OKX responds to allegations of laundering stolen funds from Bybit
OKX is under investigation by EU regulators regarding its potential role in laundering $100 million resulting from the Bybit hack.
The European Securities and Markets Authority (ESMA) discussed the matter at its meeting on March 6, focusing on the extent to which OKX is subject to the new MiCA regulations governing the cryptocurrency market.
Some regulators believe that OKX's connection to the platform's headquarters and its entity in Singapore may make it subject to regulations, despite exemptions for decentralized platforms.
Concerns were also raised about violations of sanctions imposed on North Korea due to the alleged hackers' connection to the attack.
OKX has rejected these allegations, asserting that its platform operates like other cryptocurrency services and does not facilitate illicit transactions.
It clarified that it immediately froze suspicious funds and provided tools to track addresses linked to the hackers.
Bybit was accused of spreading misleading information, noting that the investigation falls within a broader discussion on the regulation of decentralized finance and not a direct targeting of OKX.
