Crypto blogger Colin Wu noticed that OKX tightened KYC requirements without any warning.
OKX exchange has recently strengthened its KYC policy. KYC1 daily withdrawal limit of 200 BTC has been reduced to only $5,000 in total, but no announcement. KYC2 requires face recognition and certificates. The withdrawal amount after approval is a daily limit of $10m.…
— Wu Blockchain (@WuBlockchain) May 10, 2023
First, they lowered the daily withdrawal limit for Level 1 KYC. Now it is $5000 instead of 200 BTC.
To receive KYC level 2, you will need to send your selfie and photo of documents. Upon approval, the client’s daily limit will increase to 500 BTC or equivalent in other currencies.
New OKX strategy
Today OKX presented a new promo and slogan “The system needs to be rewritten”. This is an allusion to the advertisement of their competitor Coinbase (they use the thesis “It’s time to upgrade the system”). The crypto exchange stands for the new WEB3 paradigm. And a complete replacement of existing traditional systems.
A lot has happened around us the last six months. We can either aim to [update the system] that has failed us… OR [we rewrite it entirely]. your choice. Our call? Let’s rewrite it together. Watch our latest ad – sound on! pic.twitter.com/KlLK8w8pC0
— Haider (@Haider) May 9, 2023
Note that OKX has been announcing a lot of new products lately. So, soon there will be a crypto volatility analysis service from EndoTech. A software product with artificial intelligence will help traders assess the situation in the cryptosphere and change their strategy.
At the same time, the exchange is trying to comply with global regulations, KYC and AML. Their verification policy update is related to this.
In more recent news, OKX transferred more than $60 million to Alameda wallets. So they gradually return the frozen assets. The exchange plans to return $157 million worth of crypto assets in total.
Source: bitcoinlinux.com
