Choosing the wrong recipient type can cause your withdrawal or deposit to get stuck or even be rejected. First, you need to understand the difference between the two options: "Private Wallet" and "Exchange Account." These two options require different information, and the key factor in making your choice is the type of the receiving address, not who you are.
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Step 1: Determine Which Type Your Recipient Belongs To
Case A: Choose "Private Wallet"
When to use: Use this option when you withdraw crypto to a non-custodial wallet controlled by you or someone else, such as MetaMask, TP Wallet, Ledger or other hardware wallets, or someone else's private wallet address.
Information required: You need to provide the recipient's legal full name and residential address. If you are transferring to your own wallet, fill in your own information. If you are sending to someone else, fill in their corresponding information.
Additional verification: If the transfer amount is large, for example over 1000 EUR in the EU region, the platform may require you to verify wallet ownership through a Satoshi test. This means sending a very small amount of assets from that wallet to a designated address to prove ownership. You may also be required to complete verification through a cryptographic signature.
Case B: Choose "Exchange Account"
When to use: Use this option when you withdraw crypto to a user of another centralized exchange, such as Binance, Kraken, or Coinbase.
Information required:
Select the exchange name: Find the recipient's exchange in the list provided by the system. If it is not listed, you need to contact that exchange's customer service and ask them to proactively contact OKX to complete compliance integration. Otherwise, the transfer cannot proceed normally.
Fill in the recipient's full name: You need to provide the legal full name that the recipient used for identity verification on the corresponding exchange.
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Step 2: What Happens If the Information Is Wrong?
According to the official explanation, if the information is incorrect or incomplete, the withdrawal will be directly rejected or locked. The assets will be returned to your account, and you will receive an email notification explaining the reason for failure. You will need to initiate the withdrawal again and make sure the information is accurate.
Identity information matching reminder: Pay special attention. If someone is transferring crypto to you, the information they provide must exactly match the identity verification information you used on OKX. Otherwise, verification will fail due to a name mismatch, and the deposit process will get stuck.
How to check after completing the operation: After completing a withdrawal or deposit, check the transaction status on the "Assets" or "Order History" page in OKX. If it shows "Completed" or "Success," it means the Travel Rule information has passed verification. If the status is stuck at "Pending" or "Under Review," check your registered email. Customer service may need you to provide additional materials.
Follow-up guidance: If you cannot find the target exchange name when withdrawing, you can first go to that exchange's customer service or help center to confirm their Travel Rule compliance status, and ask them to complete compliance integration in the way specified by OKX.
