From "talking about it makes people shiver" to "compensation for freezing", OKX's initiative marks the beginning of a new era of secure trading in Crypto Assets C2C transactions.
"Your bank account ending with XXXX has been judicially investigated, and some funds have been frozen." Awei had just withdrawn 10,000 U last night, planning to pay the mortgage today and cover his daughter's tuition fees, but he was stunned by this "frozen card" message, causing all his established plans to immediately fall into a deadlock. He believes he merely followed the platform's process to receive payments and release coins, and did not engage in any other illegal activities.
Awei immediately contacted the bank's customer service, and the reply was simply "The bank is only responsible for executing the freeze; the specific reason for the card freeze and the unfreezing time must be consulted with the investigating unit." Next, Awei embarked on a long "checkpoint" journey, from printing thick transaction records to queuing at the bank for explanations, and then cooperating with the police station to complete the record while supplementing nearly a year of transaction history. A series of tedious processes left him exhausted from taking leave, queuing, commuting, and getting stamps.
The "frozen card" is not an isolated case; there are many innocent users like Awei who are affected. This type of problem often stems from the lack of transparency in the funding chain under the C2C/P2P deposit and withdrawal model: upstream transactions trigger risk control, and innocent downstream users are then subjected to collective punishment by having their accounts frozen. Once a bank card is frozen, the funds are often "locked" for months or even longer, severely affecting normal life. Mortgage and credit card payments may be overdue, and daily expenses such as buying groceries, taking taxis, and using ETC may be hindered. Even worse, some users are placed on risk lists by banks due to frequent frozen cards, resulting in long-term limitations on account functions. Moreover, the time and effort required for the unfreezing process only adds to the burden. Difficulties in deposit and withdrawal, along with a lack of security for funds, have become common concerns faced by Crypto Assets users.
OKX C2C “Frozen Compensation”** Merchants Launched: Freeze Card Instant Compensation, Up to 100% Compensation Rate**
In response to this industry pain point, major trading platforms are also trying to provide solutions, working hard on the frozen card rate and compensation rate to offer users a secure C2C deposit and withdrawal experience. However, there are significant differences in the specific measures taken by different platforms.
The OKX C2C has officially launched a new "Frozen Compensation" system. In simple terms, from now on, users trading in the OKX C2C trading zone with merchants marked with the "Frozen Compensation" label will not only be exempt from fees, but if their receiving account is frozen due to the other party's payment, eligible users can receive compensation according to the platform's rules: up to a 100% compensation rate, with a single compensation cap of up to 30,000 USDT. This compensation amount is far higher than the guarantees provided by other platforms previously, fully reflecting OKX's determination and strength in ensuring the security of users' funds.
The compensation funds of OKX are jointly supported by the platform and merchants, rather than relying solely on merchant deposits. This means that even in the event of large compensations, the platform has sufficient funds to cover it, and users do not need to worry about merchants being unable to compensate. OKX aims to "create the most trustworthy trading environment, allowing every transaction to be worry-free." For traders troubled by frozen cards, OKX C2C is currently one of the safer and more reliable platforms for deposits and withdrawals.
Another surprise for users is that OKXpromises not to charge any transaction fees for all C2C trading orders. Regardless of the order size, users can buy and sell Crypto Assets with merchants through "frozen compensation" without any fees. This undoubtedly reduces users' trading costs significantly, especially considering that most platforms charge OTC transaction fees, demonstrating OKX's sincerity in giving back to users with real value.
The "frozen compensation" rules announced by OKX this time are very detailed, aiming for fairness and transparency. According to the official explanation, the compensation amount will be calculated in tiers based on order size and merchant type (see table below). In simple terms:
Small Orders (≤500 USDT): Regardless of whether it is a regular certified merchant or a bulk certified merchant, compensation will be made based on the order amount 100%, with no minimum compensation amount set. For example, if a transaction of 300 USDT triggers compensation, the user can receive full compensation of 300 USDT.
