A cryptocurrency exchange platform based in Hong-Kong has come up with a new identity verification process in light of the ongoing frauds. As per the latest update from Okex, the daily withdrawal limit of the coins will soon depend on the KYC level of the users.
What does this mean?
When it comes to cryptocurrency exchange platforms, it is clear that the risk is constantly increasing. Just to reduce the risk, the exchange platform, Okex, has come up with a new KYC authentication process for the users. Not only this, but they are also deciding to confirm the withdrawal limits will depend on the level of verification that the users will hold on the platform.
This notification popped up on the official website of Okec on 28th August. As per the notification so far it is confirmed that the new withdrawal limits will soon be introduced to the customers that will decide their daily withdrawal limit. As per this comment they also mentioned how clearing the level 1 KYC is going to be mandatory for all the users for withdrawal.
What are the terms?
Now, as far as we have gathered, providing the passport verification will be enough to withdraw 2 BTC and if the user has to withdraw more than this, he or she will have to clear KYC levels 2 and 3. What are these level 2 and 3 KYC? Well! in this the user will be required to update copies of documents for residential proof as well as identity proof. However, this new rule is not just for the users of the Ok but also for the partner exchanges as well.
Where this is happening, the platform has also restricted the users in terms of the number of accounts. No user will now onwards allowed to maintain multiple accounts on Okex. For those who already have multiple accounts have been told to transfer their holding in the single account.
No withdrawal for unverified Users – Okex
The platform officials of Okex have decided that no user without KYC will be allowed to withdraw coins from his or her account without getting KYC verification at least of 1st level. Not only this, the platform has also decided to put on the limit on the withdrawal at each level of KYC they have introduced. Okex is one of the largest exchange platforms based in Hong-Kong. Not only this, it is among the leading global platforms with Chinese roots.