OKX has suspended and closed accounts linked to Tornado Cash to improve its financial strength and compliance.
This decision is aimed at strengthening sanctions compliance and protecting the exchange from abuse.
Star Xu, CEO of #OKX , emphasized that the exchange is complying with the existing sanctions.
OKX, along with other exchanges, has suspended and closed all accounts related to Tornado Cash to improve its financial position. The decision is expected to increase compliance with the sanctions and protect the exchange from further abuse.
the CEO of OKX Star Xu also emphasized that the exchange will comply with the sanctions if they are imposed.
it is important to note that OKX's move is related to the growing fear of Tornado Cash. Tornado Cash is a decentralized platform for hiding transactions.
Some users use Tornado Cash for anonymity. While it is suitable for this, it is also beginning to be used for money laundering.
This is evidenced by the measures OKX has taken to prevent illegal activity on the platform.
According to Star Xu, OKX's risk management procedures are automatically triggered when contact is made with sanctioned participants such as Tornado Cash and Garantex. These mechanisms lead to account closures as exchanges try to avoid such activity.
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