CEO Star Xu of OKX provided an explanation regarding strict compliance and user verification measures on the platform following complaints about account restrictions.
Overview of Verification Issues
Xu noted that high false-positive rates and suboptimal user experience are issues that the platform is addressing.
The OKX compliance team consists of over 600 members dedicated to preventing illegal activities such as terrorist financing, human trafficking, money laundering, and market manipulation.
Reasons for Strict Verification Measures
Xu emphasized that verification measures are necessary to meet legal requirements across jurisdictions where OKX operates. VPN usage from restricted regions is a primary factor that triggers additional verification.
Account Blocking Policy
In cases involving sanctions or terrorism, the platform is required to freeze related assets. Users using Tor or having ties to political figures may face heightened document requests.
Xu added that OKX maintains the authority to issue warnings, request additional documentation, suspend account functions, or terminate accounts for policy violations.
In his statement, Star Xu highlighted that regulatory compliance is a vital aspect of the exchange's operations, even though it may sometimes cause inconvenience for users.
