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Along with fellow exchange Huobi, Okcoin has announced it will video verify its users, cnLedger reports.
OKCoin has reportedly joined Huobi in requiring video verification from certain customers in order for them to use its exchange.
As part of formal requirements being set out by the People’s Bank of China, Chinese exchanges appear to be subject to strict monitoring of customer behavior.
cnLedger announced the OKCoin news via Twitter on Tuesday.
Following Huobi, OKC has also started video verification.— cnLedger (@cnLedger) March 28, 2017
Following Huobi, OKC has also started video verification.
It follows a Huobi customer confirming they had received an email requesting video verification.
When cnLedger first broke the news about the new process, citing a circular from Huobi itself, it was assumed that all customers would be forced to give up various pieces of information in order to continue trading.
This included proving origin and destination of any funds sent through the exchange.
However, Huobi later clarified that this was “just for users with potential money laundering risks,” and that others were unaffected.
The evidence suggests that withdrawals in Bitcoin, which were halted as the regulatory climate solidified, could soon return to normal. Meanwhile, unregulated resources such as LocalBitcoins continue to see record usage from Chinese investors.
Over 54 mln yuan passed through the service in the week ending March 25, helping push its global trading volumes for the same period to a new all-time high of $32 mln.
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