Is OKX safe? Licences, account freezes and incidents

In certain circumstances permitted by the Applicable Laws and Regulations or market practice of the relevant jurisdiction, OKX may register or record a User’s Account in the name of the custodian or under OKX’s name. If the Accounts are held in the name of the custodian or under OKX’s name, such assets may not be segregated from OKX’s assets and, in the event of a default by the custodian or OKX, may not be as well protected from claims of the custodian’s or OKX’s creditors as would be the case if the User’s client assets had been segregated from the custodian’s or OKX’s assets. For Users of OKX Singapore specifically, Users’ assets are held in one or more segregated custodial accounts on trust for the benefit of the Users.

If OKX deposits a User’s Fiat Currencies and/or Digital Assets with a third party, such Fiat Currencies and/or Digital Assets may be pooled with those belonging to other Users. In such circumstances, a User’s individual client entitlements may not be separately identifiable by separate certificates, other physical documents of title or equivalent electronic records and, in the event of an irreconcilable shortfall after OKX’s insolvency, any Users whose assets have been pooled may share in that shortfall in proportion to their original assets in the pool. Any entitlements or other benefits arising with respect to pooled assets will be allocated pro rata to each User whose assets are so pooled.

In the event of the insolvency or any other analogous proceedings of a third party holding a User’s Fiat Currencies and/or Digital Assets, OKX may only have an unsecured claim against the third party on behalf of a User and a User may be exposed to the risk that the Fiat Currencies, Digital Assets or any other property received by OKX from the third party is insufficient to satisfy the User’s claim and the claims of all other relevant Users.

OKX is not a bank or other depository institution. Your Account is not a deposit or bank account. Our Services are not depository or traditional banking services. Neither your Account nor your Digital Assets are covered by insurance against losses or subject to any other protections, including, but not limited to, Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.

OKX may, at its sole discretion and without prior notice, close or suspend your Account and access to the Services, refuse any Order submitted, or impose trading limits on your Account if OKX deems that you may have violated any Applicable Laws and Regulations.

In the event that we learn or reasonably suspect, in our sole and absolute discretion, that your Account is or may be associated with any of the Prohibited Businesses as set forth in these Terms, we will consider it to be a violation of these Terms and may suspend or terminate your access to your Account, or to all or any of the Services, and/or block transactions or freeze your funds immediately without notice, and we reserve the right to report any such suspected or actual Prohibited Businesses to the appropriate law enforcement authorities.

We also reserve the right to take actions, including but not limited to closing, suspending or restricting your Account, voiding, canceling or reversing transactions, or other actions without notice that we deem reasonable at our sole and absolute discretion so as to eliminate or mitigate any adverse effects to the overall well-being of the market. In no event shall we be liable to you for any loss incurred if such action against you is taken.

Users may request the withdrawal of their Digital Assets at any time, subject to these Terms and any applicable terms governing specific Services and provided that Users have a sufficient balance in their Account. We may not process a withdrawal request if, in our reasonable opinion, we determine that Applicable Laws and Regulations prevent such withdrawal. We may also suspend withdrawals at such time we deem appropriate to resolve any incidents on the OKX Platform.

(j) gambling activities, including but not limited to sports betting, casino games, horse racing, dog racing, lotteries, games of chance, games of skill that may be classified as gambling (i.e., poker), or other activities or businesses that facilitate the above, or that we consider similar in nature at our absolute and sole discretion;