OKX CEO Apologizes for Account Freezes Caused by ‘False Positives’

The founder of OKX and the star of CEO XU apologized to the users after the news appeared on the illegal account on the cryptocurrency, including one case where the user remained locked out of their funds, even though it has completed extensive verification steps.

“We sincerely apologize for the inconvenience caused. We acknowledge that problems such as high false positive rates and suboptimal user experience in the information collection process still exist during observance of regulations and risk management,” XU said in the post on Friday.

System compliance with regulations from time to time makes errors

“One of the biggest challenges in global compliance is” false positives ” – where the system mistakenly refers to normal users as risky,” Xu said.

He even explained it the most advanced technology It is not possible to perfectly assess the consistency of users at all times.

“Many services providers accept strategy” aggressive identification “and regulatory authorities often encourage platforms to be wrong on the side of risk control,” he said, so there is why users who do not apparent riskMay still receive questions about compliance with the regulations:

“That’s why some users, although fully in line and normally behave, can still receive additional requests for information from the team compliance – sometimes they feel as if they have been asked to prove that your dad is your dad.”

XU said there were more than 600 members in global compliance with OKX regulations, but admitted that completely eradicating false positives is unlikely.

“It is undeniable that” false positives “cannot be completely eliminated in any compliance system,” Xu said.

Complaint of XU shared user with followers

The apology followed the message from the user to the X that claimed had their account on Friday was frozen as of June 21 and repeatedly rejected during the strict process of identity verification.

XU shared a public complaint with its 130,800 followers on its profile X.

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The user said that together with the re -verification of knowing your customer (KYC), they were asked to provide a ten -year work history, employment records from the last five years and detailed information about their employer.

According to the user, their evidence documents were rejected because the information did not correspond to the “selected answers” of the platform.

Cointlegraph approached OKX to comment, but did not receive the answer at the time of publication.

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