OkCoin has announced intense verification checks which will be put into place as the exchange plans to resume withdrawals after clarification on Bitcoin policy was obtained as the government realised official guidelines for legal use and trade of Bitcoin. The rules set to be put into place go beyond the guidelines set by the government as the exchange aims to comply with policy. Regulations will include having to provide facial verification as the exchange will request customers hold up their passport in front of a camera to prove their identity in addition to asking for other pieces of identification such as a drivers licence.
‘Video verification will require a device that has video recording function and access to the internet (e.g. cell phone, laptop, and tablet). You will be required to show your legal documents in front of the camera,’
Furthermore the exchange has announced all Bitcoin addresses starting with “1” or in the case of litecoin with an “L”, will no longer be supported after the 23rd of April. The exchange did clarify these extra identify verification procedures will only affect customers once they have deposited over $10 000 in the case of overseas customers.
Considering from the perspectives of national Anti-Money Laundering regulations and risk control, we have established a few suggestions and guidelines for you. These are purely for the purpose of boosting your trading experience and account security. They will not affect your funds and trades.
Translated from Chinese
To conclude, the OkCoin has increased its identification policies to make it much stricter to withdraw and transact in Bitcoin. While this is to comply with legal regulations enforced by the Chinese government, if you are located outside China, then exchanges such as NairaEX, offer near anonymous transactions valuing your privacy! Sadly the volume traded in china has seen a decline as enhanced government regulations have deterred many potential Bitcoin traders.
Disclaimer: BTC.NG or the author does not condone circumventing the rules in your country. Please abide by relevant laws applicable to Bitcoin transfer where you live.