OKX introduces new control measures for clients following the 3AC saga

  • OKX customers can create and manage access levels to their accounts through these new control measures.
  • The new controls don’t restrict the features of the account to any of the involved parties.

Leading exchange platform, OKX, has announced easier ways its high net worth users can manage their accounts. With this new way, users can create sub-accounts. Then, they grant access to the sub-users without losing the management of the account. According to the announcement, this new feature reduces counterparty risks.

Customers are more at ease because they have greater account management controls. OKX clarified that it never uses its customers’ funds for any purpose. Its goal of creating this new feature is to enable its users to understand counterparty risks. These are the possible risks when entrusting their assets to a trading team or money managers.

Related: Capgemini report says the world’s wealthiest individuals have invested in crypto

The urgent need to roll out a new feature

According to OKX, it was necessary to launch these new features following recent happenings in the crypto space, such as 3AC’s liquidity problems. Through these newly launched features, customers can control the access third parties can have over the accounts.

OKX wants its customers to have full details of all trading activities with their accounts. Thus, there is a less systemic risk as to the crypto sector moves to its next maturity level. OKX’s sub-account feature makes it impossible for any trading team or third party to have full access to an account whereby they can easily move funds from a user’s account.

Project teams and high-net-worth users will find this new feature useful. They are the ones that usually have an advisory team or a third-party trading team for their accounts. The 3AC incident proves what can happen when activities on trading accounts are performed based solely on trust.

Involved parties have no limitations

OKX further clarified that introducing this new feature wouldn’t limit any third-party. “our new updates ensure that none of the involved parties have any restriction. Instead, we aim to enhance the relationship between trading teams, money managers, foundation teams, and account owners.”

Risk management and account level access are two key features of the sub-accounts release. A notable example of a risk management feature involves real-time leverage and margin use monitoring. Similarly, an example of an account-level access feature includes enabling assigned teams to access spot, futures, and perpetual swap trading.

OKX is on a hiring spree despite market turmoil

Crypto market players have been reacting differently to the current turmoil in the market. Many of them are reducing their staff strength. However, OKX has noted that it is unaffected by current market conditions. Hence, it would keep hiring top talents to run its platform.

OKX added, “our firm has survived several market cycles. Experience shows that market declines represent opportunities to add the right people to our team. Thus, we can build and scale our services properly.” OKX joins other top crypto platforms such as FTX,  Binance, and Kraken, who keep adding to their staff strength rather than reducing them.

 

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Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.

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