Okx will close accounts that interact with Tornado Cash and Garantex, citing compliance risk controls.
OKX bans accounts linked to Tornado Cash to prevent illicit activity, follow international laws, and comply with US sanctions. The CEO emphasized that most users shouldn't worry as sanctions only affect a minority.
OKX is deactivating accounts linked to sanctioned entities, including Tornado Cash and Garantex. CEO Star Xu confirmed this on August 9th.
Recent research indicates significant Russian involvement in crypto-related cybercrimes, including darknet drug sales and ransomware attacks.
Russian-speaking threat actors are leading numerous crypto-related cybercrimes, including ransomware and darknet markets, with Garantex spearheading sanctioned transactions in 2023.
US Congressmen have requested Treasury Secretary Janet Yellen to investigate Garantex, a Moscow-based crypto exchange, for reportedly aiding in sanctions evasion and funding Russia's invasion of Ukraine.
