As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving market, I find OKX’s stance on banning accounts linked to Tornado Cash a prudent decision. The importance of adhering to international laws and promoting compliance cannot be overstated, especially when it comes to preventing illicit activities such as money laundering.
In an effort to discourage suspicious activities and adhere to global regulations, the digital currency trading platform OKX has implemented a strict rule that disallows any accounts associated with the controversial tumbler service, Tornado Cash.
As reported by OKX CEO Star Xu, any account discovered to have been manipulated through Tornado Cash or other approved entities such as Garantex will promptly be terminated.
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。
— Star (@star_okx) August 9, 2024
Tornado Cash Controversy
As a researcher, I’d like to highlight that Tornado Cash has gained notoriety due to its role in concealing cryptocurrency transactions. Regrettably, this anonymity feature has been misused by some individuals for illicit activities such as money laundering and criminal acts. The spotlight on this firm intensified after the U.S. Treasury Department imposed sanctions on it in 2023, citing its complicity in facilitating over $7 billion worth of unlawful transactions.
OKX Compliance Measures
Currently, the risk management systems at OKX are designed to identify and shut down any accounts associated with Tornado Cash or other authorized entities. It’s crucial for this action to align with the applicable sanction regulations, especially those imposed by the United States, as emphasized by Xu.
Following accusations that Tornado Cash has facilitated the transfer of ill-gotten funds through cryptocurrency attacks, OKX has taken action to restrict its use. Specifically, on August 7th, an unidentified hacker laundered 1,155 Ether via Tornado Cash after hacking the Rain crypto exchange.
#okx #urgent
ALL @okx EXCHANGE USERS ARE AT RISKSince the year 2019, I’ve had the privilege of being associated with the OKX exchange platform. Over this period, I’ve enthusiastically endorsed its use to you and personally found it valuable for my own transactions.
Until today, it worked honestly and stably.
But today, I regret to admit that the exchange policy and all the…
— Satoshi Friends (@slezisatoshi) August 8, 2024
Response To User Concerns
As a researcher examining transactional patterns, I found that the user had previously executed substantial transactions through sanctioned cryptocurrency exchanges and Decentralized Finance (DeFi) platforms. Interestingly, despite this user’s account being subsequently banned, they were still able to withdraw clean funds before the restriction was imposed.
As a responsible and compliant crypto investor, I want to make it clear that OKX, like many other platforms, cannot facilitate transactions involving sanctioned individuals or entities. Unfortunately, this means that I myself am unable to transfer data from my old account to a new one due to the strict regulations in place regarding such matters.
Xu made it clear to a broader audience that many users generally operate outside of legitimate businesses. As a result, they’re not likely to face harm. He emphasized that maintaining our exchange’s dedication to financial honesty and adherence to regulations requires taking these actions.
Impact On Tornado Cash
OKX’s decision to suspend Tornado Cash accounts is consistent with the broader trend within the cryptocurrency sector, where platforms are increasingly prioritizing regulatory compliance and legality. Similar actions have been taken by other major players like Binance and Kraken, who have also delisted privacy coins and banned coin mixing.
A group of three Russian expats residing in Europe, namely Roman Semenov, Alexey Pertsev, and Roman Storm, established the company known as Tornado Cash in the year 2019.
In May 2024, Tornado Cash user Pertsev received a five-year prison sentence due to violating anti-money laundering laws through his financial transactions.
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2024-08-10 00:40