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OKEx to re-allow withdrawals on November 27

Photo of: Joseph Stone
by Joseph Stone

By November 27, OKEx exchange customers will once again be able to withdraw cryptocurrencies without restriction. Operations had been frozen since October 16 due to an investigation in China.

The OKEx crypto exchange is completing its investigations in China. As a result, its asset removal services will be able to resume very soon. These operations had been at a standstill since October 16.

In an announcement, OKEx therefore specifies that its customers will again be able to make withdrawals on 27 November, or even earlier. In the meantime, the exchange will carry out security checks. This audit will allow hot wallet operations to resume and ensure that users’ funds are safe.

However, the trading place already specifies that users’ funds are covered by 100% reserves and that they can “therefore be withdrawn without any restriction after the reopening of withdrawals”.

After a month and a half of paralysis, however, OKEx is well aware that it will have to win back a large part of its customers. When the exchange reopens, it will therefore launch a loyalty program.

In this context, it will grant rewards to its customers. The terms and conditions of this program are not yet specified. More details will be provided in the next few days, OKEx announced.

However, the company remains rather vague on the precise circumstances that led to the freezing of withdrawals. This can be explained by the participation of one of the exchange’s private key holders in an investigation by the authorities. However, OKEx refutes any involvement in illegal activities.

In the absence of this holder, transactions could therefore no longer be authorized. But isn’t such an episode likely to happen again in the future? This prospect could encourage many users to place their crypto-actives with other services.

“Unfortunately, we did not include other specific scenarios in our contingency plan, such as the inability to contact private key holders due to unforeseen circumstances. In this particular case, the final resolution of the private key holder’s short-term incapacity was therefore not technical,” the company said.