Thorswap briefly suspended its services on October 6, 2023. The platform just announced that it would resume full functioning with some significant changes. The decentralized exchange (dex) platform's operators announced a partnership with an organization to create "some extra guardrails" aimed at limiting the circulation of unlawful cash, and a variety of about twelve nations are now prohibited from using Thorswap.
Thorswap Reopens With Tighter Protocols: Following High-Profile Transfers, Dozen Nations Are Banned
Following the incident where an FTX hacker used Thorswap to channel millions of dollars in cryptocurrency, the platform's administrators acted quickly on October 6 and temporarily halted dex activities. The group declared that they were vehemently opposed to "any and all criminal actions." Now, less than a week later, Thorswap has resumed operations and is stronger than ever because to new "guardrails."
Thorswap is back online! the team announced on social media platform X on October 12. Resuming your scheduled switching of more than 5,500 assets across 10 blockchains directly from your own self-custody wallet is appreciated. The team went on to explain that users won't notice any substantial changes outside the updated terms of service. They've teamed up with a major industry participant in secret to put up "extra guardrails" to stop the flow of unlawful monies.
The announcement of the relationship was met with immediate skepticism, with one person asking, "So you're using a centralized chain analysis firm?" According to the most recent version of Thorswap's terms of service, citizens of Belarus, Burma (Myanmar), Cote D'Ivoire (Ivory Coast), Cuba, Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe are not permitted to use the app.
This includes any other "country to which the United States, United Kingdom, or the European Union embargoes goods or imposes similar sanctions." Sanctioned people are also prohibited from using the dex platform. The team would need to "fine-tune things" over the coming days, the developers of Thorswap added.
Do you support Thorswap's decision to resume operations with guardrails? Post your ideas and viewpoints on this topic in the comments area below.