In a recent announcement, OKCoin has introduced updated measures focused on strengthening its anti-money laundering (AML) protocols and improving user account security. These changes reflect the platform’s ongoing commitment to regulatory compliance and user protection in the evolving digital asset landscape.
The update, released on April 10, outlines key steps users may need to take to verify their identities and secure their accounts, especially as balances grow or when using outdated cryptocurrency addresses. While the notice was originally published in 2017, the core principles remain relevant for understanding how leading platforms manage risk and compliance today.
Enhanced Identity Verification for High-Balance Accounts
To comply with national anti-money laundering regulations and bolster risk management, OKCoin may require users with higher account balances to complete additional identity verification steps.
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Specifically, users may be contacted for video authentication if their account balance exceeds a certain threshold. While the exact balance amount is not disclosed, the process involves:
- Presenting valid government-issued identification (such as a national ID card or passport).
- Submitting clear photos of both the front and back of the document.
- Recording a live video where the user holds their ID in front of a working camera-enabled device (e.g., smartphone, tablet, or computer).
- Confirming identity in real time with a support representative.
This multi-step approach ensures that only legitimate account holders can access high-value accounts, reducing the risk of fraud and unauthorized access. Video verification adds an extra layer of trust by confirming the physical presence and authenticity of the user.
Strengthening Account Security: Best Practices for Users
OKCoin emphasizes proactive account management as a critical part of personal cybersecurity. The platform strongly encourages all users—regardless of balance—to adopt best practices that enhance account safety.
Recommended actions include:
- Regularly updating login passwords to prevent unauthorized access.
- Rotating Google Authenticator codes periodically to protect two-factor authentication (2FA) integrity.
- Binding a mobile number to enable SMS-based alerts and recovery options.
- Staying alert to phishing attempts and suspicious login activities.
The platform will also proactively notify users who haven’t changed their credentials in a long time, guiding them through the update process. This automated nudge helps maintain a high baseline of security across the entire user base.
Cyber threats evolve constantly, and static security settings can become vulnerabilities over time. By encouraging routine updates, OKCoin promotes a culture of continuous vigilance among its users.
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Correcting Real-Name Information: One-Time Update Opportunity
For users who have made errors during the initial real-name verification process, OKCoin offers a limited chance to correct their information.
Key points:
- Users may contact customer support to request one-time modification of their verified identity details.
- Once the correction is confirmed, no further changes will be permitted.
- Accurate real-name data is essential for withdrawal permissions, large transactions, and regulatory compliance.
This policy balances flexibility with security—allowing honest mistakes to be fixed while preventing abuse through repeated identity changes.
Ensuring accurate personal information not only supports smoother transactions but also aligns with global AML standards that require clear audit trails and know-your-customer (KYC) compliance.
Upgrading Cryptocurrency Deposit Addresses
To improve deposit efficiency and reduce network congestion, OKCoin announced the phase-out of older-style cryptocurrency addresses created before April 10, 2017.
Affected addresses:
- Bitcoin (BTC): Legacy single-signature addresses starting with “1”
- Litecoin (LTC): Single-signature addresses starting with “L”
These older address formats are being retired due to:
- Lower transaction prioritization on blockchain networks.
- Increased risk of incorrect deposits due to lack of built-in validation.
- Incompatibility with newer wallet infrastructure.
Multi-signature addresses starting with “3” are unaffected and will continue to operate normally.
Users can check their historical deposit addresses directly on the BTC or LTC deposit pages. After April 23, 2017, any funds sent to deprecated addresses would no longer be credited to user accounts—highlighting the importance of timely migration.
This upgrade reflects broader industry trends toward more secure and efficient address formats like SegWit and native multi-sig solutions.
Frequently Asked Questions (FAQ)
Q: Why is video verification required for some accounts?
A: Video authentication enhances security and ensures compliance with anti-money laundering regulations. It helps confirm that high-balance accounts are owned and operated by legitimate individuals.
Q: Is there a specific balance threshold that triggers verification?
A: OKCoin does not publicly disclose the exact balance amount that may trigger additional checks. Users will be contacted directly if verification is needed.
Q: Can I change my real-name information more than once?
A: No. Users are granted only one opportunity to correct real-name details. After confirmation, no further modifications are allowed for security and compliance reasons.
Q: What happens if I deposit crypto to an old “1” or “L” address after the cutoff?
A: Deposits sent to deprecated addresses after April 23, 2017, will not be credited to your account. Always use updated deposit addresses provided in your wallet section.
Q: Are multi-signature addresses still supported?
A: Yes. Multi-signature Bitcoin addresses starting with “3” are fully supported and unaffected by this change.
Q: How often should I update my password and 2FA settings?
A: Security experts recommend changing passwords every 90 days and refreshing 2FA tokens periodically. OKCoin may prompt inactive users to update these settings automatically.
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Final Thoughts
OKCoin’s 2017 announcement laid important groundwork for modern digital asset security standards. While some dates are outdated, the underlying principles—such as proactive identity verification, routine credential updates, and infrastructure modernization—remain vital in today’s crypto ecosystem.
As regulatory expectations grow and cyber threats become more sophisticated, platforms must continuously adapt. For users, staying informed and following recommended security practices is the best way to protect their digital wealth.
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By embracing these measures, both platforms and users contribute to a safer, more transparent cryptocurrency environment—one secure transaction at a time.