to approve the pending SOL ETF applications. Commenting on this development, the president of the ETF store Nate Geraci, also confirmed that the Solana futures launch “bodes well” for SOL ETF prospects.
Before now, the SEC, under Gary Gensler, had argued that crypto ETFs are easily susceptible to market manipulation. However, the court in Grayscale’s case against the Commission ruled that the futures and spot markets are correlated. If the SOL futures market launches, the Commission has no reason to deny a Solana spot ETF.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
South Korean crypto exchange Upbit’s operator, Dunamu, has challenged the sanctions imposed by the Financial Intelligence Unit (FIU) by filing an appeal with the Seoul Administrative Court. As part of the legal action, Dunamu filed a lawsuit seeking to overturn the business suspension order and to halt the execution of the sanctions.
Upbit Operator Dunamu Seeks to Halt FIU’s Sanctions, Files Lawsuit
In a recent development, Dunamu, South Korean crypto exchange Upbit’s operator, filed an appeal against the Financial Intelligence Unit. The appeal seeks to cancel the business suspension order imposed by the FIU. In addition, the platform requests the court for a stay of execution, halting the implementation of the agency’s disciplinary actions.
Keeping specific details undisclosed, a Dunamu official stated,
We made a careful decision, and it is difficult to talk about the specific details…We will faithfully explain during the trial.
Dunamu Faces Business Suspension Order over Regulatory Obligations
Recently, South Korea’s FIU announced disciplinary actions against Dunamu citing its failure to meet key regulatory obligations. On Tuesday, the agency asked the platform to end business operations for three months. As part of the development, Dunamu would face restrictions on new customers’ crypto transactions.
In detail, the regulator banned Dunamu from facilitating new users to transfer cryptocurrencies from and to other exchanges from March 7 to June 6, 2025. However, the platform’s existing customers could continue trading activities during the suspension period.
Along with the business suspension order, the FIU also took disciplinary actions against Dunamu’s executives. Notably, the regulator sent a warning to CEO Lee Sirgo and dismissal orders or cautions for eight other employees.
Notably, South Korea’s increasing scrutiny over crypto platforms comes amid the US SEC’s loosened regulations. Recently, the SEC dropped multiple crypto lawsuits involving Coinbase, Robinhood, Uniswap, and Tron Foundation.
Upbit’s Crypto Regulatory Violations: Insights
Significantly, the FIU alleged Upbit and its operator breached several key regulations, including virtual asset transaction rules, customer verification requirements, and suspicious transaction reporting mandates. In particular, the regulator found Dunamu facilitating over 45,000 crypto transactions with 19 unregistered overseas virtual asset service providers.
In addition, the platform failed to adhere to the customer verification rules on a massive scale. In January, the FIU suspended Upbit’s operations, citing Know-Your Customer (KYC) violations. The agency also warned the company over violating the Specific Financial Transaction Information Act.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) held a closed-door meeting on February 27, 2025, raising speculation about whether the agency will drop its appeal in the ongoing Ripple case.
The legal dispute, which began in December 2020, revolves around the SEC’s claim that Ripple sold XRP as an unregistered security. With growing regulatory scrutiny and political pressure, the crypto community is watching closely for any signs of resolution in the XRP lawsuit.
Will the SEC Dismiss XRP Lawsuit After Closed-Door Meeting?
The SEC’s Sunshine Act meeting focused on enforcement actions, administrative proceedings, and litigation settlements. While the agenda remains confidential, speculation is growing that the Ripple case was a topic of discussion. Recent decisions by the SEC to drop investigations into major crypto firms, including Coinbase and Uniswap, have fueled hopes that the XRP lawsuit may be nearing its conclusion.
Legal experts have mixed opinions on the SEC’s next move. Former SEC lawyer Marc Fagel downplayed the speculation, stating,
“There’s no more reason to think Ripple is on the agenda than at the last 200 meetings.”
However, pro-XRP attorney Bill Morgan remains confident in Ripple’s position, pointing out that the SEC’s legal argument has weakened after Judge Analisa Torres ruled in 2023 that XRP itself is not a security.
Cynthia Lummis Stance on SEC Dropping Lawsuits Against Major Firms
U.S. Senator Cynthia Lummis, a vocal advocate for cryptocurrency regulations, recently highlighted the need for legal clarity on digital assets. She stated, “Most digital assets are not legally securities under the Howey Test. The United States is behind other countries in creating laws for digital assets.”
Responding to Lummis’ statement, Bill Morgan referenced the Ripple case and Judge Torres’ ruling.
He wrote on X, “So you agree Judge Torres was correct in finding XRP itself is not a security in SEC v Ripple.” This exchange highlights the growing recognition among lawmakers and legal experts that the SEC’s classification of XRP may not hold up under legal scrutiny.
Moreover, the SEC has recently withdrawn several high-profile lawsuits, signaling a possible shift in its enforcement strategy. The agency voluntarily dismissed its case against Coinbase Global Inc and Consensys reached an agreement to dismiss the securities enforcement case related to MetaMask. Concurrently, the agency has also dropped cases against Uniswap, Gemini, OpenSea, Robinhood Crypto, and Binance’s case being paused for 60 days.
Potential Impact on XRP Price
The XRP lawsuit has had a strong effect on Ripple’s market standing. On February 28, XRP declined by 7.59%, following broader market trends with Bitcoin price falling below the $80k support. However, analysts believe that if the US SEC drops its appeal, XRP price could experience a major rally to $320.
Historical price trends show that legal victories for Ripple have led to significant gains. When Judge Torres ruled in Ripple’s favor in July 2023, XRP surged by over 70%. A full dismissal of the XRP lawsuit could push the token toward its previous all-time high of $3.55.
Market analysts are also discussing the potential approval of an XRP spot ETF, which could attract institutional investment especially with the agency acknowledging some XRP ETF’s last week. If the Ripple case is resolved, XRP may gain further regulatory clarity, making it more appealing to large financial firms.
While speculation around the SEC meeting continues, no official decision has been announced regarding the XRP lawsuit. The next key deadline is April 16, 2025, when Ripple must submit its reply brief related to the SEC’s appeal. If the SEC decides to withdraw its appeal before then, the case could effectively be resolved.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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