Is OKX’s “compliance” chaos part of a greater global issue? star-news.press/wp

• OKX CEO has apologized for “high false positives” as the accounts of the reckoning of the account.
• He criticized the user who has been closed from his 4 -year account, although the main documents are submitted.

OKX Crypto Exchange has hit the headlines after the user’s complaints about the freezing of the account.

One of the users criticized that his 4 -year -old account (with $ 11,000) was closed in mid -June. He cannot trade, deposit or withdraw money.

Painful customer support was not resolved with customer support.

He added that he did not give access. This was despite the provision of the required personal data, including the 15 -year work date, to prove his source of income.

As a result, it is to caution Other users to give up the stock exchange to avoid poor and frustrating experience.

“Regardless of whether your OKX account is currently normal, I suggest you to withdraw your money. If your account is one day, will you risk or not?”

OKX CEO explains compliance

In response, the CEO of OKX, Star Xu, apologized. male There are issues related to high “false” transportation with a strict compliance system.

“We acknowledge that issues such as high positive rates and the user experience are optimal in the process of collecting the information are still present during compliance and risk monitoring operations.”

Source: Star Xu/x.

Shaw added that they have a global team to comply and combat risks from 600 members to accurately assist in cost and remove harmful actors.

He also pointed out that the use of VPNS or Tor browser from a concept area will lead to an application to obtain additional personal data.

However, he added that even global risk systems are still vulnerable to “false positives”. They can report an innocent user as harmful, adding that they are working to improve the process.

In March, the company was wrong A mark has been placed To help infiltrators to wash about $ 100 million from $ 1.5 billion stolen from the Bybit Stock Exchange.

Global encoding with operations even in the United States, OKX facing the most stringent organizational audit, especially for money laundering (AML).

In 2023, Binance was slaughtered with a $ 4.3 billion fine In order to diversify the AML regulations, by allowing even the approved countries like Iran on the platform.

As such, OKX’s strict control is logical, but the user experience should not be strictly. However, the exchange Ranked Secondly, after Binance in terms of the size of derivative trading ($ 19 billion).

As of June, OKX I mentioned Dealing with $ 28.4 billion in digital assets and a total of 127111 Bitcoin (BTC). From this, 120,804 BTC belongs to customers, which means that the stock exchange has 6,307 BTC.

Source: okx