{"id":634335,"date":"2024-08-09T21:30:28","date_gmt":"2024-08-09T21:30:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=634335"},"modified":"2024-08-09T13:04:22","modified_gmt":"2024-08-09T13:04:22","slug":"okx-takes-action-accounts-involving-tornado-cash-to-be-banned","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/okx-takes-action-accounts-involving-tornado-cash-to-be-banned\/","title":{"rendered":"OKX Takes Action: Accounts Involving Tornado Cash To Be Banned"},"content":{"rendered":"<p>The cryptocurrency exchange OKX has announced a firm policy <a href=\"https:\/\/milkroad.com\/news\/okx-to-close-accounts-that-interact-with-tornado-cash\/\" target=\"_blank\" rel=\"noopener nofollow\">banning accounts<\/a> linked to the questionable mixing service Tornado Cash in an attempt to prevent illicit activity and promote compliance with international laws.<\/p>\n<p>According to OKX CEO Star Xu, any account found to be exploited by Tornado Cash or other authorized firms like Garantex would be cancelled without delay.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"zh\">\u88ab\u5236\u88c1\u7684\u4eba\u65e0\u6cd5\u5728okx\u6210\u529f\u5f00\u6237\u3002<\/p>\n<p>\u5bf9\u4e8e\u5df2\u7ecf\u5f00\u6237\u6210\u529f\u7528\u6237\uff1a<br \/>\n1. \u4ece\u88ab\u5236\u88c1\u7684\u4e3b\u4f53\u6bd4\u5982 Garantex\u548c Tornado cash\u5145\u503c\u5230okx<br \/>\n2. \u4eceokx\u63d0\u5e01\u53bb\u88ab\u5236\u88c1\u7684\u4e3b\u4f53<\/p>\n<p>\u90fd\u4f1a\u89e6\u53d1\u5408\u89c4\u98ce\u63a7\uff0c\u5bfc\u81f4\u88ab\u6e05\u9000\u8d26\u6237\u3002<\/p>\n<p>\u5236\u88c1\u548c\u666e\u901a\u4eba\u5f88\u9065\u8fdc\uff0c\u5927\u90e8\u5206\u4eba\u5b8c\u5168\u4e0d\u9700\u8981\u62c5\u5fc3\u3002 <a href=\"https:\/\/t.co\/MTJ7OtQRny\" rel=\"nofollow\">https:\/\/t.co\/MTJ7OtQRny<\/a><\/p>\n<p>\u2014 Star (@star_okx) <a href=\"https:\/\/twitter.com\/star_okx\/status\/15808008?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 9, 2024<\/a><\/p><\/blockquote>\n<h2><strong>Tornado Cash Controversy<\/strong><\/h2>\n<p><a href=\"https:\/\/www.unit21.ai\/fraud-aml-dictionary\/tornado-cash\" target=\"_blank\" rel=\"noopener nofollow\">Tornado Cash<\/a> is recognized for hiding crypto transactions, which unscrupulous people exploit to launder money and commit other crimes. The firm is under more regulatory scrutiny after the US Treasury Department penalized it in 2023 for allowing over $7 billion in unlawful transactions.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-nvt-golden-cross-gives-bottom-2-times\/\" target=\"_blank\" rel=\"noopener \">Bitcoin NVT Golden Cross Gives Bottom Signal: What Happened Last 2 Times<\/a><\/div>\n<h2><strong>OKX Compliance Measures<\/strong><\/h2>\n<p>Nowadays, OKX&#8217;s risk control systems are programmed to automatically find and close accounts linked to Tornado Cash or another approved company. Xu underlined that the interaction is necessary to follow relevant sanctions rules, particularly those enforced by the United States.<\/p>\n<p>OKX&#8217;s Tornado Cash crackdown follows allegations of the service sending stolen money via protocol attacks. On August 7, the Rain <a href=\"https:\/\/www.coingecko.com\/\" target=\"_blank\" rel=\"noopener nofollow\">crypto<\/a> exchange hacker laundered 1,155 Ether using Tornado Cash.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/okx?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#okx<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/urgent?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#urgent<\/a><br \/>\nALL <a href=\"https:\/\/twitter.com\/okx?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@okx<\/a> EXCHANGE USERS ARE AT RISK<\/p>\n<p>Since 2019, I have been a partner of the OKX exchange, recommended it to you and actively used it myself.<\/p>\n<p>Until today, it worked honestly and stably.<\/p>\n<p>But today, I regret to admit that the exchange policy and all the\u2026 <a href=\"https:\/\/t.co\/fQiDRj6aHO\" rel=\"nofollow\">pic.twitter.com\/fQiDRj6aHO<\/a><\/p>\n<p>\u2014 Satoshi Friends \ud83c\udf31 (@slezisatoshi) <a href=\"https:\/\/twitter.com\/slezisatoshi\/status\/32875899?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 8, 2024<\/a><\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-634345\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?resize=1024%2C570\" alt=\"\" width=\"1024\" height=\"570\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?w=1548 1548w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/a_2f40ff.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<h2><strong>Response To User Concerns<\/strong><\/h2>\n<p>Xu said that the user has before made large transactions via approved exchanges or DeFi systems. The individual was still allowed to withdraw clean money before their account was banned nonetheless.<\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/d4aU64IT\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">Total crypto market cap currently at $2.082 trillion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<p>Emphasizing that OKX cannot provide services to sanctioned individuals or companies, Xu clarified that compliance concerns made it impossible to move data from an old account to a new one.