OKX Web3 FAQ
Introduction to OKX Web3
Our Web3 Wallet is a secure, non-custodial wallet software that lets you retain full control of your digital assets. You can safely interact with DApps, DEXs, and the blockchain ecosystem, while we provide tools and security measures to help protect your funds and privacy.
FAQ
1. Does any of our Web3 services take custody of users' digital assets?
Our Web3 services operate on a non-custodial basis, meaning users retain full control of their digital assets at all times.We don't take custody of any assets, do not initiate, process, intermediate, administer, or guarantee transactions, aren't a party to any transaction, and don't control the execution of digital asset transactions.
2. Do we provide any financial or brokerage services?
We don't provide financial or brokerage services. We don't act as a broker, financial institution, intermediary, agent, advisor, custodian, or a party to any user transactions.Our DEX functions as a software tool that helps users identify optimal transaction routes across third-party DEXs by connecting to open-source smart contracts, DEXs, and DEX aggregators. We provide self-custody tools and technological infrastructure that enable users to engage in digital asset transactions on third-party DEXs.
3. Who owns the smart contracts that our Web3 services are connected to?
The smart contracts connected to our Web3 services are open-source and publicly available for use by anyone, including other non-custodial wallet software providers.These smart contracts aren't owned, deployed, or controlled by us.
4. Are there any restrictions on using our Web3 Wallet?
Use of our Web3 Wallet is subject to certain eligibility requirements. Users must be at least 18 years old and have full legal capacity.When acting on behalf of a business, users must have valid authorization and ensure the entity is lawfully registered. Access to Web3 services isn't available in sanctioned or restricted regions, and we reserve the right to restrict or terminate access in certain jurisdictions.
5. Is KYC (identity verification) required to use our Web3 Wallet?
As a non-custodial wallet software, our Web3 Wallet doesn't require mandatory identity verification. However, if users choose to access exchange account-linked features, identity verification may be required.
6. Can I use the OKX Web3 Wallet in any country?
Availability of our Web3 Wallet varies by jurisdiction. Users in regions that prohibit or restrict digital asset activities, or that are subject to international sanctions, may not be able to access related services.Users are responsible for ensuring compliance with applicable local laws and regulations.
7. Can OKX access my assets or private keys?
Our Web3 Wallet is non-custodial. Private keys and seed phrases are stored locally on your device. We can't access, reset, or recover them. Users have full control and responsibility over their wallet assets.
8. What happens if I lose my seed phrase or private keys?
Lost seed phrases or private keys can't be recovered. We don't store or back up your keys and will never ask for them via email or SMS. Users should back up their seed phrases securely offline, as losing keys results in permanent loss of access to the wallet.
9. Are we responsible for losses from DApps or DEXs accessed through the wallet?
We only provide an access interface. Interactions with third-party DApps or DEXs are initiated independently by users. Any losses resulting from DApp bugs, exploits, or scams are the sole responsibility of the user.
10. Do we guarantee the stability of the Web3 Wallet service?
We provide the Web3 Wallet service “as is,” without warranties regarding performance, availability, or profitability. Maintenance, network issues, or external factors may cause interruptions or limited access.
11. What actions could result in suspension or termination of service?
Activities such as money laundering, fraud, terrorist financing, sanctions evasion, system attacks, malicious code distribution, identity misuse, or API abuse may lead us to suspend or terminate access to our wallet software service without notice.As a non-custodial wallet software service, users maintain full control of their funds even if the service is no longer accessible.
12. What security measures are in place to prevent illicit use of our Web3 Wallet?
To keep our community safe, we use a combination of government data and real-time technology to block bad actors. Here’s how we protect the Web3 ecosystem:
Global Sanctions: We block access from sanctioned regions (refer to our TOS for a full list).
Wallet Address Blacklisting: We aggregate lists of banned wallet addresses from global authorities (such as the FBI, UN, and OFAC) and known hacking incidents. We also partner with third-party chainalytics firms, such as Elliptic, to update blacklisted wallets in real time.
Strict Enforcement: Blacklisted wallet addresses can't use our Web3 Wallet software to make transactions. Additionally, other wallet users are blocked from sending funds to any blacklisted address to prevent accidental interaction with illicit entities.
13. Does OKX collect any personal information from users?
The core functions of our Web3 Wallet don't collect personal data. However, when using login features, quest programs, or fiat-related services, we may collect limited data (such as IP addresses or device IDs) for security and compliance purposes.
14. Will my on-chain activities be tracked or shared?
All blockchain transactions are public. We don't monitor your private behavior, but we may analyze or report suspicious on-chain activities for compliance or security purposes.
15. How can I best protect my digital assets?
We recommend storing your seed phrase and private keys securely offline, verifying all signatures before confirming transactions, using only trusted DApps, keeping your wallet updated, and seeking professional advice for large or complex operations.
16. How do we handle reports from users related to security incidents or potential illicit activities?
When a user reports an incident, we investigate the cause:
Malicious Transactions: We'll blacklist the associated contracts and DApps to protect other users from similar scams.
Key Compromise: We'll guide the user on securing their device and identifying risky DApp interactions.
We also immediately block any addresses confirmed to be involved in malicious activity. In cases of significant theft, we advise users to report the incident to local law enforcement. We're committed to providing full cooperation and support to judicial authorities upon request.Please report all security incidents to: safety@okx.com