Topic: Warning about OKX exchange: Funds held hostage, withdrawals disabled without not (Read 211 times)

Their behavior is illogical because they prevented clouds in order to complete the first level of verification of identity. I expected to put my time before applying any adjustments to leave the option for you to withdraw your money.
I used them for a while, but with the last changes, I expect at any moment that the verification of the compulsory identity will be.

After what happened to you I do believe to gain back your account you need to do full KYC including of your home address.

But is this happening all sudden? Usually, things like this happen when you get money from "Suspicious" at least they will say like this or you keep changing IP Address because it happens to me when I do trade on binance.

and Term of service usually asked to user first before the apply the new one

Most exchanges would make that a level2 verification so you would simply be able to fill in name, address, phone number, etc. to be able to complete level1.

I've never used OKX but this appears to be how it works at other exchanges and also at casinos.

You should complete the level1, otherwise they're going to find an excuse to seize your money for good.

update:
OKX still fails to provide a proper response about the mandatory verification for existing users.



This section referring to new registration and is missing any mention to current unverified clients.

They continue with threats to mark my account as suspicious:


edit:
They acknowledge it is infact missing from their TOS 

That little difference between OKx and Binance/Kraken, they DID ALLOW you to withdraw your funds and did not hold your funds hostage.

The same thing happen with Bittrex, after 7 years of trading there, they blocked my funds and disabled all active orders, said: don't send us any more messages until you do the verification.

All this time, I'm thinking OKX is better than Binance, or at least a better alternative. If this controversy is confirmed, they're apparently much worse. Although I care a little whenever an exchange implements compulsory KYC, I kind of understand this direction because they're actually left with no choice. But to implement it without informing users in advance, and, worse, locking funds all of a sudden in line with the new rules, it's not just unfair; it's almost just a subtle way to steal money from customers.

Actually, it is the issue at hand.

You could accuse them of enforcing unfair terms and conditions (at least under EU regulations), as just because something is written in the ToS doesn't mean that is a valid request and that they can act on it at their discretion, but in this case, they are covered. Any change in the operating mode, requirements to be met by clients, and many other things in a financial institution that is made to comply with any monetary regulation or international agreements where this one operates can be made without a prior announcement.
The writing was on the wall for all those no KYC exchanges for a long time, I'm more surprised they lasted this long.

Anyhow, there is absolutely nothing you're going to be able to do in this case, either forfeit your coins or go through verification, any of your requests will just hit a brick wall from now and you're going to get just automated responses.

Unfortunately, this is the way by which KYC applied in Binance. Since this announcement and about 6 months later, KYC (l3) was mandatory for everyone, so I believe that this platform is moving in the same direction.

Kucoin has some legal issues that may lead them to enforce identity verification^[1].


[1] New York Attorney General Sues KuCoin

The only way is to do what they ask one last time and close the account if it is worth the amount of money you wanna withdraw, before they ask for crazier requirements.
Overall, not great service for an exchange as big as OKX. I see some users are starting to bother they a lot with sudden KYC related question.

Thanks for the headsup, I was banned from this telegram group and my messages deleted after raising my claims.

Indeed no, and they're still trying to look fine on all their social media accounts.
This policy looks rushed from their statement^[1]
. My mind tells me that they are in a hurry due to certain regulatory pressures even if they have to risk losing some users, the threat may be strong enough to end the service. Idk


1. https://t.me/okxofficial_english/1/4905143

My first concern was that OKX never provided a notice about the change BEFORE blocking the funds, which is shady and not a trustworthy practice towards clients.

Who know how they would treat customers in the future if they allow themselves these stuff.

Kraken and Binance did allow customers to withdraw their funds instead of forcing you to do kyc.

They request the level1 verification. I assume this is for the basic info. Yet it is possible they would ask for further documentation depending on the nationality.. I don't know.

See this hugeblack post, possibly ID document may be verified too before you can be able to withdraw.

https://bitcointalksearch.org/topic/m.61962510

I would have tested this myself, but I do not have any money on OKX because I am not trading for now and I do not leave money on exchanges. I hope to know what other people that have coins on OKX would talk about this.

Probably I may be moving fully to Kucoin, I just do not know. From Binance to OKX, now from OKX to Kucoin, the more the KYC regulation.

What kind of verification were you asked to do though? I experienced the same thing yesterday[1] and although I didn't complete the verification,  it looks like you just need to give some personal info (without submitting your ID or selfie).

[1] https://bitcointalksearch.org/topic/m.61959028

On March 20, 2023, I woke up to a nightmare on OKX exchange.
They disabled my withdrawals/deposit without notice, claiming there was a change in their terms of service (TOS).
To make matters worse, they hold my funds hostage and refused to provide me with the updated TOS, which they claimed was the reason for the withdrawal freeze.

I reached out to their customer service, but they offered no solution except to perform identity verification, which was not the issue at hand.
I reminded them that their actions were illegal and requested them to release my funds or provide me with the updated TOS.
However, they kept giving me the runaround, and to this day, I am yet to receive any satisfactory response.


Previously, OKX always allowed unverified accounts to trade and even had a specific KYC0 level account type with a 10BTC daily withdrawal limit.

Beware of OKX exchange's unethical practices. They can hold your funds hostage, disable withdrawals without notice, and even change their TOS without notifying you.

I urge other users to be cautious when using OKX, as they have shown a disregard for their users' rights and wellbeing.

Another friend of mine is in the same situation, so I assume this affects all unverified accounts.

It is astonishing how exchanges of this size are treating their clients in such a manner.

edit: they removed me from their telegram and delete my messages for bringing this up without saying anything, effectively acting like scammers.