Like people have mentioned, white could cut here.
$$B
$$ | . . . , . . . . .
$$ | . . . . . . . . .
$$ | . . . B W a . . .
$$ | . . . O X . . . .
$$ | . . . O X . . . .
$$ | . . . O O X X . .
$$ | . . O , X O X O .
$$ | . . . . X O X . .
$$ | . . . . O O . . .
$$ | . . . . . . . . .
$$ ------------------
- Click Here To Show Diagram Code
[go]$$B
$$ | . . . , . . . . .
$$ | . . . . . . . . .
$$ | . . . B W a . . .
$$ | . . . O X . . . .
$$ | . . . O X . . . .
$$ | . . . O O X X . .
$$ | . . O , X O X O .
$$ | . . . . X O X . .
$$ | . . . . O O . . .
$$ | . . . . . . . . .
$$ ------------------[/go]
a is an obvious sente move that threatens to capture two black stones. If black protects against that extension in some way, black's cutting stone will remain weak and in being forced to strengthen himself, white will become stronger on the outside and this will mute black's thickness. Since black's aim is thickness in playing this joseki, that's not desirable.
Other than the obvious forcing move against the two stones, things could proceed something like this and white would have a forcing move at 4. Black's thickness is greatly reduced with a variation like this:
$$B
$$ | . . . 3 . . . . .
$$ | . . . . 2 . . . .
$$ | . . 1 B W . . . .
$$ | . . . O X . 4 . .
$$ | . . . O X . . . .
$$ | . . . O O X X . .
$$ | . . O , X O X O .
$$ | . . . . X O X . .
$$ | . . . . O O . . .
$$ | . . . . . . . . .
$$ ------------------
- Click Here To Show Diagram Code
[go]$$B
$$ | . . . 3 . . . . .
$$ | . . . . 2 . . . .
$$ | . . 1 B W . . . .
$$ | . . . O X . 4 . .
$$ | . . . O X . . . .
$$ | . . . O O X X . .
$$ | . . O , X O X O .
$$ | . . . . X O X . .
$$ | . . . . O O . . .
$$ | . . . . . . . . .
$$ ------------------[/go]
At which point, a move like
a would be something for white to aim for and a move on the right side would also attack the other black stones.
$$B
$$ | . . a . . . . . .
$$ | . . . . . . . . .
$$ | . . . 3 . . . . .
$$ | . . . . 2 . . . .
$$ | . . 1 B W . . . .
$$ | . . . O X . 4 . .
$$ | . . . O X . . . .
$$ | . . . O O X X . .
$$ | . . O , X O X O .
$$ | . . . . X O X . .
$$ | . . . . O O . . .
$$ | . . . . . . . . .
$$ ------------------
- Click Here To Show Diagram Code
[go]$$B
$$ | . . a . . . . . .
$$ | . . . . . . . . .
$$ | . . . 3 . . . . .
$$ | . . . . 2 . . . .
$$ | . . 1 B W . . . .
$$ | . . . O X . 4 . .
$$ | . . . O X . . . .
$$ | . . . O O X X . .
$$ | . . O , X O X O .
$$ | . . . . X O X . .
$$ | . . . . O O . . .
$$ | . . . . . . . . .
$$ ------------------[/go]
Does this give you an idea of why the double hane at this point would be an overplay?
Still, don't forget about the play. It's possible that this play could be a good one if black is strong on the outside and has supporting stones to help his otherwise weak groups. It does essentially seal white in and it could lead to black developing on both sides if his groups are strong enough and white's cutting stones could even become a target for an attack if black is very strong on the outside, so it's good to remember that sometimes non-joseki moves are correct moves depending on the situation.