OKX CEO apologizes for account freezes due to high false-positive rates, working to reduce issues.

OKX founder and CEO Star Xu apologizes for wrongful account freezes on the crypto exchange, citing high false-positive rates in compliance. Xu explains that even advanced technologies can’t always assess user compliance accurately. Over 600 members on OKX’s global compliance team work to reduce false positives, but Xu admits they cannot be entirely eliminated.

One user reported their account on OKX being frozen since June 21 and facing repeated rejections during a stringent identity verification process. They were asked to provide extensive employment records and proof-of-funds documents, which were rejected for not matching platform answers. Xu shared the user’s complaint with his followers on X profile.

Cointelegraph’s request for comment from OKX regarding the user’s complaint has not been responded to at the time of publication. Compliance challenges persist in global exchanges, with false positives being a key issue. Xu acknowledges the need for better user experience in compliance and risk control operations, aiming to address these issues for OKX users.

Read more at Cointelegraph: OKX CEO Apologizes for Account Freezes Caused by ‘False Positives’