Here's the English translation:
Recently, cryptocurrency exchange OKX's frequent risk control measures have sparked community dissatisfaction, with many users reporting unexpected account freezes. Even after completing complex KYC processes and submitting additional documents, they remain unable to unlock their accounts. Star Xu, the CEO, personally went online to apologize. Behind this, rumors suggest that OKX is conducting a large-scale "risk concern clearance" to prepare for a US listing or comply with tightening European regulations.
Over the weekend, multiple OKX users posted on X that their accounts had been repeatedly frozen. Despite completing identity verification and submitting work records and employer information from the past 10 years, they were unable to retrieve their funds, triggering community criticism.
In response, OKX CEO Star publicly apologized, candidly admitting that the system has a "high false positive rate". Even for compliant users, they might be subject to risk control measures due to algorithmic and data model misjudgments.
The market observer AB Kuai.Dong pointed out that this wave of intensified risk control might be related to two major changes: accelerating US IPO plans and tightening Maltese regulations.
The platform has conducted comprehensive upgraded reviews for accounts involving cross-border VPN users, accounts associated with sanctioned regions, accounts that have interacted with Dark Web browsers, and those with unclear loan fund sources. Even internal employees with traditional financial backgrounds have been interviewed and asked to leave, suggesting this risk control is not just targeting retail investors but represents a higher-level policy implementation.
Star Xu also stated that he does not welcome loan users, indirectly reflecting OKX's intention to phase out users who trade cryptocurrencies using loan funds. Users analyze this involves political and regulatory risks, as well as potential impacts on the IPO process.
No Middle Ground? Why Not Let Suspicious Users Withdraw?
Crypto KOL @BroLeonAus pointed out that he understands Star's efforts to facilitate OKX's listing, even going against public discontent with risk control and forcing users to accept it. However, he also emphasized that compliance itself is unlimited, and regulatory bodies naturally believe the stricter, the better:
I believe we cannot blindly trust the words of a single regulatory body, otherwise it might lead to overcorrection, making business operations unsustainable and causing massive user loss, which they do not care about.
On the other hand, many users also question why, if the platform determines fund sources as suspicious, they do not allow users to directly withdraw, instead repeatedly freezing and delaying, trapping users in an endless documentation loop?
The author believes that for these funds with questionable origins, they might also be subject to investigation by regulatory authorities. If the platform allows suspicious users to withdraw, it could potentially implicate them in criminal liability, similar to their previous DEX incident.
(OKX Web3 Pauses DEX Aggregator Service: Actively Responding to Hacker Attacks and EU MiCA Regulatory Pressure)
Endless Compliance Tightening, DEX as Future Haven?
This incident has once again triggered reflection on the risks of centralized exchanges (CEX), where CEX would rather mistakenly block thousands than let one slip through under compliance and risk control pressure. This precisely creates an opportunity for decentralized derivatives exchanges (Perp DEX). @BroLeonAus also linked this to Binance founder CZ and the DEX Aster he strongly promotes.
(Perp DEX's Technical Innovation and Market Competition: A Brief Discussion on Opportunities and Challenges of On-chain Perpetual Contract Exchanges)
Although DEX still faces operational thresholds and liquidity challenges, in the face of tightening compliance and unpopular risk controls, it may become users' next safe haven.
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]
