OKX can close accounts on suspicion of illegal activities

OKX may permanently close user accounts when it turns out they are used for illegal activities. That is what CEO Star Xu said in response to a user whose deposit from a sports betting platform triggered a risk check. Deposits from addresses with a high-risk profile will now lead to stricter anti-money laundering checks, with accounts being partially frozen for the duration of the investigation.

In short:

• OKX is carrying out stricter checks on deposits from addresses with a high-risk profile.
• Investigations can last 15 days or longer, with possible restrictions on account functions and balances.
• Accounts involved in money laundering, fraud or other illegal activities can be closed permanently.

Checks can take at least 15 days

The reason for Star Xu’s statements is a complaint from a user whose deposit from a betting platform triggered a risk alert at OKX. The CEO explains that such checks can take 15 days or longer, depending on the circumstances. During that period, account functions may be restricted and balances may temporarily not be withdrawn.

Xu points to a range of channels through which deposits carry additional risks regarding the origin of the funds. These include transactions via so-called escrow groups on Telegram, the Chinese payment network Huiwang and similar services. OKX explicitly asks users not to use the platform for money laundering, fraud or other prohibited money flows.

Permanent closure in the event of proven illegal use

For accounts found to be involved in high-risk or illegal activities, OKX reserves the right to stop providing services entirely. That is a harsher measure than the temporary restrictions that apply during an ongoing investigation.

The announcement fits into a broader trend in which crypto exchanges are tightening their compliance procedures under pressure from regulators worldwide. For OKX, which operates in dozens of countries, preventing misuse of the platform is an increasingly high priority in day-to-day operations.