OKX is enhancing the security of its fiat currency trading platform by introducing a T+1 risk control mechanism. Effective January 6, 2021, at 11:00 HKT, purchased digital assets will be temporarily restricted from fiat sell orders or withdrawals for 24 hours post-transaction completion. This measure aims to protect users while maintaining full access to trading and financial services.
Key Features of the T+1 Policy
- Asset Protection: Funds from fiat purchases are locked for 24 hours but remain usable for other platform services.
- Flexible Trading Modes: Merchants can opt for T+1 or standard (non-T+1) listings when creating orders.
- User Awareness: Traders must verify the protection type (T+1 or non-T+1) before executing fiat deposits.
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Why This Matters
The T+1 strategy mitigates risks associated with rapid fund movements, aligning with OKX's commitment to:
- Fraud Prevention: Reducing potential misuse of freshly deposited funds.
- Market Stability: Discouraging volatile short-term trading behaviors.
- User Confidence: Providing a safeguarded environment for fiat-to-crypto transactions.
FAQs: T+1 Risk Control Explained
1. Can I still trade during the 24-hour lock period?
- Yes. The restriction only applies to fiat sell orders and withdrawals—spot trading, derivatives, and DeFi services remain fully accessible.
2. How do I identify T+1 vs. non-T+1 merchant orders?
- Check the order details before confirming. Merchants must clearly label their listings as T+1 protected or unrestricted.
3. What happens after 24 hours?
- Restrictions automatically lift, allowing normal withdrawal and sell functions without further action required.
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Implementation Timeline
| Action | Date | Time (HKT) |
|---|---|---|
| Policy Announcement | January 6, 2021 | 11:00 |
| T+1 Functionality Live | January 6, 2021 | 11:00 |
Final Notes
OKX continues to innovate with user-centric security upgrades. This update reflects our dedication to:
- Transparency: Clear communication of policy changes.
- Adaptability: Dual-mode options for merchants and traders.
- Trust: Building long-term confidence through proactive measures.
For further details, refer to the original announcement linked below.