OKX enforcing KYC.

[Oshosondy]

Is it truly local regulations? I mean regulations from my country or everyone that has OKX exchange account has been sent the email already?




Local or worldwide?

[OmegaStarScream]

I have an account and I haven't received anything from them so it could be something enforced by your country. Did you reach the lifetime withdrawal limit they have set recently?[1] If so, the email is probably just a reminder.

[1] https://bitcointalk.org/index.php?topic=5414539.msg62204785#msg62204785

[rat03gopoh]

I haven't received it, I'm a user with KYC Lvl2.
But that's a very short deadline, you should also check if they reminded you before this one.
What is your KYC level status? I think the request to update the information doesn't mean to increase its level either. cmiiw

[BitMaxz]

I'm not KYC verified I haven't receive anything from okx my guess you've reach the maximum limit. The maximum limit from the link provided above is $5000 but it looks like their maximum limit for non- KYC is $2500?

Here's what I got

For identity verification level 1, these limits are $500 per account for deposits and $2,500 per account for withdrawals until you complete level 2 verification. Only after completing it, you'll get higher limits.

[Bitcoin_Arena]

I Would also like to confirm that I have not received any such email, perhaps it's just you or maybe due to your jurisdiction. How actively have you been using OKX in the recent times? My account is not verified, and my withdrawal limit is $1,000, so I haven't even been using it to trade in the recent times

[stompix]

I'm not KYC verified I haven't receive anything from okx my guess you've reach the maximum limit. The maximum limit from the link provided above is $5000 but it looks like their maximum limit for non- KYC is $2500?

Here's what I got

For identity verification level 1, these limits are $500 per account for deposits and $2,500 per account for withdrawals until you complete level 2 verification. Only after completing it, you'll get higher limits.

They updated their KYC page and requirements a few days ago
https://www.okx.com/help-center/4402551261837
You can see on their Twitter account there is a flood of users around that time asking about the same thing, basically, everyone who was unverified and has done any transactions this year is going to get one. Inactive accounts not so much as they are not interested in it nor do they care about their data.

OKX Help Desk
@OKXHelpDesk
Jun 26
Hey there, KYC is mandatory in our platform

[KingsDen]

They updated their KYC page and requirements a few days ago
https://www.okx.com/help-center/4402551261837
You can see on their Twitter account there is a flood of users around that time asking about the same thing, basically, everyone who was unverified and has done any transactions this year is going to get one. Inactive accounts not so much as they are not interested in it nor do they care about their data.

OKX Help Desk
@OKXHelpDesk
Jun 26
Hey there, KYC is mandatory in our platform

I was going to say that it might not be local. Just that majority of the people in this thread didn't recieve the message in OP. Maybe in few days time they will.
I'm curious that since OKX updated their KYC requirements, who knows if they are under a silent attack .

[Oshosondy]

I was going to say that it might not be local. Just that majority of the people in this thread didn't recieve the message in OP. Maybe in few days time they will.
I'm curious that since OKX updated their KYC requirements, who knows if they are under a silent attack .

I think this is what that is happening, but not an attack because they allow withdrawal, and also their ToS has been updated . I do not think I have used the exchange this year until last week that I used it for deposit and withdraw. Some days after, I got this email, which was yesterday. Stompix is correct.

[Yamane_Keto]

I did not receive this message, but when I wanted to deposit, I was asked to complete the identity verification. I tried entering random data and it was over. They did not ask me to send documents or proof of the information I provided, but I could not do anything without providing that data.

My new account limits are no deposit restrictions and a limit of about $5,000 for withdrawals per day.

I think this is what that is happening, but not an attack because they allow withdrawal, and also their ToS has been updated . I do not think I have used the exchange this year until last week that I used it for deposit and withdraw. Some days after, I got this email, which was yesterday. Stompix is correct.

If you intend to use this account in the future, enter your data, and I do not think that they will ask you to send files such as a passport photo or a selfie. If you do not intend to enter any random data.

