OKEx Implements Drastic 5-Day Deadline for Verification for KYC

One of the best four crypto exchanges globally, which also has a trading volume of over $500 million, OKEx, has declared that it is introducing radical alterations to their KYC authentication requirements.

Clients had until yesterday to meet the terms, otherwise their money would be frozen and difficult to get to until appropriate individuality authentication is submitted. The new regulations will also be effective for all the exchanges taking part in the OKEx’s partnership platform.

Prior to the said changes, clients did not have to possess any verification information in order to receive funds from the bionetwork. Additionally, clients were in a position of having several accounts.

Presently, the firm is urging its clients to amalgamate their funds into a single account prior to the new rules being implemented. Otherwise, they risk having permanently no access to their funds in other accounts. Additionally, it would be difficult to utilize one identity to authenticate manifold accounts.

Information from the company indicate that users who are able to achieve the first level of KYC by uploading their identification documents will be in a position of withdrawing at most two Bitcoins in a day. This is currently equivalent to about $13,000.

On the other hand, clients who are able to achieve level two and three of the KYC will be in a position of withdrawing at most 100 Bitcoins in a day, which is equivalent to about $670,000. In order to get to these levels, users are required to upload further proofs of identity official papers, in addition to documents which can prove their addresses.

In many ways, the stringent requirements introduced by OKEx is believed to be in connection with the Chinese crackdown on virtual asset trading. It is worth noting that OKEx has its headquarters in Hong Kong, an autonomous government which is largely favorable towards virtual assets, though it is decisively within the territory of China.

The new changes will affect some users who were used to the 100 Bitcoins per day withdrawals, in addition to having several accounts without the need for any authentications. In some countries like the US, such huge amounts would be illegal since this makes a conducive environment for illegal activities like money laundering. Users have only five days to comply.

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