OKEx resumes normal function; withdrawals still suspended

  • 21 October 2020, Wednesday, 23:06

Cryptocurrency exchange OKEx has shared an update today again declaring that its users were safe and that it would resume trading from 12:00 pm UTC onwards for certain fiat pairs such as CNY, INR and VND. It further added that the exchange will be reactivating its ‘Buy Crypto’ fiat gateway at the aforementioned time. However, the platform’s withdrawal option is still said to be “temporarily” suspended. The duration of this suspension still remains uncertain.

This development follows Okex’s suspension of crypto withdrawals on Oct. 16, which had left many traders frustrated. According to OKEx’s earlier announcement, the reason behind suspending the withdrawals was because one of its private key holders was “cooperating with a public security bureau” due to an ongoing investigation. OKEx had then stated that the suspension on withdrawals would be lifted “ASAP” after it determined that “all security requirements’’ were met.

The nature of the ongoing investigation still remains undisclosed, however, on October 16, reports had emerged about the OKEx‘s founder Mingxing Xu, also known as Star Xu, who was reportedly questioned by the police, and that he had also been absent from work for a while.

With regard to the current update, OKEx users expressed their continued frustration by stating:

And me for sure, they keep saying your funds is safe, what good would it do for me if my funds is safe but untouchable

— Eslam gemy (@Eslamgemy20) October 21, 2020

Whats the point of trading when we cant even withdraw?

and how the heck can one person result in Okex suspending withdrawal?

Are you guys shitting us or what?

If you cant even guarantee security of funds and continued service why even bother running an exchange?

— tradingcentral202 (@Stock2020market) October 21, 2020

On October 20 Okex CEO, Jay Hao had stated that there had been “no on-chain out-flow” since the “temporary” suspension of withdrawals. At that time as well, he had reassured users that their funds were safe.

Further, in this latest announcement OKEx has asked its customers to avoid off-escrow trading “as it runs the risk of scams” without any protection. It said in a statement:

As always, please practice proper risk management when trading, and only follow our official communication channels for the latest updates.

Source: ambcrypto.com