As reported by publishing news Bitcoin, the cryptocurrency exchange Okex in Hong Kong sets more stringent due diligence process. Limits on daily withdrawals will soon depend on the level of KYC, which will get users. Changes will apply to the customers of the partner platforms Okex.
Limits on Okex will depend on the level of identification
While authorities in China are increasing recently launched the suppression of the cryptocurrency sector, local cryptocurrency exchange Okex announced more rigorous rules of KYC (“Know your customer) on its platform. Users wishing to withdraw funds must undergo a mandatory inspection. According to the notice published on the website, Okex intends to impose requirements on August 28.
Will also introduce new limits for withdrawals, and they will depend on the level of identification of each client. Users will need to complete at least level 1 KYC verification to withdraw digital assets from Okex.
Provision of passport data will be sufficient for the daily limit to 2 BTC. Levels 2 and 3 KYC with a 24-hour withdrawal limit of up to 100 BTC, require the provision of information on the current address and download copies of the documents confirming the place of residence and identity.
Updated verification procedures also apply to users of all platforms involved in the Partnership program Open from Okex. Customers reported that they are allowed to have only one account with the exchange. In the case of maintaining multiple accounts, they were invited to transfer all their funds prior to the entry into force of the new limits.