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Tornado Cash

Tornado

Cryptocurrency exchange OKX’s Chief Executive Officer (CEO) Star Xu recently emphasized the exchange’s strict compliance policies concerning transactions involving sanctioned entities like Tornado Cash and Garantex. His comments came in response to a complaint from an influencer. 
<h2 id="b-okx-blocks-accounts-interacting-with-sanctioned-entities-b">OKX Blocks Accounts Interacting with Sanctioned Entities</h2> 
In a <a href="https://x.com/star_okx/status/1821719031415808008">post</a>, Xu clarified that any user account on OKX interacting with sanctioned entities would face immediate action. Specifically, accounts that deposit funds from or withdraw funds to these platforms will activate OKX’s compliance risk controls. This process is designed to prevent the exchange from becoming entangled in illicit activities and to ensure that it operates within the legal frameworks set by international regulators. 
Meanwhile, Xu’s statement followed Satoshi Friends’ <a href="https://x.com/slezisatoshi/status/1821601594732875899">announcement </a>on X that individuals from the Commonwealth of Independent States could potentially experience abrupt account blocking, fund freezing, and asset loss.&nbsp; 
The post received a <a href="https://x.com/star_okx/status/1821714917260751064">response</a> from Xu, who confirmed that Satoshi Friends had been involved in some essential transactions connected to sanctioned exchanges or Decentralized Finance (DeFi) protocols. This ultimately led to OKX discontinuing their services for the user. 
Xu’s statement highlights OKX’s proactive stance in maintaining the integrity of its platform. By blocking accounts linked to sanctioned entities, OKX protects itself from potential legal repercussions and safeguards its users from possible financial losses associated with illegal activities.&nbsp; 
<h2 id="b-okx-discontinues-usdt-support-b">OKX Discontinues USDT Support</h2> 
Recall that<a href="https://thecoinrise.com/okx-discontinues-the-support-for-usdt-trading-pairs-in-europe/"> OKX discontinued support for Tether (USDT) trading pairs</a>. The decision came to light through a screenshot shared by a user named MartyParty. It showcased a customer support message confirming the cessation of USDT trading pairs in the European market. The message attributed the change to regulatory requirements, asserting that not all tokens can be supported in all markets. 
Alongside this announcement, OKX hinted at the launch of over 30 new euro spot trading pairs. It aims to provide users with alternative options amid the removal of USDT pairs. The exact reasons for the reported delisting remains to be seen. As noted, neither OKX nor Tether will respond immediately to requests for clarification. 
<h2 id="b-ofac-cracks-down-on-tornado-cash-b">OFAC Cracks Down on Tornado Cash</h2> 
Tornado Cash, a crypto-mixing service, has been <a href="https://thecoinrise.com/tornado-cash-popular-among-hackers-despite-ofac-sanctions/">subject to sanctions by the U.S. Department </a>of the Treasury’s Office of Foreign Assets Control (OFAC), severely restricting anyone engaged with the system. These penalties essentially ban any wallet connected to the service. This makes it difficult for those wallets to turn their crypto holdings into fiat money via complaint centralized exchanges. 
Flipside Crypto confirmed that the crypto mixer has received $1.9 billion in the first six months of the year and <a href="https://thecoinrise.com/money-launderers-exploiting-crypto-to-conceal-illicit-funds-details/">continues to grow popular among hackers</a>. 
The post <a href="https://thecoinrise.com/okx-to-sanction-tornado-cash-users-users-in-compliance-move/">OKX To Sanction Tornado Cash Users Users In Compliance Move</a> appeared first on <a href="https://thecoinrise.com">TheCoinrise.com</a>.

OKX To Sanction Tornado Cash Users Users In Compliance Move

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