Crypto Trade Okx recently decided to temporarily suspend its Defi Carrier. The step was taken when European regulators began checking the company’s web 3 platforms, allegedly used by hackers to launder a $ 1.5 billion crypto theft amount. The move has caused a stir in the crypto industry and this step can create new challenges for OKX. Let us know what were the reasons behind this decision and what effect it can have on the future.
Why did OKX suspend its Dex Agricultural Service?
Okx decided to temporarily suspend its Dex Aggregator Carrier after consulting European regulators. The exchange issued a statement on Monday, saying, “After consulting the regulators, we have taken a protective decision to temporarily suspend our DEX AGGREGATOR SERVICE. This step will allow us to apply further upgrade, so that this service is not misused.
Please tell that this decision is $ 1.5 billion Bybit hack After that, the hackers used the $ 100 million stolen by using Okx’s web3 service. This hack is considered to be the biggest and most complex attack ever in the history of the Crypto industry.
OKX’s Web3 Service and European Regulators
OKX’s web3 service is a decentralized finance (Defi) platform and self -controlled wallet, providing crypto traders access to various exchanges and blockchain. The Dex Agriculture is a part of this service, which facilitates simultaneous trading to users on various decentralized exchanges.
In this case, the European Union regulators discussed in a meeting held on 6 March about the OKX’s web3 service, in which the exchanges’ services were specially inspected. The meeting was organized by the Digital Finance Standing Committee of the European Securities and Markets Authority (ESMA).
The OKX has to follow the European Union’s new “Markets in CryptoSettes” (MICA) regulations, which control trading and services related to cryptocurrency and blockchain technology.
Conclusion
The temporary suspension of its Dex Aggregator Service of Okx is the result of reaction from European regulators and growing security concerns. Please tell that before Bybit accused Okx of laundering $ 100m from Hack Was. As a result, OKX suspended its service after investigation. This step gives a feeling of monitoring and severity of rules in the crypto industry.
Okx has described it a step to improve its platforms and avoid such events in the future. However, after the move, Okx may have an impact on services, but also ensures that the exchange is strengthening its safety and working to suit the rules. In addition, it highlights the need for balance between decentralization and regulatory compliance in the crypto industry.
