Recently, OKX requested additional verification documents (not related to ID) concerning my trading activity and investment returns. I’ve been a trader since the platform was known as OKCoin back in 2014, and they already have access to my trading and investment records. Nevertheless, I submitted statements from Coinbase, Deribit, and my bank — but they keep rejecting them without providing any explanation. The responses feel automated, and it’s nearly impossible to contact anyone directly, as their customer support team doesn’t have access to KYC matters.
Honestly, it's frustrating — centralized exchanges (CEXs) continue to be a painful experience, even when you follow all their rules. That said, I must acknowledge that my KYC experience with other exchanges like Coinbase and Deribit was much smoother, with their teams actually communicating throughout the process. Unfortunately, the OKX team has been a complete disappointment.
Honestly, it's frustrating — centralized exchanges (CEXs) continue to be a painful experience, even when you follow all their rules. That said, I must acknowledge that my KYC experience with other exchanges like Coinbase and Deribit was much smoother, with their teams actually communicating throughout the process. Unfortunately, the OKX team has been a complete disappointment.
So many exchanges are doing their KYC all willy-nilly and I think many are abusing the KYC system to keep funds locked up on their exchange. I wonder if they profit from this?
There should be strict regulation around the whole KYC process, since as it is now is completely unacceptable. What or who is keeping exchanges from abusing/exploiting their users under the guise of "additional" KYC? Either you pass KYC or you do not, what additional KYC can there possibly be? At some point the exchanges are going to be asking for DNA samples and first-born children...
It really is ridiculous. I am 100% against CEX but unfortunately DEX and other decentralized ways to trade are complicated and expensive... Hopefully that will change sometime in the near future. Can't wait.
