Hong Kong-based cryptocurrency exchange OKEx quietly announced last week that it would be implementing stricter Know Your Customer (KYC) requirements and that unverified users of the platform would no longer be able to withdraw funds. Here is what you need to know about the new policies, which go into effect on Tuesday, August 28 at 14:00 local time.
Last Thursday, OKEx – the second largest crypto exchange by daily trade volume – announced that it would be rolling out stricter KYC rules. According to the announcement on OKEx’s website, users of the platform must comply with the new KYC rules or else they will be unable to withdraw their funds.
Out with the Old, in with the New
Previously, OKEx users were able to withdraw up to 100 BTC per day without needing to undergo verification – all that was needed was to bind an email address to the user’s account. As of tomorrow, however, the platform will roll out its new multi-tiered KYC verification system – not just on OKEx, but across all of its OK Partner exchanges as well.
Each tier requires more documentation than the previous tier and allows for higher withdrawal limits:
Tier 1
- Requires full legal name and passport or government-issued ID number
- Withdrawal limits: 2 BTC every 24 hours
Tiers 2 and 3
- All Tier 1 requirements plus uploading photos of passport or government-issued ID and other documents proving residency
- Withdrawal limits: 100 BTC every 24 hours (subject to increase based on user’s trading volume)
It is important to remember that users MUST complete Tier 1 verification in order to withdraw funds.
In addition to the above, OKEx has mandated that each user can only have one account:
Please note that one user can own only one account. If you have multiple accounts, please make sure to transfer all your funds before the new limits effective time.
In other words, if you have more than one OKEx account, now is the time to consolidate all of your funds into one account – BEFORE the new rules go into effect.
Do you use any of OK’s crypto trading platforms? What are your thoughts on the new, stricter KYC rules? Let us know in the comments below.
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