Large Orders (>500 USDT): Merchants with regular verification compensate 20% for amounts exceeding 500 USDT, with a minimum compensation amount of 500 USDT and a maximum compensation not exceeding 2,000 USDT. For example, if a transaction of 600 USDT triggers compensation, the user can receive a total compensation of 520 USDT (500 + (600 - 500)*20%)
In contrast, bulk compensation merchants provide 100% compensation within the compensation limit for large orders, with a minimum compensation of 500 USDT and a maximum compensation of 30,000 USDT. In other words, if a user trades 10,000 USDT with a bulk compensation merchant and encounters a freeze, they can receive up to 10,000 USDT in compensation; even if the transaction amount is higher (for example, 50,000 USDT), the maximum compensation limit is 30,000 USDT. This limit has basically covered the common scale of a single withdrawal for ordinary traders, which is sufficient to handle most risk situations.
Merchant Access and Review: Selecting the Best, Strictly Controlling Risks
Of course, "frozen compensation" is not applicable unconditionally. This protection can only be enjoyed when trading with merchants officially certified by OKX as "frozen compensation". These merchants have undergone strict multi-dimensional screening by the platform; they are either large compensation merchants with outstanding overall performance and high margin deposits or high-quality compensation merchants who are certified and committed to providing compensation according to the rules. They will have a prominent "frozen compensation" label on their accounts, making it clear to users when placing orders.
In addition, to facilitate user selection, OKX has added a dedicated filtering feature in the C2C trading interface. Users can also directly choose to trade with merchants that offer "frozen compensation" in the filtering feature, making it quicker and more secure.
After becoming a compensation merchant, OKX will also conduct continuous supervision over it. For example, merchants are required to comply with the "frozen compensation" service guidelines and must not induce transactions with false promises. Once a user complaint arises and is verified as the merchant's responsibility, the platform has the right to take measures against the merchant, such as deducting points, imposing fines, freezing accounts, or even canceling compensation qualifications, depending on the circumstances. For merchants who actively fulfill their compensation obligations and perform excellently, OKX rewards them with traffic inclination, exclusive ranking, and other incentives to encourage them to provide higher quality services.
Through this strict access and management mechanism, OKX aims to establish "frozen compensation" merchants as the "benchmark merchants" for C2C transactions on the platform. They not only provide a good trading experience and quick transactions, but more importantly, they offer a form of insurance for users' funds. For merchants, obtaining compensation qualifications also means higher credibility endorsement and platform support, which helps attract more users to trade with them.
At the same time, OKX also reminds users: During the trading process, it is necessary to comply with the platform's risk control rules, such as verifying the payment account information and confirming the receipt in a timely manner, to avoid unnecessary disputes. If suspected fraud or abnormal funds occur, users should immediately request customer service intervention, and the platform will assist in handling the situation and take strict measures against violating merchants, including compensation.
Overall, OKX's compensation rules take into account the different needs of small high-frequency trades and large transactions: small transactions are fully compensated, allowing retail investors to try without risk; large transactions are provided with high compensation by financially strong bulk compensation merchants, ensuring the safety of large funds. Coupled with zero transaction fee discounts, OKX aims to attract more users to choose officially certified compensation merchant transactions, thereby reducing the occurrence of frozen card incidents from the source and creating a healthier C2C trading ecosystem.
User Peace of Mind for Deposits: OKX C2C has become an important channel for safety and reliability
The launch of the OKX C2C "Frozen Compensation" system is undoubtedly a boon for ordinary users. For a long time, the difficulty of depositing and withdrawing funds and the lack of security for funds have been significant barriers preventing newcomers from entering the crypto space. Many users outside the industry have concerns about OTC trading: "What if the other party doesn't release the coin after making the payment?" "Who is responsible if my bank card is frozen after receiving the coin?" Now, OKX has provided a solution, allowing users to trade crypto assets more confidently through C2C channels.
For Crypto Assets industry users, this means they have a safer funding channel. Whether it is cashing out in a bull market or buying the dip in a bear market, using "frozen compensation" for merchant transactions adds an extra layer of security to the funds. This will reduce users' anxiety about frozen cards, allowing them to focus more on the transactions themselves. Some users who originally reduced their trading due to concerns about frozen cards may increase their trading volume again.
