Last Updated: December 17, 2024
1. OUR AML/ATF 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. The Program is designed 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 we suspect or have 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.
2. OUR ROLE AND ACTIVITIES
We provide online digital asset trading services and a platform to spot trade digital assets in certain permitted jurisdictions. Our Services are available through associated application program interfaces and/or mobile applications and through OKCoin USA Inc. (incorporated in the United States of America).
Please see our Privacy Policy Statement for what information we collect from customers, and how we use it.
Please see our Fees page for our schedule of fees.
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 virtual financial asset (by Malta), convertible virtual currency (by USA FinCEN), virtual commodity (by Hong Kong) or digital payment token by Singapore. As a trading platform, we believe that bitcoin and litecoin (as well as other alternative-coins) are digital assets that are emerging as an innovative alternative asset class; and therefore, digital assets should not be called currency or money.
Virtual Currency is not fiat currency. It is not legal tender in the United States. Digital assets such as bitcoin and litecoin are NOT backed by any government or central bank. Accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections. Okcoin maintains insurance to the extent required by law.
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, parts of the United States of America and its territories, and Uzbekistan.
We 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 our 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 our platform.
4. RISKS
We have designed our Program to reasonably prevent money laundering and terrorist financing through a risk-based, multi-layer control system.
Trading in digital assets is considered high risk. Digital assets such as bitcoin and litecoin are NOT backed by any government or central bank. The risk of loss in trading or holding digital assets can be substantial. You should do adequate research and carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your financial condition.
Trading virtual currencies and other digital assets involves unique risks that are not typically associated with official currencies, goods, or commodities. Virtual currencies are supported by technology and trust rather than by any central authority. There is no central bank to issue additional currency or take corrective actions to safeguard the value of virtual currencies during a crisis. Any bond or trust account maintained by Okcoin for the benefit of its users may not be sufficient to cover all potential losses incurred by users.
Be aware that the value of virtual currency may be derived from the continued willingness of market participants to exchange legal tender for virtual currency, which may result in the potential for permanent and total loss of value of a particular virtual currency if the market for the virtual currency declines or collapses for an extended period of time.
You cannot stop the payment of a preauthorized transfer of virtual currencies and other digital assets. Virtual currencies and other digital assets can be lost if sent to an incorrect address. This includes situations where the address is formatted incorrectly, contains errors, or is meant for a different type of digital asset. If you send virtual currencies or digital assets to an address designated for a different type of asset, they may be lost. While we may attempt to recover assets sent to the wrong address, it is not obligated to do so.
Okcoin is not liable for any unauthorized, mistaken or accidental transfer or exchange.
Transactions in virtual currency may be irreversible and irrevocable, and accordingly, losses due to fraudulent or accidental transactions may not be recoverable. Some virtual currency transactions may be immediately effective when recorded on a public ledger, which is not necessarily the date or time that the resident initiates the transaction.
You should check with your financial institution regarding stopping fiat payments initiated; you cannot stop those payments from your Okcoin account. Monies may not be returned after transmission is complete. The date or time when a transfer or exchange is made and the person's account is debited may differ from the date or time when the person initiates the instruction to make the transfer or exchange;
The completion time for any transfer depends on third-party actions beyond our control, and we cannot guarantee how long any transfer will take. We may set limits on the amounts for inbound or outbound transfers or may suspend or terminate the ability to transfer virtual currency, other digital assets, or fiat currency into or out of your Okcoin wallet or account.
There is a risk of consumer fraud when using any financial services provider. You should not transmit funds to unknown persons or persons whom you cannot verify, as the funds may not be recoverable. To find out more about types of consumer fraud, including specific types associated with the use of virtual currency, you can visit the FBI's Common Frauds and Scams website: https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams
5. COMMUNICATIONS
Essential information related to your account, including account details, transaction receipts, history, confirmations, amendments to our Terms of Use, notices, and other disclosures, will be sent to you electronically (via email, mobile push notifications, text messages, or other digital communication methods) and can also be accessed by logging into your account. You have a right to a receipt for every transaction.
You have right to at least 30 days' prior notice of a change in the licensee's fee schedule, and/or other terms and policies applicable to operating our virtual currency business activity pertaining to your account
We may charge a fee for providing additional information or delivering transaction history and other details in a different format. However, we will not charge you for records requested in connection with a genuine claim of an account error.
You are responsible for keeping your email address and/or mobile phone number up to date with us to ensure you receive electronic communications. If we send you a communication but you do not receive it due to an incorrect, outdated, or blocked email address or phone number, or any other issue that prevents you from receiving these communications, it will still be considered delivered.
You can update your email address, mobile phone number, or street address at any time by contacting the support center, https://www.okcoin.com/help. If your email address or phone number becomes invalid and electronic communications are returned, we may consider your account inactive, potentially preventing you from completing transactions until you provide a valid contact method.
If you have questions or require assistance, please reach out to our 24/7 customer service representatives by phone at 1-888-201-8380, chat at https://www.okcoin.com/ or email at support@okcoin.com
For any law enforcement requests, please refer to the Law Enforcement Request Guide.
6. DIFFERENT VERSIONS