OKX Implements Ban on Tornado Cash Users
Aug 10, 2024 am 12:07 AMOKX?has joined other exchanges in suspending and closing any accounts linked with Tornado Cash to enhance its financial soundness. This decision is expected to increase compliance with the sanctions and protect the exchange from further misuse.
OKX has joined other exchanges in suspending and closing any accounts linked with Tornado Cash to enhance its financial soundness.
OKX CEO Star Xu also stressed that the exchange complies with the sanctions where they apply.
OKX Implements Ban on Tornado Cash Users
OKX has taken steps to ensure that it does not allow illicit activities on its platform.
Star Xu said any contact with the sanctioned parties, such as Tornado Cash and Garantex, will automatically trigger OKX’s risk management procedures. These mechanisms will lead to account closures because the exchange is trying to avoid such activities.
OKX has made itself a secure platform as it enforces all its transactions to follow the rules set by the international community.
OKX Responds to Claims by CIS User
The same came after a user, Satoshi Friends, requested CIS community members withdraw funds from OKX. He expressed some possible negative consequences, including the sudden blocking of accounts, freezing of funds, and loss of assets, and mentioned strict policies as an issue.
Satoshi Friends stated that blocking accounts and restricting some popular users’ funds were partially lifted only after personal appeals.
In response, Star Xu admitted to the issues but explained that the particular user has many transactions with the sanctioned exchanges.
OKX enabled the user to withdraw the clean funds before the account freeze. Yet, due to compliance issues, OKX declined to transfer the data from the user’s previous account to a new one.
Most OKX Users Unaffected by Compliance Actions
Star Xu emphasized that OKX does not accept customers on the Specially Designated Nationals list and does not provide services for sanctioned persons or entities. These actions are in accordance with the exchange’s goal of adhering to international best practices in regulation.
The majority of OKX users should follow these measures. Star Xu said that most users have no intention of sanctioning programs and will not participate in any transaction linked to the sanctioned persons. OKX continues to emphasize protection and compliance in its trading services to its clients.
The OKX exchange has followed other exchanges in banning accounts associated with Tornado Cash after recently stolen funds from the Rain exchange were washed through Tornado Cash.
The exchange’s rigidness on compliance shows its commitment to preserving the credibility of the exchange. OKX’s behaviour is in line with the general tendencies of the market, which is becoming increasingly sensitive to sanctions and AML policies.
The above is the detailed content of OKX Implements Ban on Tornado Cash Users. For more information, please follow other related articles on the PHP Chinese website!

Hot AI Tools

Undress AI Tool
Undress images for free

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

Notepad++7.3.1
Easy-to-use and free code editor

SublimeText3 Chinese version
Chinese version, very easy to use

Zend Studio 13.0.1
Powerful PHP integrated development environment

Dreamweaver CS6
Visual web development tools

SublimeText3 Mac version
God-level code editing software (SublimeText3)

Hot Topics

Whether PEPE coins are worth buying depends on the project's technical background, market performance and ecological construction, and are suitable for investors with strong risk tolerance. 1.PEPE coins are community-driven, with high activity but high volatility; 2. Team technical support and innovation determine long-term development; 3. Trading volume and liquidity affect market experience. PEPE coins that may soar in 2025 include: 1. Projects with rich ecology and clear application scenarios; 2. Projects with hot topics such as NFT and DeFi and strong innovation; 3. Projects with active community and complete governance mechanisms; 4. Projects with cross-chain support and multi-platform listing. Rational judgment and risk control are the key to successful investment.

The latest price of Dogecoin can be queried in real time through a variety of mainstream APPs and platforms. It is recommended to use stable and fully functional APPs such as Binance, OKX, Huobi, etc., to support real-time price updates and transaction operations; mainstream platforms such as Binance, OKX, Huobi, Gate.io and Bitget also provide authoritative data portals, covering multiple transaction pairs and having professional analysis tools. It is recommended to obtain information through official and well-known platforms to ensure data accuracy and security.

The role of Ethereum smart contract is to realize decentralized, automated and transparent protocol execution. Its core functions include: 1. As the core logic layer of DApp, it supports token issuance, DeFi, NFT and other functions; 2. Automatically execute contracts through code to reduce the risks of human intervention and fraud; 3. Build a DeFi ecosystem so that users can directly conduct financial operations such as lending and transactions; 4. Create and manage digital assets to ensure uniqueness and verifiability; 5. Improve the transparency and security of supply chain and identity verification; 6. Support DAO governance and realize decentralized decision-making.

To identify fake altcoins, you need to start from six aspects. 1. Check and verify the background of the materials and project, including white papers, official websites, code open source addresses and team transparency; 2. Observe the online platform and give priority to mainstream exchanges; 3. Beware of high returns and people-pulling modes to avoid fund traps; 4. Analyze the contract code and token mechanism to check whether there are malicious functions; 5. Review community and media operations to identify false popularity; 6. Follow practical anti-fraud suggestions, such as not believing in recommendations or using professional wallets. The above steps can effectively avoid scams and protect asset security.

DAI is suitable for users who attach importance to the concept of decentralization, actively participate in the DeFi ecosystem, need cross-chain asset liquidity, and pursue asset transparency and autonomy. 1. Supporters of the decentralization concept trust smart contracts and community governance; 2. DeFi users can be used for lending, pledge, and liquidity mining; 3. Cross-chain users can achieve flexible transfer of multi-chain assets; 4. Governance participants can influence system decisions through voting. Its main scenarios include decentralized lending, asset hedging, liquidity mining, cross-border payments and community governance. At the same time, it is necessary to pay attention to system risks, mortgage fluctuations risks and technical threshold issues.

DAO is a decentralized autonomous organization owned and managed by community members and automatically enforces rules through smart contracts. 1. It does not have traditional management, and decisions are decided by collective voting; 2. Governance tokens give members the voting rights, the more tokens, the greater the weight; 3. Proposals are initiated and voted by the community, and will be automatically executed by the smart contract after receiving the majority support. Its core features include decentralization, autonomy and transparency, and all rules and capital flows are open and auditable. The importance of DAO is to create a more fair, efficient and cohesive collaboration model, breaking regional and identity restrictions, and improving trust and operational efficiency.

Is DAI suitable for long-term holding? The answer depends on individual needs and risk preferences. 1. DAI is a decentralized stablecoin, generated by excessive collateral for crypto assets, suitable for users who pursue censorship resistance and transparency; 2. Its stability is slightly inferior to USDC, and may experience slight deansal due to collateral fluctuations; 3. Applicable to lending, pledge and governance scenarios in the DeFi ecosystem; 4. Pay attention to the upgrade and governance risks of MakerDAO system. If you pursue high stability and compliance guarantees, it is recommended to choose USDC; if you attach importance to the concept of decentralization and actively participate in DeFi applications, DAI has long-term value. The combination of the two can also improve the security and flexibility of asset allocation.

To transfer USDT to the exchange for transactions, you must first confirm that the chain type matches, the address is correct, and complete real-name authentication. 1. Register and authenticate the mainstream exchange account with real name; 2. Confirm that the wallet is consistent with the USDT chain type of the exchange (such as TRC20); 3. Obtain the recharge address of the corresponding chain on the exchange and copy it accurately; 4. Initiate transfers from the wallet and pay the corresponding handling fee; 5. After arrival, you can trade in the spot or contract market; 6. Pay attention to checking the address, avoid transferring to the contract address, and give priority to low-processing networks. The entire process is usually completed in minutes, ensuring operational safety is key.