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OKX Sets Deadline for Users to Complete KYC, Strengthens Policy

Tim Fries

Published: August 21, 2023 6:55 am

Last Updated: August 21, 2023 9:45 am

OKX asked users to complete the 3-step verification process before September 21 to continue using the platform’s services. The move comes as OKX doubles down on reinforcing its Know Your Customer (KYC) policy and ensuring compliance with global crypto regulations.

OKX Sets Sep. 21 Deadline for Completing Verification Process

Crypto exchange OKX set a deadline for users to complete the advanced verification process, marking another effort to strengthen the company’s KYC policy. According to the announcement, all OKX users must complete the 3-step verification on OKX by 7 am on September 2021. Those who fail to do so will lose access to the exchange’s products and services.

“At #OKX, we prioritize a seamless and secure trading experience. As part of this, we are transitioning to a streamlined verification process to adhere to global regulatory standards.”

– OKX wrote in the tweet.

The advanced verification requires basic personal information about the customer, a scan of their ID card, and face recognition information.

KYC represents a process used by businesses, including crypto firms, to verify the identity of their customers. Strengthening KYC policies is crucial for companies as it ensures compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, prevents fraudulent activities, and maintains the financial system’s integrity.

This proved particularly important for crypto, as highlighted by the numerous hacks, money laundering attempts, and other fraudulent schemes that plagued the industry in recent years.

OKX’s Growth

OKX is the second largest crypto exchange in the world by trading volume after Binance. The crypto company provides services to more than 50 million users across over 100 countries. Products offered by OKX include spot, margin, futures, perpetual swaps trading, DeFi, and mining services.

OKX’s recent update shows that the crypto exchange has risen to the top 10 among over 160 active global spot trading platforms.

Last month, OKX unveiled the BRC-30 token standard proposal to bring staking features like pools and rewards to the Bitcoin blockchain. The move came just a month after the exchange teamed up with Unisat to introduce a BRC-20 token standard.

This article originally appeared on The Tokenist