Chinese crypto currency exchange, OK COIN has now announced that the users will have to make a second level of verification through video conferencing. This rule will apply in case when the lifetime deposit will exceed $10,000.
The user has to simply show a certified ID on a video link to the staff of OK COIN. The certified ID in consideration of the KYC policies of OK COIN includes Passport, ID, Driver License and a address proof like a bank statement or a utility bill.
These rules and regulation are being introduced due to major interference by the Chinese government with respect to trading/exchange of Bitcoins and considering it as Anti-money laundering schemes. Due to this fact, Chinese Cryptocurrency exchanges are now introducing and adhering strict KYC policies in order to ensure the authenticity of user’s identification.
Initially, the video verification rule was supposed to apply to users assumed to be “RISKY”. As such not set rule was introduced to consider any users as risky, but generally it would involve those who often make high value transactions and can be possibly involved in money laundering.
But now this rule applies to every user who exceed it’s deposit in OK COIN by $10,000.
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