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- OKX ramps up KYC policy with no prior announcement.
- KYC1 user daily withdrawal limit reduced from 200 BTC to $5,000.
- KYC2 now requires face recognition and documentation, with a $10 million daily withdrawal limit post-approval.
OKX, a top player in the crypto exchange world, has tightened its Know Your Customer (KYC) policy. The changes primarily affect daily withdrawal limits.
Earlier, KYC1 users could withdraw 200 Bitcoin (BTC) daily. Now, the limit has shrunk to a total of $5,000. Oddly, OKX made no announcement about this shift, leaving users unprepared.
For KYC2 users, the rules have become stricter. They must now go through face recognition and submit official documents for verification. After approval, they can pull out up to $10 million every day.
OKX’s new move shows its dedication to global compliance standards. It also underscores their effort to create a safe trading space for all users.
Though the sudden change might shock some users, it falls in line with the worldwide trend of tighter crypto regulations. Governments and regulatory bodies across the globe are pushing for more transparency in crypto dealings.
The KYC process fights against illegal activities like money laundering and fraud, adding accountability to the crypto world. Even if such changes seem sudden, they make the crypto space safer and more trustworthy.
As the demand for stricter regulation increases, other exchanges will likely follow OKX’s lead. This development is something all crypto users and investors should watch. It could significantly influence the future of crypto transactions and trading.