OKX Founder Says Funds from Tornado Cash, Garantex Will Be Closed
CryptoNewsTerminal Staff08 Aug, 2024
OKX Founder Says Funds from Tornado Cash, Garantex Will Be Closed
OKX founder and CEO Mingxing Xu announced via Twitter that funds originating from cryptocurrency mixing protocol Tornado Cash and Russian cryptocurrency exchange Garantex will be closed out of OKX accounts. The move is part of OKX's efforts to comply with sanctions imposed by the United States and other jurisdictions on the two entities. Tornado Cash is a privacy tool that allows users to hide the origin of their cryptocurrency transactions. It has been used by criminals to launder money and fund terrorism. Garantex is a Russian cryptocurrency exchange that has been accused of facilitating money laundering and other illegal activities. The closing of accounts associated with Tornado Cash and Garantex is a significant step in OKX's efforts to combat money laundering and other financial crimes. It is also a sign that cryptocurrency exchanges are increasingly taking compliance with sanctions seriously.
