Warning for Dealing with OKX

Ash-Say on 09/02/2025 - 06:34
Last edited 09/02/2025 - 06:37

There have been numerous deals lately about OKX where people benefited from their reward deals.
https://www.ozbargain.com.au/deals/okx.com

I thought I would warn people because of 1 case I came to know. Personally I had no issues so far.

Everything runs smoother until you face an issue. For example, one of my friends whose AU$5k is stuck with them due to AML check for last 1.5 months (he provided all docs and OKX confirmed in writing he was successfully verified) but he is still unable to withdraw despite his funds of repeated escalations. OKX promised mutiple times to release the funds within 2 to 3 business but the funds are still stuck.

He lodged AFCA complaint but it was rejected under jurisdictional review because their crypto (digital assets) arm doesn't hold AFSL and therefore don't need to have EDR scheme I.e. AFCA. Only their derivatives and margins related entity holds AFSL.

OKX Australia Pty Ltd operates digital currency exchange but is not part of AFCA. Nearly all rewards deals fall under this entity.

OKX Australia Pty Financial Ltd operates derivatives and margins and only this entity is registered with AFCA.

He is now lodging a NCAT application to retrieve his funds.

Trade at your own risk

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Comments

  • Gunnar on 09/02/2025 - 08:12
    +5

    Ok x

  • Nitrollparty on 09/02/2025 - 08:51

    this is why i rather justify paying a higher fee and cash out via coinspot.

    • askbargain on 09/02/2025 - 11:32

      Do you also hold coins on coinspot because you trust them?

      • Nitrollparty on 09/02/2025 - 11:34
        +2

        f**k no… only as a offramp…everything in cold wallets

  • Foggy Fluoride Stare on 09/02/2025 - 08:55

    How many trades has your friend executed?

    How much time elapsed between the deposit and the subsequent withdrawal?

    Was your friend in profit? i.e. Are Ya Winning Son?

    Some brokers and exchanges do not hedge their positions and act as counter-party to trades knowing 99.5% of traders generally incur losses. It is likely your friend's profitability was a problem and usually those exchanges engaged in such behavior need to provide bad customer service to avoid incurring massive losses from professional traders.

    Another thought:
    Does anyone believe it is appropriate to propose a motion for a ban on OKx or crypto advertisements in general?

    Furthermore, was this a crypto deposit to fiat withdrawal, a fiat-to-fiat transaction with trading, or a fiat deposit to crypto withdrawal?

  • MS Paint on 09/02/2025 - 09:28

    When you risk it for some international biscuit this is always a possibility.

  • owli on 09/02/2025 - 10:50

    Many cases of exchanges using theft through AML/KYC attrition, the process can wear people out and cost them money in legal fees. The funds may also be legitimately compromised and in that case I imagine these exchanges may just end up keeping the funds. Honestly hats off to them, great scheme.

    You need to do your AML/KYC first via Independent Reserve and cash out through them. I have never had a problem and I know people who have used their OTC desk cashing out $5-10mm AUD without a problem.

    • zathras on 09/02/2025 - 11:40

      Is scheme the French way of spelling scam?

  • pennypacker42069 on 13/02/2025 - 22:32

    OKX customer service was very painful to deal with, it felt like an AI chat bot. Generally you should never leave large balances on an exchange, especially not an overseas one where you have less protection

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