OKX introduces 30-day verification for withdrawal addresses
OKX introduces 30-day verification for withdrawal addresses
OKX has implemented a new 30-day verification period for addresses in users' withdrawal address books, enhancing security measures.
In a bid to bolster security and client trust, crypto exchange OKX has launched a new feature requiring users to verify addresses in their withdrawal address books every 30 days. This update, effective from July 4, 2024, aims to ensure that only authorized addresses are used for withdrawals, thereby reducing the risk of unauthorized transactions.
Under the new system, when an address is added to the withdrawal address book and verified, it will be valid for 30 days. If no withdrawal is made within this period, the verification expires, necessitating a new security check for future transactions to that address. However, if a withdrawal occurs, the 30-day period resets from the date of the latest transaction.
OKX also provides users the option to permanently verify addresses. Users can either wait for the 30-day verification to lapse and then re-verify permanently or delete and re-add the addresses for permanent verification immediately.
This initiative reflects OKX's commitment to maintaining high security standards in an environment where cryptocurrency transactions are often targeted by cybercriminals. By implementing a recurring verification process, OKX aims to ensure that all addresses remain under the continuous scrutiny of their users, thus minimizing potential risks associated with outdated or compromised addresses.
Existing verified addresses will also be covered by this 30-day system, and users are advised to review their address books to manage this change effectively. The verification feature will be accessible on both web and mobile app platforms, providing convenience and flexibility for users.
As exchanges continue to innovate and introduce new measures to protect users, these steps are likely to set new standards for operational security protocols in the crypto space.
Founded in 2017, OKX is a global cryptocurrency spot and derivatives exchange and the second biggest crypto exchange by trading volume. Trusted by more than 50 million users in over 180 regions globally, OKX strives to provide an engaging platform that empowers every individual to explore the world of crypto.
