OKEx's new policy bans unverified users from withdrawing funds

27 Aug, 2018
by Fifi Arisandi
News
OKEx's new policy bans unverified users from withdrawing funds

Hong Kong-based exchange, OKEx applies stricter KYC with withdrawal limits, following the Chinese government's crackdown on cryptocurrencies. 

Cryptocurrency exchange, OKEx applies stricter KYC (know your customer) rules to their customers, which will start on August 28. Users can no longer have multiple accounts, thus they are advised to transfer all the funds to an account before the new rule takes place. 

The new KYC introduces withdrawal limits that depend on each user's identification level. All users are expected to have completed at least level 1 identification before they're allowed to withdraw their funds from the platform.

For 2 BTC daily withdrawal limit, users are required to provide their passport data, whereas, for 100 BTC daily limit, they are required to share their address information as well as uploading identity and proof of residence on the submitted address. 

As reported by Bitcoin.com, The Hong Kong-based exchange reminds their users that they won't be able to withdraw any funds if their accounts are not verified and that the new policy applies to all types of users.

This is completely different from the exchange's previous policy where users are allowed to withdraw as much as 100 BTC daily without any verifications required whatsoever. 

OKEx's bold move is very likely related to the Chinese government's crackdown on cryptocurrencies in the past couple of days. When the crypto ban was enforced for the first time by the government in September 2017, the exchange decided to move out of the country for better opportunities for growth.

Listed as the second biggest cryptocurrency exchange by daily volume on Coinmarketcap, OKEx revealed their plan for further expansion by working together with Malta Stock Exchange last month, which is followed by the launching of their white label exchange earlier this month. 

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Read more about: OKEX

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