OKX Rolls Out 30-Day Verification for Withdrawal Addresses

Leading
cryptocurrency
exchange
OKX
has
announced
a
new
feature
that
introduces
a
30-day
verification
period
for
addresses
in
its
withdrawal
address
book.
The
feature,
which
went
live
at
7:00
am
UTC
on
July
4,
2024,
offers
users
the
option
to
verify
addresses
for
either
30
days
or
permanently,
according
to

OKX.

How
the
New
Feature
Works

Under
this
new
system,
an
address
verified
for
30
days
will
require
a
withdrawal
within
that
period
to
maintain
its
status.
If
no
withdrawal
occurs,
the
verification
will
expire,
necessitating
a
security
check
for
future
withdrawals
to
that
address.
However,
if
a
withdrawal
is
made,
the
verification
period
will
reset
to
30
days
from
the
latest
transaction
date.
For
example,
a
transaction
made
on
July
4,
2024,
at
7:00
am
UTC
would
extend
the
verification
period
to
August
3,
2024.

Impact
on
Existing
Verified
Addresses

All
currently
verified
addresses
in
the
OKX
withdrawal
address
book
were
transitioned
to
a
30-day
expiry
period
starting
from
July
4,
2024.
Users
wishing
to
verify
their
addresses
permanently
have
two
options:
either
wait
for
the
30-day
verification
to
lapse
and
then
reverify
permanently
or
delete
and
re-add
the
addresses
as
permanently
verified.

Steps
to
Verify
Addresses
for
30
Days

By
default,
when
verifying
an
address
in
the
withdrawal
address
book,
the
verification
will
last
for
30
days.
Users
can
opt
to
change
the
verification
period
to
permanent.
This
feature
is
accessible
on
both
the
web
platform
and
the
app
(version
6.75
and
newer).

OKX’s
initiative
to
enhance
security
measures
aligns
with
broader
industry
trends
aimed
at
safeguarding
user
assets.
As
cyber
threats
continue
to
evolve,
exchanges
are
increasingly
adopting
rigorous
verification
processes
to
ensure
the
integrity
of
transactions.
This
move
by
OKX
is
expected
to
offer
users
greater
peace
of
mind
by
adding
an
extra
layer
of
security
to
their
withdrawal
processes.

Image
source:
Shutterstock