For newbies outside the circle, OKX's compensation mechanism lowers their psychological barrier to entry. In the past, newcomers often hesitated due to fears of being scammed or having their cards frozen. Now, with secure merchants, they can try purchasing Crypto Assets like Bitcoin and Ethereum with greater peace of mind, truly achieving "one-click deposit" without worrying.
In addition, the OKX compensation mechanism may also bring about the "catfish effect," promoting an overall improvement in the service level of the industry. When users find that OKX's C2C is both safe and cheap, they will naturally be more willing to use OKX for fiat transactions. This will encourage other platforms to follow suit and improve, such as lowering transaction fees, strengthening merchant reviews, or providing similar compensation guarantees. Ultimately, the beneficiaries will be the vast number of investors, and the channels for funds to flow in and out of the entire crypto market will become smoother and safer.
Of course, OKX also reminds users: although the compensation mechanism is good, it is still necessary to pay attention to trading compliance and security. Users should comply with applicable laws and regulations when using C2C services and should not engage in illegal activities such as money laundering or point running. While choosing to trade with officially certified merchants, users must also take precautions against risks. Only through the joint efforts of the platform and users can the risk of frozen cards be minimized. In the event of a risk occurring, OKX's compensation system serves as a solid support for users.
From "fear of freezing" to "compensation for freezing", OKX's initiative marks the entry of cryptocurrency C2C trading into a new era of secure trading.
Disclaimer:
This article is for reference only. It only represents the author's views and does not reflect the position of OKX. This article does not intend to provide (i) investment advice or recommendations; (ii) offers or solicitations to buy, sell or hold digital assets; (iii) financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness or usefulness of such information. Holding digital assets (including stablecoins and NFTs) involves high risks and may fluctuate significantly. Historical returns do not represent future returns, and past performance does not guarantee future results. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For your specific circumstances, please consult your legal/tax/investment professionals. You are responsible for understanding and complying with the applicable laws and regulations in your locality.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Up to 100% compensation OKX C2C "Frozen Compensation" merchants go live
From "talking about it makes people shiver" to "compensation for freezing", OKX's initiative marks the beginning of a new era of secure trading in Crypto Assets C2C transactions.
"Your bank account ending with XXXX has been judicially investigated, and some funds have been frozen." Awei had just withdrawn 10,000 U last night, planning to pay the mortgage today and cover his daughter's tuition fees, but he was stunned by this "frozen card" message, causing all his established plans to immediately fall into a deadlock. He believes he merely followed the platform's process to receive payments and release coins, and did not engage in any other illegal activities.
Awei immediately contacted the bank's customer service, and the reply was simply "The bank is only responsible for executing the freeze; the specific reason for the card freeze and the unfreezing time must be consulted with the investigating unit." Next, Awei embarked on a long "checkpoint" journey, from printing thick transaction records to queuing at the bank for explanations, and then cooperating with the police station to complete the record while supplementing nearly a year of transaction history. A series of tedious processes left him exhausted from taking leave, queuing, commuting, and getting stamps.
The "frozen card" is not an isolated case; there are many innocent users like Awei who are affected. This type of problem often stems from the lack of transparency in the funding chain under the C2C/P2P deposit and withdrawal model: upstream transactions trigger risk control, and innocent downstream users are then subjected to collective punishment by having their accounts frozen. Once a bank card is frozen, the funds are often "locked" for months or even longer, severely affecting normal life. Mortgage and credit card payments may be overdue, and daily expenses such as buying groceries, taking taxis, and using ETC may be hindered. Even worse, some users are placed on risk lists by banks due to frequent frozen cards, resulting in long-term limitations on account functions. Moreover, the time and effort required for the unfreezing process only adds to the burden. Difficulties in deposit and withdrawal, along with a lack of security for funds, have become common concerns faced by Crypto Assets users.
OKX C2C “Frozen Compensation”** Merchants Launched: Freeze Card Instant Compensation, Up to 100% Compensation Rate**
In response to this industry pain point, major trading platforms are also trying to provide solutions, working hard on the frozen card rate and compensation rate to offer users a secure C2C deposit and withdrawal experience. However, there are significant differences in the specific measures taken by different platforms.
