To OKX Canadian users

[Oshosondy]

I created this topic for users that may not be using the email used to register on OKX to be receiving messages, although I did not get any notification, but according to the news I saw this from, I think only OKX users that are located in Canada are the ones sent this message, but for those that have funds on the OKX, but not active on the exchange and not receiving email message from the exchange, this post is for you.

You need to move your coins out of OKX due to new regulatory rules:

On March 20, cryptocurrency exchange OKX informed Canadian users via email the firm “will no longer provide services or allow users to open new accounts in Canada starting on Mar. 24, 2023, 12:00 AM EST,” citing “new regulations.” According to OKX, existing Canadian customers must close open options, margins, perpetual and futures positions by June 22. Fiat or tokens must also be withdrawn by that date.

“Your funds will remain safe in your account until you withdraw them. You will be able to withdraw dollars to your linked bank account and cryptocurrency to your self-custody wallet or your cryptocurrency account on another exchange. “

We should always know that we should never leave coins on any exchange, this is another good reason not to leave coins on any exchange, because if the users do not transfer their coins before the said date, maybe they will not be able to transfer their coins again, or it may take a very annoying process that can frustrate the person. Also exchanges can be hacked, another reason not to leave your coins on any exchange.

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[OmegaStarScream]

I saw the article yesterday and then when I logged in to my account, I noticed that the withdrawal limits have changed for non-verified users as well. I'm not sure when they changed this, but it went from 10 BTC to ~3.6 BTC (the equivalent of 100k USD per day) which is still plenty but with the news you mentioned, it makes me think that they're going the same route as Binance and will eventually make KYC mandatory for everyone.

[hugeblack]

This is a very bad news, I've used them since Binance added KYC verification and they seem to be heading in the same direction especially since it's been several months since KYC starts and it becomes public for all accounts.

The good side for other countries is that you have about 3 months left, and the bad side is that you must now look for an alternative platform in anticipation of anything.
Does anyone know if this is due to a law in Canada that bans all platforms, or is it related to unregistered platforms, or do they need a Canadian copy like Binance.US

[Oshosondy]

Does anyone know if this is due to a law in Canada that bans all platforms, or is it related to unregistered platforms, or do they need a Canadian copy like Binance.US

You can find the whole reasons from this  Canadian Securities Administrators (CSA) notice: https://www.asc.ca/-/media/ASC-Documents-part-1/Regulatory-Instruments/2023/02/6082629-CSA-Notice-21-332-Crypto-Trading-Platforms.ashx

In light of recent insolvencies involving a number of CTPs, including Voyager Digital, Celsius Network, the FTX groupof companies, BlockFi and Genesis Global (collectively recent CTP insolvency events), we are introducing important new investor protection provisions into the standard form of PRU.

The new commitments we are now requesting from unregistered CTPs relate to the following areas:

•enhanced commitments in relation tothe custody and segregation of crypto assets held on behalf of Canadian clients;
•enhanced commitmentsto precludethe unregistered CTP frompledging, re-hypothecatingor otherwise usingcrypto assets held on behalf of Canadian clients;
•a prohibition on the part of the CTP offering margin, credit or other forms of leverage to any type of client in connection withthetrading of crypto contracts or crypto assets on the CTP’s platform;
•new commitments from controlling mind(s) and global affiliates that affect the CTPentity seeking registration and relief;
•restrictions on the part of the CTP relying on crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP,in determining the capital of the CTP for excess working capitalpurposesand in determining the capital base of the CTP;
•enhanced commitments in relation to the filing bytheCTP of financial information with  the CSA on a regular basis;
•enhanced commitments in relation to the retention of a qualified Chief ComplianceOfficer (CCO)during the pre-registration process;
•a prohibition on the part of the CTP in respect of clients buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins)through crypto contracts without the prior written consent of the CSA; and
•a prohibition on the part of the CTP in respect oftrades in crypto contractsbased on  proprietary tokens, except with the prior written consent of the CSA.

We believe the recent CTP insolvency events noted above highlightthe significant investor protection risks to Canadian investors of trading crypto assets, particularly where such trading is conducted through unregistered CTPs based outside of Canada.

According to what I am reading online, it is believed that OKX want to temporary and stop providing services to Canadians because of this:

a prohibition on the part of the CTP in respect of clients buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins) through crypto contracts without the prior written consent of the CSA

I do not the exact reason, but I know OKX was not able to comply with one or some of the commitments above.

@OmegaStarScream. Maybe it is related to KYC, I do not know. Is it KYC related, or that is not the reason?

[hugeblack]

I do not the exact reason, but I know OKX was not able to comply with one or some of the commitments above.

Today I decided to log in to my account, and after using that aacount for more than two years, KYC was requested and I was prevented me from making any withdrawals until after completing identity verification. The required information is name, nationality, card or passport data without you sending pictures to them.
I filled in random data and the account came back with the same old withdrawal limits but it is a sign that something is going on with this platform and therefore it is not just about users from Canada.

[jenny56]

OKX users know about any regulatory changes that might have an impact on their funds. All users must stay informed and take proper action to safeguard their money. Anybody who is impacted by these modifications is urged to thoroughly read the material supplied by OKX and take all necessary actions to remove their coins from the exchange. Always err on the side of caution, and preemptive action can assist avoid any potential losses or difficulties.