#crypto #exchange #OKX
OKX is a Seychelles-based cryptocurrency exchange that provides spot and derivatives trading services. Founded by Star Xu in 2017, the platform has gained recognition in various global markets, especially in India. Despite its popularity, OKX does not operate in the United States. While not one of the biggest exchanges globally, OKX has established a niche in the competitive crypto market.
On 9 Aug 2024, Star Xu shared on his personal X account (formerly Twitter) to inform all OKX users not to use restricted crypto platforms, including digital asset mixers like Tornado Cash and Garantex. He cautioned that if any user is caught transferring funds between their OKX account and a restricted platform, their account will be automatically frozen.
In a subsequent tweet, the OKX CEO clarified that this is an existing rule, not a new policy, enforced by the OKX team to prevent illicit crypto transactions and ensure compliance with U.S. financial sanctions.
#cryptomixing #platformmisuse #ban
Cryptomixing platforms are designed to obscure cryptocurrency transactions to help users maintain financial privacy. However, some individuals exploit these tools for illegal activities such as drug trafficking, ransom payments, and cyberattacks.
In August 2022, a popular Ethereum-based privacy protocol, Tornado Cash, was banned by U.S. authorities. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) accused Tornado Cash of allowing illicit activities on its platform, allegedly laundering billions of dollars.
Recently, the FBI accused Railgun, another cryptomixing platform, of being utilized by bad actors to launder digital assets. Nevertheless, the Railgun team has denied these allegations.
RAILGUN protocol: “Any suggestions that sanctioned individuals, governments, or entities like North Korea have used RAILGUN have no evidence and are based only on speculation.” Since 2023, all RAILGUN transactions undergo a Private Proofs of Innocence check which verifies that.
Read also: Turkey’s Crypto Boom: 47 Giants Race for Licences Under New Game-Changing Regulations.
