Bitaigen Research OKX Updates IDR P2P Rules for Diamond Merchants
1. Rule Change Overview
OKX announced a revision to its Indonesia Rupiah (IDR) peer‑to‑peer (P2P) marketplace that specifically targets Diamond Merchants—the platform’s highest‑tier sellers. The new regulation introduces stricter capital requirements and adjusts the fee structure for IDR‑based trading pairs.
2. Capital Requirement
Effective July 10 2024, every Diamond Merchant must maintain a minimum escrow balance of IDR 10 million (approximately USD 650) at all times while operating on the P2P platform. Failure to meet this threshold will trigger an automatic downgrade to the lower “Platinum” tier, which carries reduced visibility and lower transaction limits.
3. Fee Adjustments
The transaction fee for selling IDR against USDT is being raised from 0.15 % to 0.25 % for Diamond Merchants. Conversely, the fee for buying IDR with USDT remains unchanged at 0.10 %. These fees are applied on a per‑order basis and are deducted from the seller’s proceeds before settlement.
4. Affected Trading Pairs
The rule applies exclusively to the IDR/USDT and IDR/BTC P2P pairs. No modifications are announced for other fiat or crypto pairs on the platform, and existing promotional rates for non‑Diamond merchants remain intact.
5. Compliance and Verification
Diamond Merchants must complete an additional KYC step that includes proof of source of funds and a recent bank statement matching the escrow balance requirement. OKX will perform daily automated checks; merchants who do not comply within a 48‑hour window after a breach will be subject to the tier downgrade and a temporary suspension of new order listings.
6. Operational Impact
The updated policy aims to enhance liquidity stability and reduce counterparty risk on the IDR P2P market. Merchants are advised to review their escrow balances and fee calculations ahead of the July implementation date to avoid service interruptions.
⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
