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Satoshi test FAQ

Published on May 28, 2024Updated on Nov 26, 20243 min read1

1. What's the Satoshi test on OKX?

The Satoshi test is a security measure implemented by us to verify that a user has control over the wallet address to which they intend to withdraw funds. It involves sending a small, precise amount of cryptocurrency to a specific address provided by us.

For the precise rule, you may refer to the Satoshi test guide here.

2. Why do I need to perform the Satoshi test?

The Satoshi test helps ensure compliance with the Travel Rule and enhances the security of transactions by verifying that you control the wallet address involved in the transaction.

3. How much cryptocurrency do I need to send for the Satoshi test?

You'll need to send a random amount specified by us, typically worth between 1 to 10 USDT, for the test. This amount will be specified during the verification process.

4. What happens if I send the wrong amount to the Satoshi test?

If the amount sent doesn't match the specified amount for the Satoshi test, the verification will fail. You'll need to restart the test with the correct amount to proceed with your transaction.Your deposit will be locked and you may unlock it by providing the sender's info. Learn more about it here.

5. Are there any fees associated with the Satoshi test?

Yes, while the amount transferred for the Satoshi test will be credited back to your funding account, you'll be responsible for any network transaction fees incurred during the test.

6. Can I use any cryptocurrency for the Satoshi test?

No, you must use the selected cryptocurrency associated with the withdrawal network you're using. This'll be indicated on the deposit detail page during the test setup.

7. What happens if I fail the Satoshi test?

If you fail the Satoshi test, you'll need to address any discrepancies and retake the test again. Failure typically results from sending the incorrect amount or sending it to the wrong address.

8. How long do I have to complete the Satoshi test once I start it?

You have a time window to complete the Satoshi test from the moment you initiate it. This'll be specified before starting the test. Be aware of this timeframe to ensure timely completion.

9. What should I do if the Satoshi test is successful?

If the Satoshi test is successful, you can proceed with your withdrawal as normal. The successful test verifies that you have control over the withdrawal address.

10. Will I need to perform the Satoshi test every time I make a withdrawal?

Once your address is verified via the Satoshi test, it remains verified for a period of six months. You'll not need to perform the test again during this period unless you change your withdrawal address or upon the expiry of the verification.

11. What should I do if I encounter the error message "We can't support verification for the TON network"?

Currently, the Satoshi test does not support the TON network. If you encounter this issue, you have two options:

Change the withdrawal entry point to "Exchange or platform."
Convert your assets to another cryptocurrency and then proceed with the Satoshi test again.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.

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