OKX Founder: Only 1% of Users Face Crypto Fund Inquiries

Asset security and user trust are the vital foundation of any crypto exchange. In the context of tightening global regulations, Source of Funds (SoF) verification has become a sensitive topic, causing considerable concern within the community. To address these concerns, the founder of OKX, Star Xu, has issued an official statement to reassure users.

In his statement, Xu began by reaffirming the platform's core commitment. He emphasized that throughout more than a decade of operation, he has always "viewed customer asset and account safety as life itself." He asserted that he has never lost or misused user funds and is determined to fully compensate for any customer losses caused by platform errors.

Addressing the main issue of community concern, Xu clarified the inquiries related to users' source of funds and information. He revealed a critical piece of information: only about 1% of users will receive such inquiries, meaning that the other 99% of users will not be affected.

The purpose of these inquiries, according to Xu, is not to indiscriminately collect personal information or to cooperate with judicial investigations. Instead, they are carried out with the primary goal of "clarifying facts and ensuring the platform is not being abused" for illicit activities. This is part of the Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance measures that major global exchanges must implement to maintain operations and the integrity of the blockchain ecosystem.

He also offered reassurance about the process. Users who receive a request simply need to provide truthful information to complete the verification. Most importantly, Xu guaranteed that "asset and account safety will not be affected" during this process. The OKX team is also working to minimize any unnecessary disruptions that could be caused to users as they trade digital assets like Bitcoin.

The OKX founder's statement is an effort to balance two key factors: on one side, the increasingly strict legal compliance obligations, and on the other, the commitment to protecting user privacy and experience. This is a common challenge that all major crypto exchanges are facing in the industry's current phase of maturation.