Hong Kong-based cryptocurrency exchange, OKEx, recently announced the changes to be made to the Know-Your-Customer (KYC) guidelines. The exchange plans to make the guidelines strict in order to increase verification processes.
Those who want to withdraw funds, they’ll have to go through an extra verification step. According to the notification of the exchange, the new guideline will come into effect from August 28. According to the withdrawal limits set by the exchange, unverified accounts would no longer be able to withdraw any funds.
OKEx new guidelines
On the other hand, people who have verified accounts to level one will be able to withdraw 2 BTC at every 24 hours. Whereas, people at advanced levels will be able to withdraw almost 100 BTC at every 24 hours (may increase according to the user’s trading volume). It is to be noted that moving up a level means more strict verification, such as presenting the exchange with government-issued IDs or driving license or a passport.
Previous OKEx guidelines
Earlier, the users were allowed to withdraw around 100 BTC per day and that too without passing any verification levels. So, the new guidelines come as a drastic change. The exchange’s new limits, however, very similar to the popular cryptocurrency exchange, Binance.
OKEx currently holds position of second-largest exchange according to its trading volume. The new guidelines of the exchange might appear to be alarming for the users at first but definitely a good step. The step shows how the crypto exchange is making security its major priority.
OKEx mentioned, “This rule is applicable to all OK Partner exchanges users,” and warned the users stating, “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.”
Image via Shutterstock
Join our telegram group