OKX Founder Star Says Regular Identity Updates Are Routine KYC
Star, the founder of OKX, stated that OKX will regularly verify and update user identity information based on specific account circumstances.
Users may need to re-complete identity verification after one year, three years, five years of account opening, or if their identification documents expire.
Star indicated that this is a routine operation for global financial institutions to fulfill KYC (Know Your Customer) obligations and does not imply any account anomalies; users should update their information truthfully as per official prompts.
Previously, some registered users from mainland China reported on X that they received reminders for secondary authentication from OKX, questioning whether this was related to tax requirements and reflecting that their accounts could not be canceled.
OKX's help center documentation confirmed that the platform will periodically require users to confirm their identity information; accounts that do not complete this within the grace period may be frozen but can still withdraw funds, with full functionality restored upon completion.
This reminder appeared on some accounts that had completed the initial KYC, and Star's response characterized the operation as compliance maintenance rather than targeted anomaly review.
Source: Public Information
ABAB AI Insight
Star Xu (Star) founded OKX (formerly OKCoin) in 2013. After the 2021 ban in China, the platform adjusted its services related to mainland China while holding licenses in multiple jurisdictions and facing compliance pressures such as a settlement with the U.S. Department of Justice; the platform has long required personal accounts to complete identity verification before trading and withdrawals, and it clearly states in its help documentation that KYC is an ongoing process rather than a one-time operation.
Regular re-verification triggered at one/three/five-year account opening milestones or upon document expiration aligns with ongoing due diligence requirements under global financial institutions and the FATF framework; users can update as prompted, and failure to do so may limit functionality while retaining the withdrawal path, with the platform's response disconnecting the operation from account anomalies or targeted reviews.
This is similar to traditional banks and brokerages periodically refreshing customer identities or other cryptocurrency exchanges implementing re-KYC after regulatory tightening (e.g., some platforms requiring re-verification during service updates in specific regions); currently, OKX is in a phase of aligning CEX compliance standards with global financial institutions, with the mainland Chinese user base reacting more concentratedly due to reporting and tax sensitivities.
Essentially, this reflects regulatory changes: ongoing KYC transforms identity verification from an account opening threshold into a compliance obligation throughout the account lifecycle, allowing exchanges to maintain data timeliness when documents expire, residence changes, or regulatory requirements update; for users, this increases operational friction and difficulty in closing accounts while providing the platform with a basis for fulfilling anti-money laundering and tax information reporting across multiple jurisdictions.
ABAB News · Cognitive Law
KYC is not a one-time obligation but a lifecycle obligation.
Regular updates = compliance maintenance, not account anomalies.
Withdrawal retention while functionality limitations remain a pressure point.