OKX Risk & Compliance Disclosure

Last Updated: November 20, 2024

This Risk and Compliance Disclosure should be read in conjunction with the OKX Terms of Service (“Terms"). Unless otherwise defined herein, all capitalised terms used shall have the same meanings ascribed to them in the Terms. In plain English, we want you to understand the important risks and compliance matters while you trade on OKX Platform.

1. PURPOSE OF OUR PROGRAM

We have established and implemented an Anti-Money Laundering, Anti-Terrorist Financing, and Trade & Economic Sanctions Program (“AML/ATF/Sanctions Program” or “Program”) to ensure a robust and compliant digital asset trading platform. We want to promote legal, transparent business activities and maintain a strong reputation among our customers, regulators, and the digital asset industry.

2. OUR ROLE AND ACTIVITIES

OKX Platform is a global digital asset trading platform or marketplace, where traders come as buyers and sellers (commonly referred as market-makers and market-takers). In general, our Services facilitate transactions that match users with other users, but in certain circumstances as set out in the Terms, OKX’s Related Parties may be a counterparty to the trades on OKX Platform. Our Services are available through OKX Platform which is operated by OKX.

Disclosure: Trading is risky. The risk of loss in trading or holding Digital Assets can be substantial. You should therefore carefully consider whether trading is suitable for you in light of your financial condition.

3. REGULATORY LANDSCAPE

We understand that regulatory bodies have taken a diverse approach to the laws and regulations regarding Digital Assets, including some characterizing or defining Digital Assets as convertible virtual currency (by USA FinCEN) or virtual commodity (by Hong Kong). As a trading platform, we believe that all Digital Assets available on OKX Platform are an innovative alternative asset class; and therefore, Digital Assets should not be called currency or money.

Disclosure: Digital Assets are not fiat money nor fiat currency. Digital Assets are NOT backed by any government or central bank. We may at times have opinions of the different regulatory approaches taken by various government bodies; however, at all times, we will fully abide by rules and regulations of the respective countries we operate in. We regularly communicate with regulators and industry on the best approach to regulating digital asset businesses. Furthermore, OKX does not accept certain customers. We may not make all of the Services available in all markets and jurisdictions, and may restrict or prohibit use of all or a portion of the Services from Restricted Locations, which at this time include Afghanistan, Algeria, Bangladesh, Bolivia, Canada, Cuba, El Salvador, France and its overseas territories, Hong Kong, Iran, India, Japan, Malaysia, Nepal, Nigeria, North Korea, Syria, the Crimea, Donetsk and Luhansk regions of Ukraine, the United States of America including all U.S. territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the U.S. Virgin Islands (St. Croix, St. John and St. Thomas), and Uzbekistan. OKX may restrict services in other jurisdictions including but not limited to Australia (specifically regarding our derivatives-related and cefi-related services), Bahamas (specifically regarding our retail products), Brazil (specifically regarding our derivatives-related and P2P services), Eritrea (specifically regarding our P2P services), Russia (specifically regarding our fiat payment services), Singapore (specifically regarding our cefi-related services), South Korea (specifically regarding our derivatives-related and P2P services), the United Kingdom (specifically regarding our derivatives-related, cefi-related, and P2P services).

We cooperate with governments and respect regulations and comply with applicable regulations. As good corporate citizens, we may be asked for information from law enforcement authorities and will assist if permissible by law as law enforcement conduct investigations to pursue and thwart illicit activity. What this also means is that OKX Platform is intended for law abiding customers. We welcome the opportunity to earn your business, and in return we require that you act legally and properly on OKX Platform.

4. OUR AML/ATF PROGRAM

We have designed our Program to reasonably prevent money laundering and terrorist financing through a risk-based, multi-layer control system.

The first layer includes a stringent customer identification program, including verifying the identity of our customers, whether individuals or entities. In addition to obtaining identification documents, we obtain for non-natural persons their entities’ beneficial owners/natural persons consistent to international standards such as the Financial Action Task Force (FATF).

The second layer includes a risk-based system to warrant additional customer due diligence. To accomplish this, we screen our customers (including beneficial owners) against the entities/persons on The Government of the Hong Kong SAR Gazette, United States Office of Foreign Assets Control (OFAC) Sanctions Lists, and the United Nation Security Council Sanctions List, among other government-provided lists of sanctioned individuals and entities. We also may screen against other lists on a discretionary basis to protect our reputation and customers.

The third layer includes ongoing monitoring for suspicious activity. If our Program suspects or has reason to suspect suspicious activities have occurred, we will file suspicious activities reports with local regulators. A suspicious transaction is often inconsistent with a customer’s known and legitimate business, or personal activities.

These are the primary components of our compliance program; however, the most important glue or connection to these layers are our leadership team and staff, including AML/Risk personnel that execute training, oversight and a sound compliance culture.

5. RISKS AND SPECIFIC DISCLOSURES

Trading in Digital Assets is considered high risk. Digital Assets are NOT backed by any government or central bank. The risk of loss in trading or holding Digital Assets can be substantial. You should carefully consider whether interacting, holding, or trading Digital Assets is suitable for you in light of your financial condition.

5.1 FX Conversion Risk: You agree and understand that any credit card payments you make using your local currency undergoes a standardized FX conversion process. This FX conversion process may in some circumstances be subject to systemic errors and unexpected failures. In the event of such errors and/or systemic failures, as determined by us in our sole discretion, you may receive a balance in USD or USDT which may be different from the local currency balance you started with at the outset of your payment transaction. This might result in a risk of loss and you agree that you shall bear all costs related to any FX conversion risk resulting from such system errors and/or failure.

5.2 OKX Singapore User Specific Risk and Safe Guarding Disclosures: If you are a User of OKX Singapore, the Monetary Authority of Singapore (“MAS”) requires OKX Singapore to provide certain disclosures to you as a customer of a digital payment token (“DPT”) service provider. Please read the OKX Singapore User Specific Risk and Safeguarding Disclosures before using OKX Singapore’s DPT services and depositing any Asset with OKX Singapore.

6. FEES

6.1 Trading Fees: Your trading fees are determined by trailing 30-day volume. All volume is converted to USD using the exchange rate of the digital asset at the time of the transaction. Transactions in non-USD base pair markets are also converted. Your 30-day trading volume is calculated every day at 00:00 (UTC+8).

Fees are charged in the asset you purchase. For example, if you buy BTC/USD the fee is charged in BTC. Rebates are paid in the asset you sold. For example, if you buy BTC/USD the rebate is paid in USD.
Current Fee information is available here.

6.2 Additional Fees and Charges: OKX offers a variety of deposit and withdrawal channels. Deposit and withdrawal fee information can be viewed here.

If you selected OKX as your third-party provider, a fee is assessed on Credit/Debit card transactions (Visa only).

6.3 Regional or country specific pricing: regional or country-specific pricing may vary, which is determined based on a user’s residence or location.

7. COMMUNICATION

If you have questions or require assistance with our customer due diligence controls, please reach out to our 24/7 customer service representatives by chat or email at Support Center.

For any law enforcement requests, please see our law enforcement request guide here.

8. DIFFERENT VERSIONS

This "Risk and Compliance Disclosure" may be posted in different languages. If there are any discrepancies, the English version shall prevail.