OKEx Crypto Exchange Tightens KYC Verification With Stricter Withdrawal Limits Guidelines
Cryptocurrency exchange, OKEx has recently announced that changes will be made to the platform’s Know-Your-Customer (KYC) guidelines. It seems like the exchange plans to tighten up the guidelines to increase verification processes. Ultimately, those who wish to withdraw their respective funds will have to undergo an additional verification step. The withdrawal limits will come into effect as of August 28, according to the crypto exchange itself.
A breakdown of the withdrawal limits has also been given and it seems like unverified accounts will not be able to withdraw anything. Similarly, those who have their accounts verified to level one will be able to withdraw 2 BTC every 24 hours, and advanced levels will be able to withdraw nearly 100 BTC every 24 hours. Normally, moving up a level implies presenting the exchange with necessary government-issued IDs for verification, which include either a driving license or a passport.
According to News.Bitcoin.com, prior to these new guidelines, users were able to withdraw up to 100 BTC per day without passing any of the verification levels, making it a drastic change. In addition, OKEx’s new limits are very similar to that of crypto exchange, Binance.
First founded in China in 2014, OKEx currently holds the title of the second-largest exchange to date by trading volume. Its current strict stance might be alarming at first, but given the nature of crypto regulations, securing one’s holdings should be a priority, which OKEx continues to work towards.