[BD Crypto]

Is it truly local regulations? I mean regulations from my country or everyone that has OKX exchange account has been sent the email already?

They are implementing this Regulations worldwide. So if someone want to trade or make deposits they will have to do KYC verification. I just talked with their representative in Telegram Group and they assured about it.

OKX was one on the most recommended non KYC exchange and now they are asking for KYC documents. After Kucoin, OKX has implemented KYC verification as a must. So now Huobi and Coinex are the best non KYC CEXs. Now It's a must to use DEX exchanges for anonymity, decentralization and about security especially for old OKX users.

[Darker45]

Another one bites the dust. It has just been around a week ago when OmegaStarScream informed us here that Kucoin to introduce mandatory KYC. Now, it's OKX's time. Time is obviously running out for those who are fond of using centralized exchanges with unverified accounts. Of course, this is expected, but it's still unfortunate that they cannot anymore provide even a low limit for those users who don't want to reveal their personal information.

I guess the largest remaining domino to have yet to fall is Huobi? It's $1,000 deposit limit for unverified users is rather low, but even this will probably be gone in the next weeks or months.

[Oshosondy]

Is it truly local regulations? I mean regulations from my country or everyone that has OKX exchange account has been sent the email already?

This is not KYC, this is basic verification, where you will need to fill in a bunch of personal data without documentary evidence, that is, this is a formal data filling that is approved automatically. You can write any information there, and you will be approved for a $1,000 limit.

The exchange has again lowered the limits for unverified clients, which means that mandatory KYC for all users will be announced on this exchange very soon:

This only means identity document verification for OKX users. $1000 is too small. Not even maximum daily, weekly or monthly withdraw, but lifetime if your account do not get verified. I have deposited and withdrawn more than $1000 before and identity verification is compulsory. It remains 28 days now seen on my OKX account.

[OmegaStarScream]

-snip-

Although the two exchanges (OKX and OKCoin) are owned by the same parent company, I would imagine that the limits are different since they offer different services in different locations.

-snip-
From March 22 this year, the chronology of limits for unverified users on OKX is as follows: 10BTC -> $100,000 -> $5,000 -> $1,000.

I'm suspecting it's different depending on where you are. @Yamane_Keto just reported above that his limits are 5000$ (I think he meant lifetime, and not per day).

[noorman0]

I've drawn conclusions from a few user issues lately. With no new rule of withdrawal limits written down, they are literally trapping users looking for alternative no KYC exchanges. OKX took advantage of the situation from the countdown before the demands of global regulatory KYC implementation came to them, while they wanted to maintain the "no KYC" USP which is currently increasingly rare to find on the list of major exchanges.

[rat03gopoh]

I'm coming back to confirm that yesterday I also received the same update request email, I'm a KYC Lv2 user but I'm sure that this is a request for all users for all levels of verification which is being done in stages.
I haven't done anything so far, will update the post how this verification process will go.

[Taskford]

Well known exchange has been subjected to this kind of implementation and I believe that this Kyc thing may became a natural requirements on each exchange we are going thru. So I guess there's nothing we can do with this if we want to continue to use their platform since we can't do anything with it but to comply. Recently kucoin also implement a Kyc feature so having it on Okx is also not surprising to see.

[michellee]

Sooner or later, all CEXs will ask their users to do KYC like exchanges already do to their users. Some time ago, we saw KuCoin asking its users to do KYC. And now OKX is also doing the same thing. I don't know which exchange will ask their users to do KYC.

It's not surprising to me because this has been happening for a long time. Even Poloniex and Bittrex, which used to not ask for KYC, implemented it a few years ago because my friend was required to do it a year ago. And the only option for crypto users who don't want to do verification is to use a DEX.

But it is also a matter of convenience that traders get. If they are comfortable using one or more exchanges and find that those exchanges require verification by doing KYC, they will.