All posts tagged: okx

Mastercard Partners OKX, Nuvei to Launch Payment Ecosystem for Stablecoins

Mastercard Partners OKX, Nuvei to Launch Payment Ecosystem for Stablecoins

Published by Webster

Mastercard has announced a payment ecosystem allowing buyers and merchants to make and receive payments using stablecoins. The US-based card payment giant teamed up with Seychelles-headquartered OKX crypto exchange to launch a new card, while another partnership with Canadian payment processing firm Nuvie will allow businesses to accept stablecoin payments. Stablecoins are crypto assets that derive their values from underlying reserved assets like a fiat currency – which shields them from extreme market volatility and makes them usable for day-to-day payments. Tether (USDT) and Circle (USDC) are examples of stablecoins, both of which are pegged to the US dollar and maintain their values in a 1:1 ratio with the US dollar. Mastercard says through its new system, stablecoin settlements will be made available at over 150 million merchant locations globally. Mastercard Enables Stablecoin Payments via OKX Card Mastercard said that stablecoins are bringing efficiency and programmability to payments, disbursements, and remittances. It also said that banks and fintech firms are increasingly ramping up their efforts to explore stablecoin-related services. As part of this ecosystem development, …

OKX Admits to Unlicensed Operations, Agrees to 5 Million Settlement with US DoJ

OKX Admits to Unlicensed Operations, Agrees to $505 Million Settlement with US DoJ

Published by Webster

The OKX crypto exchange has pleaded guilty to operating an unlicensed money transmission business in the US. On February 25, OKX announced a $505 million (roughly Rs. 4,400 crore) settlement with the US Department of Justice (DoJ). The news was shared by its parent company, Aux Cayes FinTech Co. Ltd., which emphasised that no customer harm was alleged during OKX’s unlicensed operations. As part of the settlement, Aux Cayes FinTech paid an $84 million (roughly Rs. 731 crore) penalty and forfeited $421 million (roughly Rs. 3,667 crore) in fees, primarily collected from a small number of institutional clients. “The total number of US customers involved – which are no longer on the platform amounted to a small percentage of the company’s worldwide customer population. In recognition of these gaps, the company, on its own initiative, voluntarily retained a compliance consultant to help remedy the issues,” the announcement statement said. We cooperated with the US Dept of Justice in their thorough investigation of our business. We had a small percentage of customers who were able to …

OKX Joins Forces with JamboPhone to Push Web3 Adoption, Compete with Solana Saga

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The OKX crypto exchange recently announced a partnership with Jambo, a Web3-enabled smartphone brand. Through this partnership, both the brands are looking to push the Web3-backed digital economy in smartphone-friendly emerging markets. While Web3 and smartphones – both of which make for individually recognised markets in themselves — their integration with each other is a concept that has not been explored quite in depth. With this smartphone, Jambo and OKX are also expecting to compete with the Solana Saga smartphone. As part of this deal, OKX will integrate its crypto exchange and wallet apps with JamboPhone, which already comes laden with support for Web3 functionalities. The phone is priced at $99 (roughly Rs. 8,230), according to its website. “By embedding OKX directly within the Jambo ecosystem, we’re making it easy for users in emerging markets to safely and efficiently engage with the digital economy,” said James Zhang, Co-founder of Jambo as commenting on the development. After securing a $30 million (roughly Rs. 249 crore) Series A funding in 2022, Jambo Technology, which is reportedly an …

OKX Exits India’s Crypto Space Failing to Meet Legal Requirements

Published by Webster

India has tightened its noose around crypto-related businesses, mandating sector firms to comply with certain legal requirements. Failing to comply with these rules, crypto exchange OKX has decided to exit India’s crypto sphere. The Seychelles-headquartered exchange informed its Indian community on March 21 that they should close their accounts on the platform before April 30. OKX entered the Indian market between August and November last year. The company has been in business since 2017 and was founded by Star Xu. The OKX team has issued a notice to Indian community saying that the exchange is no longer providing services in India. “Due to local regulations, you need to close all margin positions, as well as positions in perpetuals, features, and options. Redeem all funds from Grow products,” the exchange said in its notice. Starting April 30, accounts held by India-based people on OKX will be restricted. While they will still be allowed to withdraw funds, all other functions will be rendered defunct. “Your funds will remain safe and available in your account until you withdraw …