Invalid withdrawal parameters for Dubai OKX

OKX customers based in Dubai face delays in withdrawing funds exceeding AED 500,000 daily due to stricter verification requirements aimed at combating money laundering.

Oct 28, 2024 at 01:24 pm

Invalid Withdrawal Parameters for Dubai OKX Customers

1. Issue

OKX, a popular cryptocurrency exchange, has recently reported that some of its Dubai-based customers are experiencing difficulties withdrawing funds from the platform. The issue occurs when customers attempt to withdraw funds exceeding 500,000 AED (approximately $136,000) per day.

2. Verification Limits

OKX has implemented stricter verification requirements for customers withdrawing large amounts of funds. This includes enhanced KYC (Know Your Customer) measures and the submission of additional supporting documentation, such as proof of income and source of funds.

3. Anti-Money Laundering Concerns

The withdrawal limits and enhanced verification measures are part of OKX's efforts to comply with anti-money laundering (AML) regulations and prevent financial crimes. Large withdrawals can be a red flag for illicit activities, and OKX is taking proactive steps to mitigate such risks.

4. Customer Impact

Dubai-based OKX customers who exceed the 500,000 AED daily withdrawal limit will face delays in processing their withdrawals. They will need to provide additional verification documentation and undergo thorough compliance checks before their funds can be released.

5. Customer Support

OKX has advised Dubai customers to contact its customer support team if they encounter difficulties withdrawing funds. The support team can provide guidance on the additional verification requirements and assist with resolving any issues.

6. Alternative Withdrawal Methods

Customers who are urgently seeking to withdraw large amounts of funds may explore alternative withdrawal methods, such as Over-the-Counter (OTC) trading or using a reputable crypto OTC exchange that supports high-value transactions.

Additional Considerations

• The 500,000 AED daily withdrawal limit is applicable to all OTC and Spot withdrawals.
• Customers who have already completed the Enhanced KYC verification process may still need to provide additional documentation for large withdrawals.
• OKX reserves the right to investigate and withhold suspicious withdrawals until compliance checks are completed.
• Customers should ensure that they provide accurate and complete information during the verification process to avoid delays in fund withdrawals.
• It is recommended that customers contact OKX's customer support team for any questions or concerns regarding large withdrawals.