OKEx crypto exchange vows to resume withdrawals by November 27

OKEx crypto exchange vows to resume withdrawals by November 27

Cryptocurrency exchange OKEx announced today that users will be able to withdraw funds by November 27th at the latest. The move comes over a month after the exchange suspended withdrawals of digital assets on October 16th in light of an investigation by Chinese police.

In a statement made today, the company said,” Prior to withdrawals reopening, our team will conduct strict security checks to resume normal operations of the hot wallet system and ensure the safety of our users’ funds. Because OKEx has insisted on maintaining 100% reserves since its establishment, 100% of user funds can be withdrawn without any restrictions after withdrawals are reopened.”

OKEx also touched on a new loyalty program, stating, “”Simultaneously, we will also be launching significant user loyalty reward campaigns to express our deep apologies and most sincere gratitude to our community. The details of these reward campaigns will be announced in the next few days.”

The company also clarified why it opted to freeze withdrawals in the first. OKEx explained that it was unable to reach one of its staff members who had access to private user keys. This was the result of this staff member assisting police with an investigation.

In addition, Xu Mingxing, who is the controlling shareholder of OKG Technology Holdings Limited and the founder OKEx, was being instigated by Chinese public security authorities. By halting withdrawals, the company was able to protect all user assets, but at a cost of disabling other critical functions on the platform.

More information about OKEx can be found at okex.com.

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