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exSat is delighted to announce that OKX has become a validator node in our network. In line with exSat’s objectives, this collaboration marks a significant advancement in the scalability of Bitcoin and the expansion of its ecosystem’s capabilities. The goal of the technology firm OKX is to improve accessibility and utility
After securing a crypto license in Singapore, is OKX planning to be a VASP in the Philippines?
The event highlights the region's growing role in blockchain innovation.
The cryptocurrency exchange OKX has announced a firm policy banning accounts linked to the questionable mixing service Tornado Cash in an attempt to prevent illicit activity and promote compliance with international laws. According to OKX CEO Star Xu, any account found to be exploited by Tornado Cash or other authorized firms like Garantex would be cancelled without delay. okx 1. Garantex Tornado cashokx 2. okx https://t.co/MTJ7OtQRny Star (@star_okx) August 9, 2024 Tornado Cash Controversy Tornado Cash is recognized for hiding crypto transactions, which unscrupulous people exploit to launder money and commit other crimes. The firm is under more regulatory scrutiny after the US Treasury Department penalized it in 2023 for allowing over $7 billion in unlawful transactions. Related Reading: Bitcoin NVT Golden Cross Gives Bottom Signal: What Happened Last 2 Times OKX Compliance Measures Nowadays, OKX’s risk control systems are programmed to automatically find and close accounts linked to Tornado Cash or another approved company. Xu underlined that the interaction is necessary to follow relevant sanctions rules, particularly those enforced by the United States. OKX’s Tornado Cash crackdown follows allegations of the service sending stolen money via protocol attacks. On August 7, the Rain crypto exchange hacker laundered 1,155 Ether using Tornado Cash. #okx #urgent ALL @okx EXCHANGE USERS ARE AT RISK Since 2019, I have been a partner of the OKX exchange, recommended it to you and actively used it myself. Until today, it worked honestly and stably. But today, I regret to admit that the exchange policy and all the pic.twitter.com/fQiDRj6aHO Satoshi Friends (@slezisatoshi) August 8, 2024 Response To User Concerns Xu said that the user has before made large transactions via approved exchanges or DeFi systems. The individual was still allowed to withdraw clean money before their account was banned nonetheless. Emphasizing that OKX cannot provide services to sanctioned individuals or companies, Xu clarified that compliance concerns made it impossible to move data from an old account to a new one. Xu informed the wider user base that most consumers operate distant from approved businesses, hence most of them are unlikely to be harmed. He underlined that preserving the commitment of the exchange to financial integrity and regulatory compliance depends on these steps. Related Reading: Dogecoin Price (DOGE) Poised for a Steady Increase, Inspired by Bitcoin Impact On Tornado Cash OKX’s deactivation of Tornado Cash accounts follows a crypto industry trend towards regulatory compliance and legality. Binance and Kraken both delist privacy coins and prohibit mixing. Roman Semenov, Alexey Pertsev, and Roman Storma trio of Russian immigrants living in Europefounded Tornado Cash in 2019. Pertsev was sentenced to five years in jail in May 2024 for breaking anti-money laundering regulations with transactions utilizing Tornado Cash. Featured image from Pexels, chart from TradingView
OKX warned that users transferring funds to or from sanctioned entities will have their accounts closed.
Ethereum is steady at press time, as is visible in the daily chart. Even though prices are floating above $2,500, ETH bulls are still weak. The coin remains inside the bear bar of August 27, technically inside a bear formation. From price action, it would take effort for bulls to take charge in the short term. A convincing high volume close above $3,500 would signal a rapid trend shift beneficial for holders. Will Ethereum Bears Press On? Traders Monitoring This Reading Before then, one analyst thinks the short to medium term projection for the second most valuable coin is bearish. In an analysis, citing CryptoQuant data, the analyst said over the last few months, the funding rate in Ethereum perpetuals across exchanges like Binance and OKX has been positive but falling. Related Reading: Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals Through perpetual platforms, Ethereum traders can place positions using leverage, essentially borrowing from the exchange. The more leverage they have, the more they have to borrow, narrowing their safety margin and increasing the risk of liquidation. Depending on the prevailing price action, the funding rate in these perpetual markets can be positive or negative. Whenever the funding rate is positive, the outlook among leveraged traders is bullish. In this case, they expect prices to rise higher. For equilibrium, traders posting long positions have to pay those who are selling. Conversely, a negative funding rate means the prevailing sentiment is bearish, and the markets could fall further. In this event, short sellers must pay those posting buys. Looking at the price trend over the past few months, the analyst notes that the funding rate for Ethereum perpetuals has been consistently falling, though still in the positive territory. This state of affairs means that, though ETH has been wavy, moving even to $3,900 in May, the dominant sentiment is bearish. Eyes On Spot ETF Net Inflows For Growth Therefore, for the trend to change, there must be a sharp spike in buying interest. In turn, this will also help lift prices and funding rate across these perpetual platforms. Related Reading: Dogwifhat On The Edge: Can WIF Hold Above $1.47 As Bears Close In? Rising funding rates will signal a shift in trend, helping spur demand. One of the many factors that may drive prices is inflows to spot Ethereum ETFs in the United States. According to Soso Value, all spot Ethereum ETF issuers in the country recorded net inflows of over $5.8 million. Still, this reading is way lower than what was seen in late July. Feature image from DALLE, chart from TradingView
Forbes partners with OKX Wallet for fast-track access to its NFT-gated member community, offering exclusive access to high-profile events and the Forbes Inner Circle.
OKX Ventures has invested in Space and Time, a verifiable compute layer that integrates AI and blockchain, enhancing data verification for smart contracts. (Read More)
A new survey by Techflow has brought some very interesting facts to light about the preferences and behavior of Chinese crypto investors. The leading exchanges, the place of social media and the most influential venture capital firms in the cryptocurrency space have been put into the limelight. The survey, conducted in relation to high-frequency exchanges, […]
As the Turkish Capital Markets Board continues to update the list and companies work to meet regulatory requirements, the Turkish crypto market is poised for significant changes.
Turkys cryptocurrncy mrkt hs xprincd rmrkbl trnsformtion with surg in licnsd xchngs. Following strictr rgultions by th Cpitl Mrkts Bord (CMB) in July 2024, th numbr of pprovd xchngs grw from 47 to 76. Mjor intrntionl pltforms, including Coinbs, KuCoin, Binnc, nd OKX, hv ntrd th mrkt, signling Turkys rising dominnc in th […]
OKX has revealed that Solana Blinks will be integrated into the OKX Wallet. This update brings the wallet…
OKX Wallet now supports blockchain links (Blinks) across all EVM-compatible chains, enhancing multichain transactions without switching platforms.
The Solana whale employed a dollar-cost averaging strategy, gradually selling tokens over time rather than making a single, large transaction.
The Ethereum whale deposited 48,500 ETH to a cryptocurrency exchange in just over four weeks, during which Ethers market cap shed approximately $80 billion.
OKX crypto exchange will stop providing its services in Nigeria on August 16, 2024. This decision was made…
OKX chief innovation officer Jason Lau believes that Web3 games need to cultivate communities by educating players on the benefits of Web3 technology.
Lookonchain wrote that the whale bought 1 million tokens during the Ethereum initial coin offering.
OKX Ventures and Aptos Foundation have announced a $10M fund to support the growth of the Aptos ecosystem and Web3 adoption. (Read More)
OKX announces the listing of Xraders (XR) on its spot trading market starting July 8, 2024, with deposits, trading, and withdrawals scheduled. (Read More)
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