OKEx exchange has finally announced that cryptocurrency withdrawals will be enabled after a long suspension period that initiated on October 15, 2020. In an announcement by the exchange, withdrawals will resume no later than November 27th ( this Friday ). OKEx plans to reward its loyal customer base that has waited over a month to access some of their digital asset holdings.
OKEx Withdrawal Suspension
OKEx, one of the largest cryptocurrency exchanges, announced a month ago that digital asset and crypto withdrawals were being suspended. In the original report, OKEx mentioned that withdrawals were suspended due to the exchange’s “private key holders cooperating with a public security bureau in investigations.” It was then reported by local media agencies that the founder of the exchange, Star Xu, was taken into custody by police.
With OKEx serving millions of users in more than 100 countries, the developments put instant pressure on global markets. Bitcoins price saw a quick sell-off but rebounded relatively quickly. Despite reports indicating that Xu was being taken in for “personal matters,” investors across the world feared their assets being held at the centralized exchange.
OKEx Finally Lifts Suspensions
In a recent press release, OKEx has announced that withdrawal suspensions will be removed no later than November 27th ( Friday of this week ). The exchange stated that the internal issue that caused suspensions has been resolved. There were not any additional details shared in the PR in this manner. OKEx was not available for comment, but it seems like the issue could have very well been related to the founder’s personal issues as opposed to company-specific.
We're pleased to announce @OKEx will reopen withdrawals by Nov 27, 2020. We are committed to building more high-quality products and enhancing the overall user experience for everyone in the #OKFam.
Reward campaigns coming soon. Stay close!
— OKX (@okx) November 19, 2020
Jay Hao, CEO of OKEx said in the statement:
“We are extremely happy to announce the return of full service and would like to thank our users for their continued support during this difficult time. We apologize for the inconvenience caused and, beyond offering loyalty rewards, we know we must continue to work diligently to regain their trust.”
The exchange stated that they understood the stress their customers were experiencing during the suspensions. In an attempt to regain user trust, OKEx plans to launch user loyalty reward campaigns after reinstating withdrawals. According to OKEx, they will be sharing more details on these developments in the next few days. With OKEx catering to large amounts of crypto-commodity traders, miners, and institutional investors, it will be important for the exchange to regain user trust. In a market that is close to re-testing all-time highs, it will be important for exchanges to ensure the safety and security of user assets.
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