The OKX C2C has officially launched a new "Frozen Compensation" system. In simple terms, from now on, users trading in the OKX C2C trading zone with merchants marked with the "Frozen Compensation" label will not only be exempt from fees, but if their receiving account is frozen due to the other party's payment, eligible users can receive compensation according to the platform's rules: up to a 100% compensation rate, with a single compensation cap of up to 30,000 USDT. This compensation amount is far higher than the guarantees provided by other platforms previously, fully reflecting OKX's determination and strength in ensuring the security of users' funds.
The compensation funds of OKX are jointly supported by the platform and merchants, rather than relying solely on merchant deposits. This means that even in the event of large compensations, the platform has sufficient funds to cover it, and users do not need to worry about merchants being unable to compensate. OKX aims to "create the most trustworthy trading environment, allowing every transaction to be worry-free." For traders troubled by frozen cards, OKX C2C is currently one of the safer and more reliable platforms for deposits and withdrawals.
Another surprise for users is that OKX promises not to charge any transaction fees for all C2C trading orders. Regardless of the order size, users can buy and sell Crypto Assets with merchants through "frozen compensation" without any fees. This undoubtedly reduces users' trading costs significantly, especially considering that most platforms charge OTC transaction fees, demonstrating OKX's sincerity in giving back to users with real value.
The "frozen compensation" rules announced by OKX this time are very detailed, aiming for fairness and transparency. According to the official explanation, the compensation amount will be calculated in tiers based on order size and merchant type (see table below). In simple terms:
Small Orders (≤500 USDT): Regardless of whether it is a regular certified merchant or a bulk certified merchant, compensation will be made based on the order amount 100%, with no minimum compensation amount set. For example, if a transaction of 300 USDT triggers compensation, the user can receive full compensation of 300 USDT.
Large Orders (>500 USDT): Merchants with regular verification compensate 20% for amounts exceeding 500 USDT, with a minimum compensation amount of 500 USDT and a maximum compensation not exceeding 2,000 USDT. For example, if a transaction of 600 USDT triggers compensation, the user can receive a total compensation of 520 USDT (500 + (600 - 500)*20%)
In contrast, bulk compensation merchants provide 100% compensation within the compensation limit for large orders, with a minimum compensation of 500 USDT and a maximum compensation of 30,000 USDT. In other words, if a user trades 10,000 USDT with a bulk compensation merchant and encounters a freeze, they can receive up to 10,000 USDT in compensation; even if the transaction amount is higher (for example, 50,000 USDT), the maximum compensation limit is 30,000 USDT. This limit has basically covered the common scale of a single withdrawal for ordinary traders, which is sufficient to handle most risk situations.
Merchant Access and Review: Selecting the Best, Strictly Controlling Risks
Of course, "frozen compensation" is not applicable unconditionally. This protection can only be enjoyed when trading with merchants officially certified by OKX as "frozen compensation". These merchants have undergone strict multi-dimensional screening by the platform; they are either large compensation merchants with outstanding overall performance and high margin deposits or high-quality compensation merchants who are certified and committed to providing compensation according to the rules. They will have a prominent "frozen compensation" label on their accounts, making it clear to users when placing orders.
In addition, to facilitate user selection, OKX has added a dedicated filtering feature in the C2C trading interface. Users can also directly choose to trade with merchants that offer "frozen compensation" in the filtering feature, making it quicker and more secure.
After becoming a compensation merchant, OKX will also conduct continuous supervision over it. For example, merchants are required to comply with the "frozen compensation" service guidelines and must not induce transactions with false promises. Once a user complaint arises and is verified as the merchant's responsibility, the platform has the right to take measures against the merchant, such as deducting points, imposing fines, freezing accounts, or even canceling compensation qualifications, depending on the circumstances. For merchants who actively fulfill their compensation obligations and perform excellently, OKX rewards them with traffic inclination, exclusive ranking, and other incentives to encourage them to provide higher quality services.
