- OKX ramps up KYC policy with no prior announcement.
- KYC1 user daily withdrawal limit reduced from 200 BTC to $5,000.
- KYC2 now requires face recognition and documentation, with a $10 million daily withdrawal limit post-approval.
OKX, a top player in the crypto exchange world, has tightened its Know Your Customer (KYC) policy. The changes primarily affect daily withdrawal limits.
Read CRYPTONEWSLAND on
google news
Earlier, KYC1 users could withdraw 200 Bitcoin (BTC) daily. Now, the limit has shrunk to a total of $5,000. Oddly, OKX made no announcement about this shift, leaving users unprepared.
For KYC2 users, the rules have become stricter. They must now go through face recognition and submit official documents for verification. After approval, they can pull out up to $10 million every day.
OKX’s new move shows its dedication to global compliance standards. It also underscores their effort to create a safe trading space for all users.
Though the sudden change might shock some users, it falls in line with the worldwide trend of tighter crypto regulations. Governments and regulatory bodies across the globe are pushing for more transparency in crypto dealings.
The KYC process fights against illegal activities like money laundering and fraud, adding accountability to the crypto world. Even if such changes seem sudden, they make the crypto space safer and more trustworthy.
As the demand for stricter regulation increases, other exchanges will likely follow OKX’s lead. This development is something all crypto users and investors should watch. It could significantly influence the future of crypto transactions and trading.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
