Thorswap Resumes Service With 12 Countries Blacklisted and New Partnership to Curb Illegal Transfers

On October 6, 2023, Thorswap halted its services temporarily. However, the platform recently declared its return to full operation with some notable modifications. An array of approximately twelve countries are now barred from utilizing Thorswap, while the decentralized exchange (dex) platform’s operators disclosed a collaboration with an organization to introduce “some extra guardrails” aimed at curtailing the circulation of unauthorized funds.

Thorswap Reopens With Stricter Protocols: A Dozen Nations Banned in Wake of High-Profile Transfers

Subsequent to the incident where an FTX hacker channeled millions in cryptocurrency through Thorswap, the platform’s operators acted swiftly on October 6, placing a temporary stop to dex operations. The team asserted their staunch opposition to “any and all criminal actions.” Now, less than a week later, Thorswap is back in business, this time fortified with new “guardrails.”

On October 12, the team announced on social media platform X, “Thorswap is back online! Please resume your regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from your own self-custody wallet.” The team further elaborated that aside from the revamped terms of service, users will notice no significant changes. Behind the scenes, they’ve allied with a prominent industry player to install “extra guardrails” to deter the movement of illegal funds.

The partnership proclamation was instantly met with skepticism, with one individual querying, “So you’re using a centralized chain analysis firm?” Thorswap’s updated terms of service indicate that residents from Belarus, Burma (Myanmar), Cote D’Ivoire (Ivory Coast), Cuba, Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe are prohibited from using the application.

This also encompasses any other “country to which the United States, the United Kingdom or the European Union embargoes goods or imposes similar sanctions.” Sanctioned individuals are likewise banned from utilizing the dex platform. Thorswap’s developers added that the team will need to “fine-tune things” over the subsequent few days.

What do you think about Thorswap resuming operations with guardrails? Share your thoughts and opinions about this subject in the comments section below.

by Jamie Redman via Bitcoin News