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.
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