Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁
OKX Founder Star Xu Clarifies Why User Accounts Get Frozen
Key Takeaways
- OKX’s Star Xu clarified that account freezes occur for three main reasons: crime ties, KYC failure, or legal procedures;
- Xu said most KYC-related freezes happen when users miss document submission deadlines, a safeguard for platform security;
- The KYC enforcement issue arose after users reported being locked out of their OKX accounts due to incomplete identity verification.
OKX
This discussion gained attention after reports surfaced that user accounts were being locked due to incomplete identification requirements.
On January 11, several users expressed frustration over being unable to access their OKX accounts due to KYC policy enforcement.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
10 Biggest Crypto Scams & How to Avoid Them (ANIMATED)
Xu addressed these concerns in a post on X by outlining the platform's approach to account restrictions. He explained that connections to criminal activity or involvement in law enforcement investigations would result in account suspension.
KYC completion rules also factor into the process. Reports from the community indicate that certain users discovered their accounts were inaccessible when required identity updates had not been completed.
According to Xu, account restrictions linked to KYC mainly occur when users fail to submit required documents before system deadlines. He noted that such freezes aim to protect security and follow established procedures.
Xu stated that there are three reasons for an account to be frozen: involvement in criminal cases or police investigations, failure to complete KYC, or relevant judicial procedures, such as arbitration.
Coinbase