OKX, a leading global cryptocurrency exchange and onchain technology company with more than 150 million customers worldwide, launched OKX Shield. OKX Shield is an integrated security product suite combining sophisticated safeguards, visible protection status and the potential for customers to be paid back up to €500,000 following a third-party account-takeover.
Account takeover fraud is a challenge for all financial businesses to protect customers against, with billions lost every year in Europe. The most recent EBA and ECB data shows €4.2 billion in payment fraud across Europe in 2024, which was up from €3.5 billion in 2023. Customers are being targeted directly, with attempts to compromise their accounts across financial platforms.
OKX Shield brings together account-security enhancements with a new protection program, providing up to €500,000. Customers who activate OKX Shield and maintain the required safeguards can be made whole if an unauthorized third party takes over their OKX account and transfers assets.
Customers can get immediate protection of up to €100,000 by activating required security settings. The limit rises to €250,000 for VIP tiers 1-3 and €500,000 for qualifying VIP4+ customers. There’s no subscription or activation fee.
“Strong account protection has always been part of the service our customers receive,” said Erald Ghoos, CEO of OKX Europe. “With OKX Shield, we are giving people a clear way to further strengthen their account security and provide a financial safety net when it’s needed most, without charging for the privilege.
“Millions of people globally are using digital asset platforms for things that used to sit exclusively with banks and brokers: holding assets, transferring value, making payments, investing, accessing markets. The line between ‘a crypto app’ and ‘a financial app’ is disappearing. As that usage grows, the standards around it have to grow too. OKX Shield raises the bar for what customers should expect from a digital asset platform. We’re taking greater responsibility for customer protection, putting our money where our mouth is, and we believe that should become the standard across our industry.”
To activate OKX Shield, customers must opt-in by adopting recommended security settings. These include enabling a passkey and facial verification for large withdrawals, and disabling web withdrawals. Customers must also meet ongoing account and device-security requirements.
Qualifying incidents can include account takeovers involving credential phishing, malware or SIM swaps, where an unauthorized third party controls the account and makes the transfer.
OKX Shield adds account-level protection alongside OKX’s existing safeguards. OKX Europe Limited is authorized under the EU’s Markets in Crypto-Assets Regulation, and customer funds are held separately from OKX’s own funds. OKX also maintains 1:1 reserves and publishes monthly Proof of Reserves reports, allowing customers to verify the inclusion of their balances for assets covered by each report. These measures address asset safeguarding and reserve backing, while OKX Shield provides additional protection against individual account takeovers.
Customers can find out more and activate OKX Shield here.