OKEx Implements Drastic 5-Day Deadline for Verification Requirements

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OKEx Implements Drastic Verification Requirements

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OKEx, among the top four crypto exchanges in the world with daily trading volume often in excess of USD 500 million, has announced drastic changes to their know your customer (KYC) verification requirements in a post on 23 August 2018.

Customers have until 28 August to comply or their funds will be frozen and inaccessible until proper identity verification is submitted. These new rules will also go into effect for all the exchanges participating in OKEx’s Open Partnership Program as well.

Before this change, no verification information was required for customers to withdraw funds from OKEx and customers were able to have multiple accounts. OKEx is warning customers to consolidate their funds into a single account before this rule change goes into effect or risk losing access to the money in those other accounts forever. It will not be possible to use the same identity to verify multiple accounts.

OKEx says that users who achieve KYC level 1 by uploading their passport will be able to withdraw up to BTC 2 per day, currently worth about USD 13,000. Users who achieve KYC levels 2 and 3 will be able to withdraw BTC 100 Bitcoins per day, or about USD 670,000. To achieve those levels, users are required to upload further identification documents, as well as documents proving their address.

It is believed that this drastic increase in KYC verification requirements is due to the expanding Chinese crackdown on cryptocurrency trading. OKEx is headquartered in Hong Kong, which has an autonomous government that is more favorable towards crypto but is firmly in Chinese territory.

It is perhaps a relic of the past that customers on OKEx were able to withdraw BTC 100 daily and have multiple accounts without any verification. In the US and in most other parts of the world, this would be illegal since it is conducive for money laundering.

OKEx only gave five days for customers to comply, which may catch many users off guard since OKEx has a large number of users.


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