In a recent move to strengthen compliance and security, major Bitcoin exchange OKCoin has announced updated anti-money laundering (AML) procedures for its global user base. Effective April 10, these measures reflect the platform’s commitment to aligning with international financial standards and enhancing user account protection.
While the announcement comes amid evolving regulatory landscapes—particularly following new cryptocurrency trading policies introduced by the People's Bank of China in March—it emphasizes that the changes are designed to improve service quality and security, not restrict legitimate trading activities.
“These recommendations and requirements are intended solely to enhance customer trading experience and account security. They will not affect the safety of your funds or normal trading operations. We kindly ask all users to cooperate accordingly.”
The updated protocols focus on four key areas: identity verification, account security enhancement, real-name information correction, and legacy cryptocurrency address deprecation.
🔍 Strengthened KYC: Video Verification for High-Volume Users
As part of its enhanced Know Your Customer (KYC) framework, OKCoin will now conduct video verification for users whose cumulative USD deposits exceed $10,000.
During this process, users may be contacted directly by OKCoin staff and asked to record a short video using any standard device—such as a smartphone, tablet, or computer—where they present a valid government-issued ID in clear view. This step adds an additional layer of identity assurance, helping prevent fraudulent account usage and unauthorized access.
This type of verification is increasingly common among regulated digital asset platforms worldwide. It supports compliance with FATF (Financial Action Task Force) guidelines, which recommend robust identity checks for higher-risk transactions.
👉 Discover how secure verification processes protect your digital assets today.
🔐 Best Practices for Account Security
OKCoin is proactively encouraging all users—not just high-volume traders—to adopt stronger account protection habits:
- Regularly update login passwords
- Refresh Google Authenticator keys periodically
- Maintain active phone number binding
To support these practices, the platform will automatically prompt users who haven’t changed their passwords or two-factor authentication (2FA) settings within a prolonged period. These reminders aim to reduce vulnerability to phishing attacks, credential leaks, and social engineering threats.
Given the rising sophistication of cyberattacks targeting crypto holders, maintaining up-to-date security settings is no longer optional—it's essential.
Cybersecurity experts recommend rotating credentials every 90 days and avoiding reuse across platforms. With digital wallets offering irreversible transactions, prevention remains the strongest defense.
🧾 One-Time Real-Name Information Correction
For users whose current real-name verification details are inaccurate, OKCoin is offering a one-time opportunity to correct this information through direct contact with customer support.
However, once the revised information is confirmed and processed, no further modifications will be permitted. This policy underscores the importance of accuracy in identity documentation under AML frameworks.
Why does this matter?
Accurate real-name data ensures smoother compliance during audits, reduces the risk of frozen accounts, and supports faster resolution in case of disputes or recovery requests. It also aligns with global trends where financial regulators demand traceability and accountability in digital finance.
Users are advised to verify their submitted information carefully before requesting changes.
⚠️ Discontinuation of Legacy Bitcoin and Litecoin Addresses
To improve deposit efficiency and reduce network congestion, OKCoin will cease support for legacy cryptocurrency addresses starting April 23, 2017.
Specifically:
- All Bitcoin addresses starting with "1" created before April 10, 2017
- All Litecoin addresses starting with "L" created prior to that date
These older formats will no longer be accepted for deposits. Funds sent to deprecated addresses may not be credited—and could be lost permanently.
💡 Note: Multi-signature Bitcoin addresses beginning with "3" are unaffected by this change and remain fully operational.
This transition reflects broader industry efforts to phase out outdated address formats in favor of more secure and efficient alternatives like SegWit (bech32) and P2SH addresses. Modern wallets and exchanges now prioritize these formats due to lower fees and improved transaction reliability.
Users still relying on legacy addresses should upgrade their wallet configurations or use updated deposit channels provided by OKCoin.
🌍 Context: Regulatory Compliance in a Changing Landscape
OKCoin’s updated policies come shortly after China’s central bank introduced stricter oversight rules for cryptocurrency trading platforms. Under these guidelines, exchanges must enforce rigorous AML checks, monitor suspicious activity, and maintain detailed transaction records.
Although the video verification requirement may seem intrusive to some, it is consistent with global norms. In jurisdictions such as the United States, European Union, Japan, and Singapore, most regulated crypto platforms already require:
- Government-issued ID
- Proof of residence
- Facial recognition or live video confirmation
These steps help prevent money laundering, terrorist financing, and illicit use of financial systems—core concerns for regulators worldwide.
Moreover, adherence to international AML standards increases trust among institutional investors and paves the way for wider adoption of digital assets in traditional finance.
👉 Learn how leading platforms balance security and user experience in modern crypto trading.
❓ Frequently Asked Questions (FAQ)
Q: Will these new measures freeze my account or lock my funds?
A: No. OKCoin clearly states that these updates are designed to enhance security and service quality. Your funds remain safe and accessible at all times.
Q: Do I need to complete video verification immediately?
A: Only if your cumulative USD deposits exceed $10,000. Otherwise, you’ll only be contacted if further verification is required.
Q: What documents are acceptable for identity verification?
A: Valid government-issued IDs such as passports, national ID cards, or driver’s licenses are typically accepted. Ensure the document is clear, unaltered, and within its validity period.
Q: Can I change my real-name information more than once?
A: No. Users are allowed only one correction of real-name details. After confirmation, no further changes will be permitted.
Q: What happens if I send crypto to an old "1" or "L" address after April 23?
A: Deposits to deprecated addresses may fail or result in permanent fund loss. Always use updated deposit addresses from your OKCoin dashboard.
Q: Are multi-signature Bitcoin addresses affected by the address update?
A: No. Bitcoin addresses starting with "3" (P2SH) are not impacted and will continue to function normally.
Final Thoughts: Security as a Shared Responsibility
As the digital asset ecosystem matures, security and compliance are becoming shared responsibilities between platforms and users. OKCoin’s latest AML updates reflect a broader shift toward transparency, accountability, and long-term sustainability in cryptocurrency trading.
By embracing stronger KYC protocols, promoting proactive account management, and phasing out outdated technical standards, exchanges contribute to a safer and more trustworthy market environment.
Whether you're a casual trader or active investor, staying informed about platform policies—and taking personal responsibility for your account security—is crucial in today’s fast-evolving crypto landscape.
👉 Stay ahead with secure, compliant trading practices on a trusted global platform.
Core Keywords:
Bitcoin exchange, anti-money laundering (AML), KYC verification, video authentication, real-name correction, cryptocurrency security, legacy address deprecation, digital asset compliance