OKX reduces withdrawal limits for users without photo identification

Daily such clients can withdraw only $5000 instead of the previous 200 BTC

10.05.2023 - 09:40

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What’s new? Analyst Colin Wu has reported that the OKX crypto exchange has tightened its customer verification policy (KYC). For example, the daily withdrawal limit for the first level of KYC with identification by an identity document has been reduced from 200 BTC to $5000. Wu added that the company has not announced this publicly. In this, to withdraw amounts from $5000 to $10 million, it is necessary to obtain the second level KYC, which requires passing a facial recognition procedure.

OKX exchange has recently strengthened its KYC policy. KYC1 daily withdrawal limit of 200 BTC has been reduced to only $5,000 in total, but no announcement. KYC2 requires face recognition and certificates. The withdrawal amount after approval is a daily limit of $10m.… — Wu Blockchain (@WuBlockchain) May 10, 2023

More details about second level KYC. According to the OKX website, the level of verification determines trading limits and withdrawal limits. After passing the second level KYC, which requires photo verification, the daily withdrawal limit increases to the equivalent of 500 BTC.

In order to pass Level 2 verification, one must take a photo of the front and back of one’s identity document, as well as one’s face.

All photos will be taken during verification with the client’s cell phone, which will not allow uploading of previously taken photos.

What is known about OKX? The centralized exchange (CEX), headquartered in the Seychelles, was founded in 2013. As of May 10, 344 coins and 581 trading pairs are available on the platform, with a daily trading volume of $849,49 million. The exchange’s native token OKT is trading at $17,02, having gained 1,9% per day, according to CoinGecko.

Since May 8, the Bybit exchange imposed a mandatory user identification requirement. All exchange clients must pass a KYC verification of at least the first level for full access to the platform’s functionality.

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