OKX requires prime brokers to provide sub-account details

BlockBeats news, July 16, according to CoinDesk, cryptocurrency trading platforms are cracking down on brokers who package customer orders to enjoy lower VIP trading fees.

According to a letter reviewed by CoinDesk, OKX recently asked major brokers to provide detailed information on sub-accounts, including the name of the entity or individual that controls each sub-account and the jurisdiction in which it is located. OKX said it needed the information by July 17.

The letter said: "Failure to provide this information may result in undisclosed sub-accounts being restricted from trading and/or sub-accounts being closed."

OKX declined to comment.