According to the user, on 11 January 2025 OKX\u2019s risk-control system flagged his account. The exchange verified him by video and in April requested detailed information on the case \u2014 in particular, OKX was interested in the large volume of trades dated 14 August 2020.<\/p>\n
Andrey explained this as \u201cactive trading on the platform, including scalping and trading within the spread to profit from short-term price fluctuations\u201d.<\/p>\n
On 20 May the administration informed him that no additional documents or information were required at that stage.<\/p>\n On 21 July OKX notified the user that his account had been blocked for violating clauses 3, 5 and 7 of the Terms of Service<\/a>. These concern prohibited commercial activities, trading on the platform and the exchange account, respectively.<\/p>\n \u201cI asked which specific actions violated these clauses. The exchange replied that it supposedly \u2018did not receive the necessary explanations and evidence after repeated requests\u2019 and therefore could not continue servicing my account. Yet I received no additional requests,\u201d said Andrey.<\/p>\n<\/blockquote>\n He considered this a procedural error and wrote as much in his reply.<\/p>\n A week later, on 30 July, the exchange demanded that within seven days he send additional documents explaining his trading methodology and how he selected trading pairs.<\/p>\n \u201cI sent all the materials I had kept from that period five years ago. At the time I was trying market making using the methodology described by BitMEX<\/a> \u2014 placing orders at the edges of the spread at the minimum buy price and maximum sell price. I fully described the essence of my trading operations, but since the script that finds pairs with a spread (the difference between bid and ask) output information to the console, I could not have any notes left,\u201d he explained.<\/p>\n<\/blockquote>\n The client claims the platform retroactively changed the document requirements. Under them, he must retain all materials, full logs of trades and of decision-making for five years. No such requirement had previously been set.<\/p>\n \u201cThe exchange completely ignored the market_data.json document, even though it remained unchanged for five years and contained historical data on the parameters of trading pairs on 14 August 2020. OKX also did not review the scripts\u2019 contents, even though they contain historical endpoints and the old domain okex.com. As an external user I cannot prove the scripts\u2019 functionality, since the trading pairs have long been delisted and the historical data<\/a> do not contain records for 2020,\u201d the client added.<\/p>\n<\/blockquote>\n Andrey maintains that his strategy was legitimate, as it was \u201cmarket making without hedging on futures\u201d.<\/p>\n On 29 September, after nine months of back-and-forth, OKX closed the ticket without the possibility of review. The user\u2019s account remains blocked and the funds frozen.<\/p>\n In a comment to ForkLog, OKX representatives said that \u201call necessary clarifications on the case\u201d had been provided to the user in the final support email. If further questions arise, they recommended contacting support chat.<\/p>\n The platform disclosed no other details, citing its privacy policy.<\/p>\n \u201cWe cannot pass data about any cases related to clients to third parties,\u201d a representative of the exchange said.<\/p>\n<\/blockquote>\n In July, OKX CEO Star Xu apologised to users for unwarranted account blocks<\/a>. He explained them as \u201cfalse positives\u201d by the compliance system.<\/p>\n According to the head of the exchange, problems persist in these processes, such as \u201ca high rate of erroneous judgments and suboptimal information gathering\u201d. The platform is doing all it can to improve processes, he assured.<\/p>\n As of July, OKX\u2019s global compliance team and risk-control group numbered more than 600 people.<\/p>\n Despite the convenience of holding cryptocurrency on an exchange, this is not suitable for long-term storage of large sums. The administrators of a centralised trading platform hold the private and public keys, so they or attackers can gain access to clients\u2019 assets.<\/p>\n In addition, as a legal entity an exchange must comply with legislation and law-enforcement demands. Given an appropriate request, a user\u2019s funds can be easily frozen for an indefinite period.<\/p>\n For full control over one\u2019s cryptocurrencies, it is preferable to choose non-custodial solutions<\/a>.<\/p>\n![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-c9ea439c14b0dc54-5639264022411585-1024x480.png\")
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The exchange\u2019s comment<\/strong><\/h2>\n
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Instances of wrongful OKX blocks<\/strong><\/h2>\n
Not your keys \u2014 not your coins<\/strong><\/h2>\n