The founder and CEO of the OKX, Star XU, apologized to users after the reports surfaced unjustified account gels on the exchange of crypto, including a case where a user remained locked in his funds despite in -depth verification stages.
“We sincerely apologize for any inconvenience caused. We recognize that problems such as high positive rates and sub-optimal user experience in the information collection process still exist during compliance and risk control operations,” XU said in an article on Friday.
The compliance system makes mistakes from time to time
“One of the biggest challenges in world compliance is” false positives “- where the system wrongly signals normal and risky users,” said XU.
He explained that even the most advanced technologies cannot perfectly assess user compliance at any time.
“Many service providers adopt an” aggressive identification “strategy, and the regulatory authorities often encourage platforms to be made to make caution in risk control,” he said, adding that this is why compliant users, who have no apparent risk, can always receive requests for compliance:
“This is why some users, although they are fully in conformity and behave normally, can always receive additional information for the compliance team – sometimes having the impression that they are asked to” prove that your father is your father. “”
Xu said there were more than 600 members in the OKX world team of compliance, but admitted that the completely positive eradication is unlikely.
“It is undeniable that” false positives “cannot be entirely eliminated in a compliance system,” said XU.
Xu shared the user’s complaint with subscribers
The apology followed the reports of a user on X which said on Friday that his account had been frozen since June 21 and rejected several times during a strict identity verification process.
XU shared the user’s public complaint with its 130,800 subscribers on their X profile.
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The user said that, as well as raising the verification of your client’s verification (KYC), he was invited to provide 10 -year professional history, job files for the past five years and detailed information on their employer.
According to the user, their documents for proof of lines were rejected because the information did not correspond to the “selected responses” of the platform.
Cointtelegraph contacted OKX to comment but did not receive an answer at the time of publication.
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