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News

OKX CEO Warns: Tornado Cash Users Risk Immediate Account Liquidation!

August 9, 2024 - Around 2 mins mins to read

Key Points:

  • Tornado Cash users will face swift account liquidation, emphasizing OKX’s stringent compliance measures.
  • OKX has banned accounts for those interacting with sanctioned entities, ensuring a secure trading environment.
  • The CEO reassures that ordinary users are unlikely to be impacted, focusing on regulatory adherence and safety.
OKX CEO (Star Xu) sternly warned that found in direct financial interactions with the now-sanctioned cryptocurrency mixer Tornado Cash users will promptly lead to account liquidation.
OKX CEO Warns: Tornado Cash Users Risk Immediate Account Liquidation!

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

No Accounts for Garantex or Tornado Cash Users!

Tornado Cash Users Risk Immediate Account Liquidation!

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Account Liquidation

OKX CEO Warns

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.