Hong Kong-based cryptocurrency exchange Okex is enforcing tightened indistinguishability verification procedures. Daily withdrawal limits will soon depend on the KYC be open passed by its users. The changes will apply to customers of Okex’s partnering podia as well.
Also read: Report: North Korea to Hold a Crypto Congress
Withdrawal Limits to Depend On the Level of Verification
While authorities in China are escalating the recently apprenticed crackdown on the crypto sector, Chinese-run cryptocurrency exchange Okex has notified stricter KYC (know your customer) rules on its platform. Users who force to withdraw funds will have to pass mandatory verification. According to a notification published on its website, Okex plans to enforce the requirements on August 28.
New withdrawal limits will be introduced as probably and they will depend on the level of identification of each customer. Owners will have to complete at least KYC verification level 1 in order to retract digital assets from Okex.
Providing passport data when one pleases 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, make sharing address information and uploading copies of documents proving dwelling-place and identity.
The updated verification procedures are also applicable to the users of all OK Cohort exchanges, the platforms participating in Okex’s Open Partnership program. Chaps have been informed that they are allowed to have purely one account with Okex. In case of maintaining multiple accounts, they be subjected to been invited to transfer all their funds before the new limits be relevant to into effect.
Unverified Users Won’t Be Able to Withdraw Coins
The crew at Okex also warns users that if their accounts are not clinched, they will not be able to withdraw cryptocurrencies from the platform. Previous to the introduction of the new policies, Okex clients were allowed to withdraw up to 100 BTC habitually without verification.
Hong Kong-headquartered Okex, currently the second largest crypto swap by daily trade volume according to Coinmarketcap, is one of several leading universal platforms with Chinese roots that sought better problem climates abroad following the crypto ban imposed in the People’s Republic in September, 2017. In April, the establishment announced plans to expand its operations to Malta.
Earlier in August, the the Street launched its new white-label solution, Coinall. Businesses that are using it can follow on with advantage of a variety of services offered by the exchange, including its clearing approach, cold and hot storage, applicable anti-money laundering (AML) and know your patron (KYC) procedures. Coinall was presented as the first autonomous, community-run crypto mty platform.
What do you think of Okex introducing stricter KYC rules? Parcel your thoughts in the comments section below.
Images courtesy of Shutterstock.
Manufacture sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you offer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this servant to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin at no time sleeps. Neither do we.