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    <p>In a story for 404 media, investigative journalist Joseph Cox reported that by using a variety of false identification, passports, and other legal documentation, he was able to create a verified account on cryptocurrency exchange OKX. This would already suggest that the platform doesn’t have particularly effective or stringent know-your-customer (KYC) or anti-money laundering (AML) procedures in place but the story goes way beyond that and is <strong>much worse</strong>.</p>
    <h2 class="wp-block-heading" id="h-no-verification-no-cry">No verification, no cry</h2>
    <p>Fake IDs and legal documents aren’t anything new or particularly noteworthy, but the fact that someone can create and verify a fake identity across numerous websites is concerning and points to a failure of the rules and regulations guiding digital financial institutions.</p>
    <p>After learning how simple it had been to bypass the KYC/AML process at <a rel="noopener noreferrer nofollow" title="OKX" href="https://thebittimes.com/tag/okx.html">OKX</a>, Protos reached out to customer support on Telegram who, after calling Cox’s story “fake news,” explained that <strong>no real KYC/AML takes place</strong> when an individual creates an account or deposits cash or <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies. This is an illegal and incorrect way to run a KYC/AML program.</p>
    <p>Long before any money is allowed to be deposited into most financial institutions — from banks to brokerages — an individual’s identity is proven. Often these checks and balances can take hours or days to conduct, and are intended to protect the companies from accepting laundered or improperly acquired funds.</p>
    <p>According to OKX’s own customer support, it isn’t conducting any of the necessary mechanisms to keep dirty money completely off the platform.</p>
    <p><em>Read more: Iranian <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> Bit24 reportedly leaks 230,000 users’ KYC data</em></p>
    <h2 class="wp-block-heading" id="conspiracy-theorists-can-call-this-a-w">Conspiracy theorists can call this a W</h2>
    <p>What customer support did confirm for Protos is that <strong>KYC/AML checks are only conducted when an individual is attempting to take money off of the <a rel="noopener noreferrer nofollow" title="OKX" href="https://thebittimes.com/tag/okx.html">OKX</a> platform</strong> — likely keeping many people from being able to withdraw or move their funds.</p>
    <p>This characterization of how many crypto exchanges conduct business has been an ongoing theory across Twitter and Reddit for years. When told that this wasn’t a properly instituted KYC/AML program, support instead suggested that “that is how [every] exchange [all] over the world does [KYC/AML], not only OKX.”</p>
    <p>This is not the slam dunk that the customer support representative believed it was, proposing instead that OKX isn’t the only exchange completely nullifying effective KYC/AML, but rather that every exchange doesn’t utilize KYC/AML in any meaningful sense.</p>
    <p>When pressed on the legality and morality of this <strong><a rel="noopener noreferrer nofollow" title="OKX" href="https://thebittimes.com/tag/okx.html">OKX</a> customer support fell silent</strong>.</p>
    <p>Protos will update this article if and when any other OKX employees or representatives reach out.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/no-real-id-no-problem-says-crypto-exchange-okx-tbt78949.html">https://thebittimes.com/no-real-id-no-problem-says-crypto-exchange-okx-tbt78949.html</a></p>

No real ID? No problem, says crypto exchange OKX

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