OKX DEX suddenly suspended services, causing confusion and questions among many users. The actual reason is due to regulatory pressure from the European Union.
Previously, the Bybit platform was exploited by North Korean hackers, resulting in approximately $100 million being looted, to which the EU responded harshly. The EU showed strong political correctness in this incident but still seemed slow in actual actions. Meanwhile, OKX has just obtained the MICA license, facing increasingly severe compliance pressures.
For OKX, the main business needs to strictly adhere to compliance requirements, but sub-businesses such as decentralized finance (DeFi) find it difficult to operate without permission, making it challenging for regulators to differentiate. In the future, OKX Web3 may introduce some artificially controlled mechanisms or avoid certain risks by delineating different regions, and it may even restore KYC mechanisms (similar to Binance). There is also the possibility that OKX will no longer take responsibility for the infrastructure but will instead turn to utilizing technology from other platforms.
For OKX's long-term investments, this is undoubtedly a regret, but it seems to be a regulatory dilemma that Web3 and DeFi must face. Unless fully decentralized like Bitcoin, it remains difficult to evade regulatory pressure even with decentralized characteristics.
OKX stated in the announcement: "After consulting with regulatory authorities, we proactively decided to temporarily suspend DEX aggregator services. This move allows us to implement additional upgrades to prevent further abuse."
However, compared to this, Binance wallet transaction fees are waived for 6 months, which may lead to changes in market distribution, leaning more towards the BSC chain and Binance wallet.
