OKX Founder Denies Arrest Rumors Amid Regulatory Scrutiny

Amidst circulating rumors of his arrest by American authorities, OKX Founder Star Xu has vehemently denied the claims through posts on his X account. A prominent crypto journalist shared Xu's posts, highlighting the prevalence of similar rumors faced by other crypto industry leaders. Despite the absence of concrete evidence, concerns remain within the crypto community, prompting Xu to express his outrage through an angry face emoji response.

OKX Founder Star Xu Denies Arrest Rumors Circulating Amid Regulatory Scrutiny

Recent allegations surrounding the arrest of OKX Founder Star Xu by American authorities have sparked concern within the cryptocurrency community. However, Xu has vehemently refuted these claims through official communications on his X account.

Chinese crypto journalist Colin Wu reported on an X post by Xu, detailing his efforts to quell the rumors. According to Wu, Xu posted three messages on X to dismiss the allegations.

Speculations regarding the US's scrutiny over OKX Founder have been circulating since the prosecution of Binance founder Changpeng Zhao. Alvin, a notable figure in the crypto space, commented on the rumors on X, expressing the community's unease over the possibility of Xu's arrest. Alvin stated, "I think it is most likely a rumor. They want to force OKB to be raped."

Xu responded to Alvin's message with an angry face emoji, conveying his frustration with the rumors.

The allegations follow OKX's decision to withdraw from the Indian market amidst growing regulatory challenges. In December 2023, India's Financial Intelligence Unit (FIU) issued warnings to nine foreign crypto exchanges, including OKX, for non-compliance with the country's registration laws.

On March 21, OKX instructed its Indian customers to close their accounts and withdraw their funds by April 30. The platform announced, "We regret to inform you that OKX is no longer providing services to users in India."

Amid the regulatory scrutiny and withdrawal from India, Xu's denial of arrest rumors has provided some solace to the cryptocurrency community. However, the ongoing regulatory landscape remains a concern for cryptocurrency exchanges operating globally.