China-based cryptocurrency exchange Okex has announced stricter know your customer (KYC) rules on its platform due to the harsh crackdown from the government over the crypto sector. Okex client base can only withdraw funds after fulfilling the mandatory verification.
Okex published a notification on their website, they aim to institute the requirements on August 28.
Limitations on withdrawals will have new policies implemented depending on the stage of a clients KYC process. Clients will need to complete a minimum KYC verification of level 1 in order to process withdrawals of virtual coins from Okex.
Currently, providing a passport will suffice for a daily limit of 2 BTC. If a client completes KYC levels 2 and 3, which allows a client to withdraw a limit of 100 BTC once per day, will require uploading copies of documents of proof of residence and identity.
Platforms participating in Okex’s Open Partnership program, will also be operating under the new procedures. Users have been notified that them may only hold one account with Okex. If clients are in possession of multiple accounts, they have a grace period to reconcile their accounts into one account before the new limits come into effect.
Okex also issued a warning to their users that if their accounts are not KYC compliant, they will be unable to withdraw cryptocurrencies from the platform. Before the new policies were announced, Okex clients were able to withdraw up to 100 BTC daily without being verified.
Okex, is currently the second largest cryptocurrency exchange ranked by daily trade volume as per Coinmarketcap, is a global platforms based out of China that along with their local competitors have branched into foreign lands after the crypto ban imposed in the nation back in September of 2017.