Crypto Exchange Okex Introduces Stricter KYC Rules

Hong Kong-based cryptocurrency exchange Okex is enforcing tightened identity verification procedures. Daily withdrawal limits will soon depend on the KYC level passed by its users. The changes will apply to customers of Okex’s partnering platforms as well.

Also read: Report: North Korea to Hold a Crypto Conference

Withdrawal Limits to Depend On the Level of Verification

While authorities in China are escalating the recently initiated crackdown on the crypto sector, Chinese-run cryptocurrency exchange Okex has announced stricter KYC (know your customer) rules on its platform. Users who wish to withdraw funds will have to pass mandatory verification. According to a notification published on its website, Okex intends to enforce the requirements on August 28.

New withdrawal limits will be introduced as well and they will depend on the level of identification of each customer. Users will have to complete at least KYC verification level 1 in order to withdraw digital assets from Okex.

Providing passport data will be enough for a daily limit of 2 BTC. KYC levels 2 and 3, which come with a 24-hour withdrawal limit of 100 BTC, require sharing address information and uploading copies of documents proving residence and identity.

The updated verification procedures are also applicable to the users of all OK Partner exchanges, the platforms participating in Okex’s Open Partnership program. Customers have been informed that they are allowed to have only one account with Okex. In case of maintaining multiple accounts, they have been invited to transfer all their funds before the new limits come into effect.

Unverified Users Won’t Be Able to Withdraw Coins

The team at Okex also warns users that if their accounts are not verified, they will not be able to withdraw cryptocurrencies from the platform. Prior to the introduction of the new policies, Okex clients were allowed to withdraw up to 100 BTC daily without verification.

Hong Kong-headquartered Okex, currently the second largest crypto exchange by daily trade volume according to Coinmarketcap, is one of several leading global platforms with Chinese roots that sought better business climates abroad following the crypto ban imposed in the People’s Republic in September, 2017. In April, the company announced plans to expand its operations to Malta.

Earlier in August, the exchange launched its new white-label solution, Coinall. Businesses that are using it can take advantage of a variety of services offered by the exchange, including its clearing system, cold and hot storage, applicable anti-money laundering (AML) and know your customer (KYC) procedures. Coinall was presented as the first autonomous, community-run crypto trading platform.

What do you think of Okex introducing stricter KYC rules? Share your thoughts in the comments section below.

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