Star Xu, the founder and CEO of OKX, has issued an apology to users following reports of unjust account freezes on the crypto exchange. One user reported being locked out of their funds despite completing extensive verification. Xu acknowledged the inconvenience and highlighted ongoing issues with high false-positive rates in compliance processes. He noted that even advanced technologies struggle to accurately assess user compliance, leading to normal users being mistakenly flagged as risky. Xu explained that many service providers adopt an aggressive identification strategy, often encouraged by regulatory authorities to prioritize caution. Despite having over 600 members on OKX’s compliance team, he admitted that completely eliminating false positives is unlikely. The apology came after a user on X shared their experience of having their account frozen since June 21, facing repeated rejections during identity verification. They were asked for extensive documentation, including a 10-year work history, which led to frustration when their proof-of-funds was rejected due to mismatched information. Read more AI-generated news on: https://app.chaingpt.org/news