The CEO of OKX says that “false positives” are among the biggest challenges the crypto exchange faces in ensuring global compliance.
OKX founder and CEO Star Xu has apologized to users after reports surfaced of wrongful account freezes on the crypto exchange, including one case where a user remained locked out of their funds despite completing extensive verification steps.
“We sincerely apologize for any inconvenience caused. We acknowledge that issues such as high false-positive rates and suboptimal user experience in the information collection process still exist during compliance and risk control operations,” Xu said in a post on Friday.
“One of the biggest challenges in global compliance is ‘false positives’—where the system mistakenly flags normal users as risky,” Xu said.
