OKX cryptocurrency exchange tightened customer verification rules

OKX cryptocurrency exchange tightened customer verification rules

Author: Robert Strickland crypto-journalist

OKX cryptocurrency exchange tightened customer verification rules
Cryptocurrency exchange OKX has tightened the rules of customer verification
The platform has reduced the limit on the withdrawal of funds from $5.5 million to $5 thousand for users who have not uploaded photos of documents and identification by selfies

Cryptocurrency exchange OKX has tightened KYC requirements. According to a report by crypto-journalist Colin Wu, the platform made changes to its rules without a public announcement.

OKX is a centralized cryptocurrency exchange founded in 2017. The platform is operated by OK Group, which also includes the OKCoin exchange. According to CoinGecko, OKX has the fifth-highest daily trading volume among CEX platforms, with $845 million as of May 10.

There are two levels of user verification on the OKX platform. KYC 1 implies specifying full name, citizenship, type, and number of ID. KYC 2 verification requires a real-time photo in the app and a photo of documents.

"Cryptocurrency has become too visible. Why exchanges are introducing KYC

According to the updated rules of the platform, the daily withdrawal limit for users who passed KYC 1 verification is $5 thousand. Previously, it was 200 BTC ($5.5 million).

After KYC 2 the daily withdrawal limit will go up to 500 BTC ($13.8 million).

As regulators around the world systematically tighten anti-money laundering requirements for cryptocurrencies, exchanges are tightening user verification rules one after another to comply with regulatory requirements.

At the end of April, cryptocurrency exchange Bybit announced the introduction of mandatory customer identity verification. Since May 8, users of the site who have not uploaded identification documents and have not been identified by photo can only close existing positions, refund credits and withdraw funds.

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