YEREVAN (CoinChapter.com) — OKX has introduced the termination of accounts interacting with Twister Money, a decentralized mixing service used to obscure cryptocurrency transactions. This determination is a part of the alternate’s effort to adjust to worldwide sanctions, together with these imposed by the USA.
OKX Cracks Down on Twister Money Accounts to Meet Sanctions Compliance
OKX CEO Star Xu introduced that any account discovered interacting with Twister Money can be terminated. Whereas Twister Money is utilized by some to keep up privateness, it has additionally been exploited for laundering stolen funds. Consequently, OKX has applied strict measures to shut accounts concerned in such actions, aiming to adjust to world laws.
Xu defined that accounts depositing cash from sanctioned entities like Twister Money or Garantex, or trying to withdraw funds to those entities, would set off OKX’s threat management mechanisms. This may result in the closure of the accounts in query.
“We are required to comply with applicable sanctions policies, including US sanctions,”
Xu mentioned.
Satoshi Pals Urges CIS Customers to Exit OKX Over Sanction Dangers
A consumer often known as Satoshi Pals urged the group, significantly these within the Commonwealth of Impartial States (CIS) international locations, to withdraw funds from OKX. He cautioned concerning the potential for sudden account blocks, fund freezes, and attainable asset losses. Furthermore, he revealed that a number of influencers had already confronted account blocks, with decision solely achieved after direct intervention from the OKX crew.
Xu responded by acknowledging that the consumer’s account had vital transactions associated to sanctioned exchanges or DeFi protocols. He clarified that OKX allowed the consumer to withdraw clear funds earlier than blocking the account.
OKX Enforces Sanctions Amid Twister Money Hack Issues
OKX stays dedicated to compliance. Xu reiterated that OKX doesn’t onboard any buyer on the Specifically Designated Nationals (SDN) checklist and can’t supply providers to sanctioned individuals or entities. Xu additionally reassured customers that the majority wouldn’t be affected by these measures, as they don’t work together with sanctioned entities.
Twister Money has been linked to current cryptocurrency hacks, growing considerations about its use in unlawful actions. On August 7, a hacker chargeable for the Rain crypto alternate assault laundered 1,155 Ether via Twister Money. This incident highlighted the rising want for exchanges like OKX to take motion towards customers concerned with the platform.