Through this strict access and management mechanism, OKX aims to establish "frozen compensation" merchants as the "benchmark merchants" for C2C transactions on the platform. They not only provide a good trading experience and quick transactions, but more importantly, they offer a form of insurance for users' funds. For merchants, obtaining compensation qualifications also means higher credibility endorsement and platform support, which helps attract more users to trade with them.
At the same time, OKX also reminds users: During the trading process, it is necessary to comply with the platform's risk control rules, such as verifying the payment account information and confirming the receipt in a timely manner, to avoid unnecessary disputes. If suspected fraud or abnormal funds occur, users should immediately request customer service intervention, and the platform will assist in handling the situation and take strict measures against violating merchants, including compensation.
Overall, OKX's compensation rules take into account the different needs of small high-frequency trades and large transactions: small transactions are fully compensated, allowing retail investors to try without risk; large transactions are provided with high compensation by financially strong bulk compensation merchants, ensuring the safety of large funds. Coupled with zero transaction fee discounts, OKX aims to attract more users to choose officially certified compensation merchant transactions, thereby reducing the occurrence of frozen card incidents from the source and creating a healthier C2C trading ecosystem.
User Peace of Mind for Deposits: OKX C2C has become an important channel for safety and reliability
The launch of the OKX C2C "Frozen Compensation" system is undoubtedly a boon for ordinary users. For a long time, the difficulty of depositing and withdrawing funds and the lack of security for funds have been significant barriers preventing newcomers from entering the crypto space. Many users outside the industry have concerns about OTC trading: "What if the other party doesn't release the coin after making the payment?" "Who is responsible if my bank card is frozen after receiving the coin?" Now, OKX has provided a solution, allowing users to trade crypto assets more confidently through C2C channels.
For Crypto Assets industry users, this means they have a safer funding channel. Whether it is cashing out in a bull market or buying the dip in a bear market, using "frozen compensation" for merchant transactions adds an extra layer of security to the funds. This will reduce users' anxiety about frozen cards, allowing them to focus more on the transactions themselves. Some users who originally reduced their trading due to concerns about frozen cards may increase their trading volume again.
For newbies outside the circle, OKX's compensation mechanism lowers their psychological barrier to entry. In the past, newcomers often hesitated due to fears of being scammed or having their cards frozen. Now, with secure merchants, they can try purchasing Crypto Assets like Bitcoin and Ethereum with greater peace of mind, truly achieving "one-click deposit" without worrying.
In addition, the OKX compensation mechanism may also bring about the "catfish effect," promoting an overall improvement in the service level of the industry. When users find that OKX's C2C is both safe and cheap, they will naturally be more willing to use OKX for fiat transactions. This will encourage other platforms to follow suit and improve, such as lowering transaction fees, strengthening merchant reviews, or providing similar compensation guarantees. Ultimately, the beneficiaries will be the vast number of investors, and the channels for funds to flow in and out of the entire crypto market will become smoother and safer.
Of course, OKX also reminds users: although the compensation mechanism is good, it is still necessary to pay attention to trading compliance and security. Users should comply with applicable laws and regulations when using C2C services and should not engage in illegal activities such as money laundering or point running. While choosing to trade with officially certified merchants, users must also take precautions against risks. Only through the joint efforts of the platform and users can the risk of frozen cards be minimized. In the event of a risk occurring, OKX's compensation system serves as a solid support for users.
From "fear of freezing" to "compensation for freezing", OKX's initiative marks the entry of cryptocurrency C2C trading into a new era of secure trading.
Disclaimer:
This article is for reference only. It only represents the author's views and does not reflect the position of OKX. This article does not intend to provide (i) investment advice or recommendations; (ii) offers or solicitations to buy, sell or hold digital assets; (iii) financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness or usefulness of such information. Holding digital assets (including stablecoins and NFTs) involves high risks and may fluctuate significantly. Historical returns do not represent future returns, and past performance does not guarantee future results. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For your specific circumstances, please consult your legal/tax/investment professionals. You are responsible for understanding and complying with the applicable laws and regulations in your locality.