OKX Tightens KYC Procedures

The cryptocurrency exchange OKX has tightened its KYC-policy, requiring users to undergo enhanced verification with document verification and facial recognition by September 21.

Earlier, the platform was unblocked in Russia. Access for Russian users to the site was restricted by Roskomnadzor since 4 October 2022. According to OKX representatives, the Bank of Russia required the exchange to conduct a review of “documents, products and the Russian-language website,” as well as update all necessary documentation.

After the audit was completed and the terms, conditions of service, and other accompanying documents were translated into Russian, the exchange’s block was lifted.

From June 19, OKX restricted access for Russian citizens to a number of services. In particular, to the Earn program with an annual yield of over 99%, as well as the Shark Fin and “Double Investments” structured products.

The platform’s representatives attributed the move to “the requirements of Russian regulators”.