Why can't Dubai OKX withdraw coins

Despite offering a diverse array of cryptocurrency trading services, OKX users in Dubai face ongoing difficulties withdrawing coins due to regulatory pressure from the Dubai Financial Services Authority.

Oct 27, 2024 at 11:42 am

Why Can't Dubai OKX Withdraw Coins?

OKX is a leading global cryptocurrency exchange that has been operating since 2017. The exchange offers a wide range of cryptocurrency trading services, including spot trading, futures trading, and options trading. OKX is headquartered in Malta and has offices in several countries around the world, including Dubai.

In 2023, OKX users in Dubai reported difficulties withdrawing coins from the exchange. The exchange initially attributed the issue to technical difficulties, but later acknowledged that it was facing regulatory pressure from the Dubai Financial Services Authority (DFSA).

The DFSA is the regulatory authority responsible for overseeing the financial services industry in Dubai. The DFSA has not yet granted OKX a license to operate in Dubai, and the exchange has been operating in the country without a license.

As a result of the regulatory pressure from the DFSA, OKX has been forced to suspend coin withdrawals from its Dubai users. The exchange has stated that it is working with the DFSA to resolve the issue and obtain a license to operate in Dubai.

In the meantime, OKX users in Dubai are unable to withdraw coins from the exchange. This has caused significant inconvenience for users, who are now unable to access their funds.

Here are the steps on how to withdraw coins from OKX in Dubai:

1. Log in to your OKX account.
2. Click on the "Withdraw" button.
3. Select the cryptocurrency you want to withdraw.
4. Enter the amount of cryptocurrency you want to withdraw.
5. Enter the wallet address you want to withdraw the cryptocurrency to.
6. Click on the "Withdraw" button.

Your cryptocurrency will be withdrawn from OKX and sent to the wallet address you specified.