OKX Cracks Down on Suspected Money Laundering Transactions

OKX, one of the leading cryptocurrency exchanges, has announced stricter measures to combat money laundering and prevent suspicious transactions.

The exchange will now conduct a thorough 15-day or longer verification process for any transactions that appear to be connected to online gambling platforms or other high-risk sources.

This move comes after numerous instances where users have been depositing winnings from unverified sources directly into their exchange accounts, according to Star Xu, the founder and CEO of OKX.

Specifically, the exchange has mentioned that it will be monitoring transactions linked to Telegram groups offering escrow services, as well as the notorious Huione Guarantee network, which has been involved in over $27 billion worth of illicit transactions.

The affected users' accounts will have their functionality restricted during the verification process, and if the transactions are found to be indeed connected to prohibited sources, the exchange will permanently ban these users.