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Star Xu, the founding father of OKX, emphasised the significance of compliance controls within the crypto trade. Xu’s feedback come amid a rising concentrate on regulatory compliance inside the sector.
On July 17, 2023, Xu tweeted, “On the present trade surroundings, all centralized swaps, exchanges, bridges with out totally compliance controls together with KYC, AML, and others shall be excessive threat in each jurisdiction. Multicoin is the newest instance. Shield your crypto your self.” This assertion underscores the potential dangers related to platforms that lack sturdy compliance measures.
Editor’s Observe: It is believed that Xu meant to reference ‘Multichain’ reasonably than ‘Multicoin’ in his tweet.
On July 14, 2023, Multichain introduced the cessation of its operations as a result of detention of its CEO Zhaojun and his sister by Chinese language authorities. The group has misplaced contact with Zhaojun since Could 21, and his sister, who was managing day-to-day operations and preserving person belongings, was not too long ago taken into custody. The way forward for the preserved belongings is now unsure. This follows a current exploit the place an attacker drained $130 million from numerous token bridges.
In a follow-up tweet, Xu revealed that the OKX Centralized Trade (CEX) group has been proactive in establishing a world customary compliance infrastructure. “OKX CEX group begin to construct our compliance infrastructure on the international customary earlier than, maintain to construct,” he wrote. This means OKX’s dedication to adhering to regulatory requirements and offering a safe platform for its customers.
In one other tweet, Xu questioned the character of UniSat Pockets’s newly introduced brc20-swap. UniSat Pockets had earlier introduced the launch of “brc20-swap, the first-ever Ordinals native swap, floating on high of bitcoin mainnet, using brc20 protocol as its underlying asset infrastructure.” Xu responded to this announcement with a tweet asking, “Is it a centralized swap?” This question suggests Xu’s ongoing concern in regards to the compliance measures of recent Oridinals pockets.
Picture supply: Shutterstock
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