Is OKX’s ‘compliance’ chaos part of a larger global issue?

• OKX CEO apologized for “high false positives” as complaints about freezing Flood X account.
• The user has condemned that he is locked from his four -year account, despite the submission of key documents.

OKX CRYPTO EXCHANGE hit subtitles after user complaints to freeze your account.

One user condemned that his four -year account (holding $ 11,000) was locked in mid -June. Cannot trade, insert or download funds.

And the painful back and back with customer support did not solve the problem.

He added that he was not given access. This was despite the submission of the required personal data, including a 15 -year -old working history to prove its source of income.

As a result warned Other users who make a stock exchange to avoid poor and frustrating experiences.

“Regardless of whether your OKX account is currently in normal condition, I suggest you withdraw your funds. If one day freezes, will you undergo a risk or not?”

OKX CEO explains pressure on compliance with regulations

In response to the CEO OKX, the star XU, apologized, Introduction The fact that there have been problems with high “false positive” with a strict compliance system.

“We acknowledge that problems such as high false positive rates and suboptimal user experience in the information collection process are still existed during observance and risk management operations.”

Xu added that the team of global compliance and risk control of 600 members to help to mark and remove harmful actors.

He also noted that the use of VPNS or TOR browsers from the sanctioned area will stimulate an application for additional personal data.

He added, however, that even global risk systems are still susceptible to “false positives”. They can indicate an innocent user as harmful and add that they work to optimize the process.

OKX WEB 3 OKX WEB WALL WALL WALL IN March marked To help hackers to wash about $ 100 million out of $ 1.5 billion stolen from the Bybbit Stock Exchange.

OKX faces stricter regulatory control, especially for money laundering (AML) as a global crypto exchange with operations and in the US.

In 2023 the binance exchange was slapped and Okay $ 4.3 billion For the release of AML regulations by allowing even sanctioned countries such as Iran on the platform.

Therefore, the strict OKX control process makes sense, but it should not burden the user experience. This means that the exchange evaluated Second binance in terms of the volume of trading with derivatives ($ 19).

Since June, Okx reported Processing of $ 28.4 billion in digital assets and a total of 127 111 Bitcoin [BTC]. Of which 120 804 BTC belongs to customers, which means that the stock market owns 6 307 BTC.