The cryptocurrency alternate OKX has introduced a agency coverage banning accounts linked to the questionable mixing service Twister Money in an try to forestall illicit exercise and promote compliance with worldwide legal guidelines.
In response to OKX CEO Star Xu, any account discovered to be exploited by Twister Money or different approved companies like Garantex could be cancelled immediately.
被制裁的人无法在okx成功开户。
对于已经开户成功用户：1. 从被制裁的主体比如 Garantex和 Twister cash充值到okx2. 从okx提币去被制裁的主体
都会触发合规风控，导致被清退账户。
制裁和普通人很遥远，大部分人完全不需要担心。 https://t.co/MTJ7OtQRny
— Star (@star_okx) August 9, 2024
Twister Money Controversy
Twister Money is acknowledged for hiding crypto transactions, which unscrupulous individuals exploit to launder cash and commit different crimes. The agency is underneath extra regulatory scrutiny after the US Treasury Division penalized it in 2023 for permitting over $7 billion in illegal transactions.
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OKX Compliance Measures
These days, OKX’s threat management techniques are programmed to routinely discover and shut accounts linked to Twister Money or one other accredited firm. Xu underlined that the interplay is important to observe related sanctions guidelines, significantly these enforced by the US.
OKX’s Twister Money crackdown follows allegations of the service sending stolen cash by way of protocol assaults. On August 7, the Rain crypto alternate hacker laundered 1,155 Ether utilizing Twister Money.
#okx #urgentALL @okx EXCHANGE USERS ARE AT RISK
Since 2019, I’ve been a companion of the OKX alternate, really helpful it to you and actively used it myself.
Till at the moment, it labored actually and stably.
However at the moment, I remorse to confess that the alternate coverage and all of the… pic.twitter.com/fQiDRj6aHO
— Satoshi Buddies 🌱 (@slezisatoshi) August 8, 2024
Response To Person Issues
Xu mentioned that the consumer has earlier than made massive transactions by way of accredited exchanges or DeFi techniques. The person was nonetheless allowed to withdraw clear cash earlier than their account was banned nonetheless.
Emphasizing that OKX can’t present companies to sanctioned people or firms, Xu clarified that compliance issues made it inconceivable to maneuver information from an previous account to a brand new one.
Xu knowledgeable the broader consumer base that the majority shoppers function distant from accredited companies, therefore most of them are unlikely to be harmed. He underlined that preserving the dedication of the alternate to monetary integrity and regulatory compliance depends upon these steps.
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Influence On Twister Money
OKX’s deactivation of Twister Money accounts follows a crypto business pattern in the direction of regulatory compliance and legality. Binance and Kraken each delist privateness cash and prohibit mixing.
Roman Semenov, Alexey Pertsev, and Roman Storm—a trio of Russian immigrants residing in Europe—based Twister Money in 2019.
Pertsev was sentenced to 5 years in jail in Might 2024 for breaking anti-money laundering rules with transactions using Twister Money.
Featured picture from Pexels, chart from TradingView
