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Home Uncategorized

OKX Exchange to Close Accounts Linked to Tornado Cash Amid Sanctions Compliance

Matoy by Matoy
August 9, 2024
in Uncategorized
Reading Time: 2 mins read
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  • OKX CEO Star Xu announces termination of accounts linked to Tornado Cash to comply with international sanctions.
  • The crackdown targets accounts involved in transactions with Tornado Cash and other sanctioned entities like Garantex.
  • The exchange reaffirms commitment to regulatory compliance, emphasizing impact on users tied to sanctioned activities.

OKX, a major cryptocurrency exchange, has taken a firm stance against accounts linked to the controversial mixer Tornado Cash, according to CEO Star Xu. In a recent announcement, Xu detailed the exchange’s plan to shut down any account found to be interacting with Tornado Cash or similar sanctioned entities, highlighting the exchange’s commitment to upholding international financial sanctions.

Strengthening Compliance Efforts

The decision follows increased scrutiny over Tornado Cash, known for masking the details of cryptocurrency transactions, making it a tool for both privacy advocates and malicious actors. Xu pointed out that any OKX accounts involved in depositing or withdrawing funds to or from Tornado Cash would trigger the exchange’s risk control measures, leading to immediate account closure.

This move is part of OKX’s broader strategy to enhance its compliance framework, especially in light of recent concerns raised by the crypto community about the potential misuse of such platforms for money laundering.

Addressing Community Concerns

The announcement also comes in response to grievances aired by a prominent crypto community member, Satoshi Friends, who criticized the exchange’s rigorous compliance measures. Friends urged users from the Commonwealth of Independent States to withdraw their funds and stop using OKX, citing instances of sudden account restrictions and frozen funds.

In a direct reply, Xu acknowledged the complaints but clarified that the affected accounts had significant dealings with sanctioned platforms. While the exchange allowed the withdrawal of unaffected funds, it refused to facilitate any transfer of data that might help circumvent their stringent compliance rules.

Looking Ahead

Xu emphasized that the vast majority of OKX users would not be impacted by these measures unless they engage with sanctioned entities. He reassured users that the exchange operates with high regulatory adherence, which includes avoiding transactions with anyone on the Specially Designated Nationals list.

The ongoing enforcement against platforms like Tornado Cash underscores the evolving nature of regulatory challenges in the cryptocurrency space, particularly as exchanges navigate the complex landscape of international sanctions and cyber-security threats.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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