OKX founder and CEO Star Xu apologized to users after reports indicated that the cryptocurrency exchange mistakenly froze accounts, including a case where a user was locked out of their funds despite completing numerous verification steps.
"We sincerely apologize for any inconvenience caused. We acknowledge that there are still issues with high false positive rates and poor user experience during the information collection process in compliance and risk control operations," Xu stated in a post on Friday.
"One of the biggest challenges facing global compliance is 'false positives'—the system incorrectly flags normal users as high risk," Xu said.
He explained that even the most advanced technology cannot perfectly assess user compliance at all times.
"Many service providers adopt a 'proactive identification' strategy, and regulators often encourage platforms to act cautiously in risk control," he said, adding that this is why compliant users, despite having no apparent risk, may still receive compliance inquiries.
Xu noted that OKX's global compliance team has over 600 members but admitted that completely eliminating false positives is unlikely.
"It is undeniable that no compliance system can completely eliminate 'false positives,'" Xu said.
This apology came after an X user claimed on Friday that their account had been frozen since June 21 and had been repeatedly denied during a stringent identity verification process.
Xu shared the user's public complaint with his 130,800 followers on his X profile.
The user stated that in addition to having to redo their Know Your Customer (KYC) verification, they were also asked to provide a 10-year work history, employment records for the past five years, and details about their employer.
According to the user, their proof of funds was rejected because the information did not match the platform's "selected answers."
Cointelegraph reached out to OKX for comment but had not received a response by the time of publication.
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Original article: “OKX CEO Apologizes for User Account Freezes Due to 'False Positives'”
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