Cryptocurrency exchange OKX is ramping up its control over accounts that may pose high risks, particularly concerning compliance with international norms and laws.
What Qualifies as a High-Risk Account?
OKX defines high-risk accounts as those potentially linked to sanctioned countries, politicians, or users concealing their location using VPNs or Tor browsers. Although such users may be a minority, they face strict scrutiny under the exchange's risk policies.
"We only take action on a very small number of accounts," said CEO Star. "However, if suspicious or non-compliant activity is detected—especially involving funds—accounts are swiftly banned."
Behind the Scenes: A Robust Compliance Team
OKX employs over 600 professionals in compliance and risk control, working around the clock to detect and prevent breaches of international sanctions and anti-money laundering laws. The company's proactive approach demonstrates its commitment to maintaining regulatory integrity and avoiding legal issues that have plagued other crypto exchanges.
Conclusion: Importance of Rule Adherence
Users are urged to take extra care to avoid inadvertently triggering the platform’s risk detection systems. Utilizing VPNs in restricted regions or interacting with sanctioned entities can place their accounts at risk.
In summary, OKX's monitoring policy for high-risk accounts underscores the importance of adhering to norms and regulations in the cryptocurrency industry.
