In a continuous effort to foster a fair and efficient trading environment, OKEx has introduced a refined set of operational rules for its Fiat Trading Area. These updates are specifically designed to discourage unreliable trading behaviors, often referred to as "unreliable counterparty" actions, which can disrupt the experience for well-intentioned users. The primary goal is to ensure smoother, more reliable transactions for everyone.
Key Policy Updates for User Protection
To maintain a high standard of trading integrity, the following measures are now in effect:
- If a user cancels three orders in a single day (including both self-cancellations and cancellations by customer support deemed as regular cancellations), their ability to buy digital assets will be restricted for the remainder of that day, starting from the time of the last cancelled order.
- A single instance of a malicious cancellation or a cancellation by customer support that is classified as a malicious action will result in an immediate restriction of buying privileges for the entire day.
- Starting from the policy effective date, if a user accumulates more than six total cancellations within the current calendar month (including self-cancellations, malicious cancellations, and support cancellations where the buyer is at fault), each subsequent cancellation will result in a 2-hour restriction on their buying functionality.
- If a user's monthly cancellation count exceeds six and their order completion rate falls below 65%, their trading permissions will be permanently restricted.
- Similarly, if the total value of a user's cancelled orders in a month surpasses a significant threshold and is coupled with an order completion rate below 65%, it will also lead to permanent trading restrictions.
Please note: When a buying restriction is applied, any active buy orders will be automatically revoked by the system. These rules are subject to periodic review and may be updated to better serve the community.
Our Commitment to a Secure Trading Environment
OKEx is dedicated to providing a secure and user-friendly platform. These enhancements are part of our ongoing commitment to protect our users from disruptive practices and to promote a trustworthy marketplace. We believe that a stable trading environment is crucial for the healthy growth of the digital asset ecosystem.
We encourage all users to engage in responsible trading. 👉 Explore our platform's security features to understand how we protect your transactions.
Frequently Asked Questions
What is considered a "malicious cancellation"?
A malicious cancellation is typically an order cancellation that violates platform rules, such as deliberately backing out of a confirmed trade without a valid reason to manipulate the market or harm the counterparty. OKEx customer support investigates patterns of behavior to make this determination.
How can I check my current order completion rate?
Your order completion rate is a metric tracked within your account. You can usually find this information in your account dashboard or trading history section, which provides a summary of your completed versus cancelled orders.
Why is a 65% completion rate used as a benchmark?
A 65% completion rate helps distinguish between users who occasionally need to cancel orders due to unforeseen circumstances and those who persistently engage in behavior that disrupts the trading process for others. It sets a reasonable baseline for reliable participation.
What happens if my buy order is automatically canceled due to a restriction?
If your buying privileges are temporarily restricted due to these policies, the system will automatically cancel any outstanding buy orders you have placed. You will need to wait until the restriction period ends before placing new buy orders.
Are these rules applied equally to all users?
Yes, these policies are enforced uniformly across all users in the Fiat Trading Area to ensure fairness and consistency. The system automatically tracks cancellation counts and values based on the defined criteria.
Will I receive a warning before facing restrictions?
The system is designed to be transparent. Your account activity is tracked in real-time, and it is your responsibility to monitor your cancellation count and completion rate. Restrictions are applied automatically based on the published rules without prior individual warnings.