Dear OKEx Users,
To enhance trading fairness and protect our valued community, OKEx is introducing updated measures to curb excessive order cancellations ("Pigeon King" behavior) in our fiat trading zone. These changes aim to maintain market integrity while preserving user flexibility.
Key Policy Updates Effective Immediately
1. Daily Cancellation Limits
- 3 regular cancellations: Daily buy restrictions activate after 3 user-initiated or customer-service-approved cancellations (classified as non-malicious)
- 1 malicious cancellation: Immediate 24-hour buy restriction upon any cancellation deemed abusive by our system
2. Monthly Cancellation Thresholds
6+ cancellations: Starting from the 7th cancellation within a calendar month:
- 2-hour buy restriction per additional cancellation
- All active buy orders will be automatically canceled during restriction periods
3. Permanent Restrictions Trigger
- Low fulfillment rate: Accounts with >6 monthly cancellations AND <65% order completion rate face permanent trading bans
- High-value cancellations: Accounts canceling >10,000,000 USD equivalent monthly with <65% completion rate receive permanent restrictions
Important Implementation Notes
- All restrictions apply from the timestamp of the latest qualifying cancellation
- Policies may be adjusted periodically based on market conditions
- System automatically cancels pending buy orders during restriction periods
FAQ: Understanding the New Cancellation Policies
Q: What constitutes a "malicious cancellation"?
A: Our algorithms flag cancellations demonstrating patterns of market manipulation, including but not limited to repeated high-value cancellations within short timeframes or systematic order withdrawals during price volatility.
Q: How can I check my cancellation count?
A: Your account dashboard displays real-time cancellation statistics, including daily/monthly totals and classification breakdowns.
Q: Are there exceptions for genuine mistakes?
A: Our customer support team reviews disputed cases manually. Provide transaction details through official channels for reconsideration requests.
Q: What happens during buy restrictions?
A: You retain ability to sell assets and withdraw funds. Only new buy orders are temporarily disabled during penalty periods.
Q: How does OKEx determine order completion rate?
A: We calculate this as: (Completed Orders) ÷ (Completed Orders + Valid Cancellations) × 100%
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OKEx remains committed to providing a fair and efficient trading environment. These measures protect our community from abusive practices while maintaining necessary flexibility for legitimate traders.
Investment Disclaimer: Digital assets involve high risk due to price volatility. Carefully assess your investment goals and risk tolerance before trading.
The OKEx Team continuously works to deliver exceptional products and services for your trading success.