Recent Turmoil and Response from OKX: The Growing Pains and Reflections of Compliance Upgrades!

Let me first state my attitude: For exchanges, the starting point of risk control and security is definitely correct—

After all, the industry is becoming more regulated, and now any exchange needs to comply in order to develop better, so it is impossible not to cooperate with the relevant requirements of law enforcement agencies;

However, in the execution of security issues and risk control targeting users, a one-size-fits-all approach cannot be taken, as it may inadvertently harm normal users and lead to a loss of trust.

I looked at the discussions and demands from yesterday and summarized a few core points and suggestions for OKX—

1️⃣ Security and compliance are a necessary path, but execution needs improvement.

2️⃣ Communication and empathy are still lacking, and user education needs to be strengthened.

3️⃣ Trust is key; the "black box" of risk control needs increased transparency.

4️⃣ The integrated enhancement of products, services, and community is the long-term solution.

To be honest, we people have our money in someone else's hands, and it still feels a bit uneasy—

The key is whether we can provide users with more transparency and autonomy, which is also the direction we are more willing to see.

I personally think that all CEXs should seriously reflect on how to do this well. When everyone's assets are held in an exchange, and suddenly they cannot be used without a reasonable explanation, it can indeed be very frustrating!

Therefore, when similar issues arise, it cannot just rely on "issuing a statement" to resolve the matter; the experience must be made comfortable, the risk control process must be clarified, and the reasons must be adequately provided, otherwise it will only consume trust.

Old Xu @star_okx's speech today hit the core:

Why does risk control occur, under what circumstances might it be triggered, and how to resolve it in the future—these are the most needed things. He also stated: Better products and customer service will counter this, and a series of major product releases are on the way!

I think this response is very NICE, and I hope to see better methods, as well as improved safety and compliance issues for CEXs in the future, providing better solutions for users!

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