Users of the Chinese exchange Okcoin will be subject to video verification once their deposit history reaches $10,000.
The major Chinese exchange Okcoin has released official guidelines for user regulatory compliance.
“The final edition of the rules, which come following an intense few months as Chinese regulators sought how to govern the cryptocurrency market, appeared over the weekend.”
As fellow exchange Huobi hinted at in March, video verification of customers “may” be required once their deposit history reaches $10,000.
“Our staff may contact you to perform enhanced due diligence (e.g. video verification),” a statement from Okcoin uploaded by cnLedger reads.
OKCoin issues guidelines on increased AML. pic.twitter.com/H5XsTwfZcN
— cnLedger (@cnLedger) April 10, 2017
The video verification process involves an account holder visibly showing their certified ID document to Okcoin staff via video link.
In addition, the exchange is withdrawing old Bitcoin and Litecoin wallet addresses from April 23.
Previous incarnations of the rules stated that only customers considered “risky” would need to comply with the new rules. This now appears to apply to everyone, yet it remains unclear whether Okcoin.com members are affected, the exchange catering to an international market and not being based on the Chinese mainland.
Meanwhile, the Hong Kong-based exchange BitVC Friday appeared to confirm that it had stopped servicing Bitcoin and Litecoin withdrawals, following in the footsteps of China’s exchange several weeks previously.