Hong Kong-based cryptocurrency exchange Okex is enforcing tightened identity verification procedures. Daily withdrawal limits will soon depend on the KYC level passed by its users. The changes will apply to customers of Okex’s partnering platforms as well.
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Withdrawal Limits to Depend On the Level of Verification
While authorities in China are escalating the recently initiated crackdown on the crypto sector, Chinese-run cryptocurrency exchange Okex has announced stricter KYC (know your customer) rules on its platform. Users who wish to withdraw funds will have to pass mandatory verification. According to a notification published on its website, Okex intends to enforce the requirements on August 28.
New withdrawal limits will be introduced as well and they will depend on the level of identification of each customer. Users will have to complete at least KYC verification level 1 in order to withdraw digital assets from Okex.
Providing passport data will be enough for a daily limit of 2 BTC. KYC levels 2 and 3, which come with a 24-hour withdrawal limit of 100 BTC, require sharing address information and uploading copies of documents proving residence and identity.
The updated verification procedures are also applicable to the users of all OK Partner exchanges, the platforms participating in Okex’s Open Partnership program. Customers have been informed that they are allowed to have only one account with Okex. In case of maintaining multiple accounts, they have been invited to transfer all their funds before the new limits come into effect.
Unverified Users Won’t Be Able to Withdraw Coins
The team at Okex also warns users that if their accounts are not verified, they will not be able to withdraw cryptocurrencies from the
