OKX to Ban Accounts Involved with Tornado Cash: Here’s Why
The post OKX to Ban Accounts Involved with Tornado Cash: Here’s Why appeared on BitcoinEthereumNews.com.
OKX has joined other exchanges in suspending and closing any accounts linked with Tornado Cash to enhance its financial soundness. This decision is expected to increase compliance with the sanctions and protect the exchange from further misuse. OKX CEO Star Xu also stressed that the exchange complies with the sanctions where they apply. OKX Implements Ban on Tornado Cash Users It is important to note that OKX’s move is related to the growing fear of Tornado Cash. Tornado Cash is a decentralized mixing platform that helps hide transactions. Some users use Tornado Cash for anonymity. While it is suitable for that, it has been misused for laundering money. This is evident from the measures that OKX has put in place to ensure that it does not allow illicit activities on its platform. Star Xu said any contact with the sanctioned parties, such as Tornado Cash and Garantex, will automatically trigger OKX’s risk management procedures. These mechanisms will lead to account closures because the exchange is trying to avoid such activities. OKX has made itself a secure platform as it enforces all its transactions to follow the rules set by the international community. 被制裁的人无法在okx成功开户。 对于已经开户成功用户：1. 从被制裁的主体比如 Garantex和 Tornado cash充值到okx 2. 从okx提币去被制裁的主体 都会触发合规风控，导致被清退账户。 制裁和普通人很遥远，大部分人完全不需要担心。 https://t.co/MTJ7OtQRny — Star (@star_okx) August 9, 2024 OKX Responds to Claims by CIS User The same came after a user, Satoshi Friends, requested CIS community members withdraw funds from OKX. He expressed some possible negative consequences, including the sudden blocking of accounts, freezing of funds, and loss of assets, and mentioned strict policies as an issue. Satoshi Friends stated that blocking accounts and restricting some popular users’ funds were partially lifted only after personal appeals. In response, Star Xu admitted to the issues but explained that the particular user has many transactions with the sanctioned exchanges. OKX enabled the user to…
Filed under: News - @ August 9, 2024 3:14 pm