<\/p>\n<p>Xu informed the wider user base that most consumers operate distant from approved businesses, hence most of them are unlikely to be harmed. He underlined that preserving the commitment of the exchange to financial integrity and regulatory compliance depends on these steps.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/doge\/dogecoin-price-doge-increase-0-110\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Price (DOGE) Poised for a Steady Increase, Inspired by Bitcoin<\/a><\/div>\n<h2><strong>Impact On Tornado Cash<\/strong><\/h2>\n<p>OKX&#8217;s deactivation of Tornado Cash accounts follows a crypto industry trend towards regulatory compliance and legality. Binance and Kraken both delist privacy coins and prohibit mixing.<\/p>\n<p>Roman Semenov, Alexey Pertsev, and Roman Storm\u2014a trio of Russian immigrants living in Europe\u2014founded Tornado Cash in 2019.<\/p>\n<p>Pertsev was sentenced to five years in jail in May 2024 for breaking anti-money laundering regulations with transactions utilizing Tornado Cash.<\/p>\n<p><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange OKX has announced a firm policy banning accounts linked to the questionable mixing service Tornado Cash in an attempt to prevent illicit activity and promote compliance with international laws. According to OKX CEO Star Xu, any account found to be exploited by Tornado Cash or other authorized firms like Garantex would be cancelled without delay. \u88ab\u5236\u88c1\u7684\u4eba\u65e0\u6cd5\u5728okx\u6210\u529f\u5f00\u6237\u3002 \u5bf9\u4e8e\u5df2\u7ecf\u5f00\u6237\u6210\u529f\u7528\u6237\uff1a 1. \u4ece\u88ab\u5236\u88c1\u7684\u4e3b\u4f53\u6bd4\u5982 Garantex\u548c Tornado cash\u5145\u503c\u5230okx 2. \u4eceokx\u63d0\u5e01\u53bb\u88ab\u5236\u88c1\u7684\u4e3b\u4f53 \u90fd\u4f1a\u89e6\u53d1\u5408\u89c4\u98ce\u63a7\uff0c\u5bfc\u81f4\u88ab\u6e05\u9000\u8d26\u6237\u3002 \u5236\u88c1\u548c\u666e\u901a\u4eba\u5f88\u9065\u8fdc\uff0c\u5927\u90e8\u5206\u4eba\u5b8c\u5168\u4e0d\u9700\u8981\u62c5\u5fc3\u3002 https:\/\/t.co\/MTJ7OtQRny \u2014 Star (@star_okx) August 9, 2024 Tornado Cash Controversy Tornado Cash is recognized for hiding crypto transactions, which unscrupulous people exploit to launder money and commit other crimes. The firm is under more regulatory scrutiny after the US Treasury Department penalized it in 2023 for allowing over $7 billion in unlawful transactions. Related Reading: Bitcoin NVT Golden Cross Gives Bottom Signal: What Happened Last 2 Times OKX Compliance Measures Nowadays, OKX&#8217;s risk control systems are programmed to automatically find and close accounts linked to Tornado Cash or another approved company. Xu underlined that the interaction is necessary to follow relevant sanctions rules, particularly those enforced by the United States. OKX&#8217;s Tornado Cash crackdown follows allegations of the service sending stolen money via protocol attacks. On August 7, the Rain crypto exchange hacker laundered 1,155 Ether using Tornado Cash. #okx #urgent ALL @okx EXCHANGE USERS ARE AT RISK Since 2019, I have been a partner of the OKX exchange, recommended it to you and actively used it myself. Until today, it worked honestly and stably. But today, I regret to admit that the exchange policy and all the\u2026 pic.twitter.com\/fQiDRj6aHO \u2014 Satoshi Friends \ud83c\udf31 (@slezisatoshi) August 8, 2024 Response To User Concerns Xu said that the user has before made large transactions via approved exchanges or DeFi systems. The individual was still allowed to withdraw clean money before their account was banned nonetheless. Emphasizing that OKX cannot provide services to sanctioned individuals or companies, Xu clarified that compliance concerns made it impossible to move data from an old account to a new one. Xu informed the wider user base that most consumers operate distant from approved businesses, hence most of them are unlikely to be harmed. He underlined that preserving the commitment of the exchange to financial integrity and regulatory compliance depends on these steps. Related Reading: Dogecoin Price (DOGE) Poised for a Steady Increase, Inspired by Bitcoin Impact On Tornado Cash OKX&#8217;s deactivation of Tornado Cash accounts follows a crypto industry trend towards regulatory compliance and legality. Binance and Kraken both delist privacy coins and prohibit mixing. Roman Semenov, Alexey Pertsev, and Roman Storm\u2014a trio of Russian immigrants living in Europe\u2014founded Tornado Cash in 2019. Pertsev was sentenced to five years in jail in May 2024 for breaking anti-money laundering regulations with transactions utilizing Tornado Cash. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":634352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[85921,5316,86404,86642],"class_list":["post-634335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-mixer","tag-money-laundering","tag-okx","tag-tornado-cash"],"acf":[],"yoast_head":"\n<title>OKX Takes Action: Accounts Involving Tornado Cash To Be Banned<\/title>\n<meta name=\"description\" content=\"The cryptocurrency exchange OKX has announced a firm policy banning accounts linked to the questionable mixing service Tornado Cash in an attempt to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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