OKX has moved the Regulatory Compliance Department to the priority category
OKX crypto exchange will pay attention to compliance with regulatory requirements. To do this, the platform has moved the relevant department to the priority category.
One of the largest cryptocurrency exchanges, OKX, has moved its regulatory compliance department, located in the United States, to the priority category. This is reported by journalist Colin Wu, citing unspecified sources.
Exclusive: OKX, the second-largest offshore exchange, has internally moved its US-based compliance department to the highest priority of all departments. All operations are conducted with the highest priority by this compliance department. People familiar with the matter told… pic.twitter.com/8FQRCZuxTc
— Wu Blockchain (@WuBlockchain) March 28, 2024
According to him, all operations and decisions related to the work of this department will be performed first. The change in the approach to business processes is related to the recent accusation of the KuCoin crypto exchange and its management of aiding money laundering and deceiving investors. After the news of the investigation, the outflow of funds from the KuCoin platform amounted to $882 million in 24 hours.
"After the accusation of the KuCoin platform and its founders, rumors about risks for other offshore exchanges appeared," said Colin Wu.
In March 2024, OKX suspended support for currency pairs with USDT in Europe. As a reason, the platform previously referred to regulatory requirements. Tether, the issuer of the stablecoin, has not commented on the situation at the time of writing.
