OKX and Bybit Suspend Cooperation with Large Russian Banks

Russian users of crypto exchanges Bybit and OKX will now no longer be able to withdraw funds to accounts with Sberbank and Tinkoff Bank, which are currently subject to Western financial sanctions.

This was also implemented by Binance.

Though media reports stated that withdrawal will not be available to users of P2P services, the press service of the trading floors has yet to confirm this information.

Nevertheless, OKX platform users still have the option of withdrawing funds with Raiffeisenbank and Russian Standard Bank, since these credit institutions are not yet on the US Treasury’s sanctions lists.

In early May, the Justice Department started an inquiry concerning Binance crypto firm, suspecting that the platform has been operating with Russian users in defiance of Western sanctions laws.