OKEx Introduces New Rules and Administrative Changes

· 30 Aug 2018 in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

OKEx Introduces New Rules and Administrative Changes

The famous crypto exchange OKEx introduced some important new administrative oversights this week. Among the new regulations: a daily withdrawal cap, limited accounts, and a ban on unverified withdrawals. The exchange released these changes in a blog post this week.

OKEx Implements New Regulations

OKEx, a Hong Kong-based exchange, brings these changes amid new regulations in China.

Following the announcement, users will have to complete the KYC verification level 1 to withdraw cryptocurrencies. The new withdrawal limits will be as follows:

  • Unverified accounts: 0
  • KYC Level 1 Accounts: 2 BTC every 24 hours.
  • KYC level 2 and 3 accounts: 100 BTC every 24 hours. In this case, the amount may increase depending on the user’s trading volume.

These rules have now entered into effect.

In September 2017, China banned Initial Coin Offerings (ICOs). After that, cryptocurrency trading activities in the country fell sharply. This was a very important measure taken by one of the most important governments in the world. Most of the Chinese crypto-related companies had to relocate their business abroad.

South Korea followed regulations taken by China. It decided to ban ICOs as well, but it did not go so far to ban trading activities. Nonetheless, the Asian country took very restrictive measures for cryptocurrency exchanges.

Just last week, the messaging app WeChat banned some blockchain and crypto news accounts. The main intention behind it is to comply with the ban on digital currency activities promoted by the government.

WeChat’s explained:

“A Tencent official said that some public accounts are suspected of publishing ICO and virtual currency trading hype information violating the ‘Interim Provisions on the Development of Public Information Services for Instant Messaging Tools.”

OKEx is one of the largest cryptocurrency exchanges in the market right now. According to CoinMarketCap, the exchange is the second most important by trading volume. In the last 24 hours, it has moved $855 million dollars. It has 537 different trading pairs and the most important are BTC/USDT, EOS/USDT, ETH/USDT. These three trading pairs account for over 37% of the total trading volume in the exchange.

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