OKX
$1.53B
founder Star Xu has clarified the corporate’s place on freezing consumer accounts when Know Your Buyer (KYC) info shouldn’t be updated.
This dialogue gained consideration after stories surfaced that consumer accounts had been being locked as a consequence of incomplete identification necessities.
On January 11, a number of customers expressed frustration over being unable to entry their OKX accounts as a consequence of KYC coverage enforcement.
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Xu addressed these issues in a put up on X by outlining the platform’s strategy to account restrictions. He defined that connections to legal exercise or involvement in regulation enforcement investigations would end in account suspension.
KYC completion guidelines additionally issue into the method. Reviews from the neighborhood point out that sure customers found their accounts had been inaccessible when required identification updates had not been accomplished.
In line with Xu, account restrictions linked to KYC primarily happen when customers fail to submit required paperwork earlier than system deadlines. He famous that such freezes purpose to guard safety and comply with established procedures.
Xu said that there are three causes for an account to be frozen: involvement in legal circumstances or police investigations, failure to finish KYC, or related judicial procedures, akin to arbitration.
Coinbase
$1.53B
has paused peso-based USDC purchases, gross sales and financial institution withdrawals in Argentina. What occurred? Learn the complete story.
