"Analysis of why OKX DEX suddenly suspended service in conjunction with the MiCA Act?" (Author: Lawyer Chu Yan) The MiCA Act stipulates that if crypto asset services are provided in a completely decentralized manner without any intermediaries, they are not subject to the regulatory scope of this regulation. Although the OKX Web3 wallet is a decentralized user-hosted wallet, the wallet service page is integrated with the OKX exchange. According to a report by Bloomberg, the OKX Web3 wallet's usage agreement clearly states that OKX's Singapore entity is the operator. Once OKX DEX is determined to fall within the regulatory scope of MiCA, the aggregation proxy service of the OKX Web3 wallet is currently being used by North Korean hackers to mix and launder coins.

According to Article 64, Point 7 of the MiCA Act, if a crypto asset service provider fails to establish an effective system to detect and prevent anti-money laundering and terrorist financing, the competent authority will revoke its MiCA license authorization. Read the full text:

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According to Article 64, Point 7 of the MiCA Act, if a crypto asset service provider fails to establish an effective system to detect and prevent anti-money laundering and terrorist financing, the competent authority will revoke its MiCA license authorization. Read the full text:
https://t.co/VTarW0aHTQ