Key Points:
The clear warning comes when OKX, one of the world’s leading cryptocurrency exchanges, is cranking up its compliance measures amid global regulatory pressures.
Read more: Crypto Mixing Protocol Tornado Cash Get $1.8 Billion In Only Half Year 2024
The OKX CEO clarified that a person under sanction could not open an account on the OKX platform. However, strict protocols are in place for those who succeed in their registration. If a user deposits funds from known entities under sanction—like Garantex or Tornado Cash—or attempts to withdraw funds to these entities, they automatically trigger OKX’s compliance risk controls. This will mean the instant closure of their account, with the loss of all assets on the platform.
Star Xu eased the general public’s concern by saying that these sanctions are not a problem for regular users. Most people, he said, never interact with a sanctioned entity like Tornado Cash. In other words, these compliance measures secure the platform from ill-meaning uses and thus protect the interest of its legitimate users.
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