Withdrawals on OKEx still suspended, the exchange remains silent on this subject
9. November 2020
Withdrawals on OKEx remain suspended.
The exchange claims that a member of its leadership is cooperating with a public security bureau.
OKEx has resumed p2p (peer to peer) trading in China, Vietnam and India
OKEx took stock of the state of its exchange platform, specifying that withdrawals remain suspended. The exchange reiterated that it has always obeyed the regulations.
OKEx announced on November 6 that withdrawals are still on hold. The exchange had suspended withdrawals following the arrest of its founder, Star Xu. The exchange now claims that „the allegations that an OKEx related party is in criminal custody have been refuted – we can confirm these are rumors.“
Little news has been given since withdrawals were suspended on October 16. Withdrawals have been on hold for about three weeks now as the exchange attempts to resolve the issue.
News on the suspension of withdrawals
We sincerely apologize for the suspension of digital asset withdrawals on OKEx since October 16. We have since worked diligently to resolve any issues related to this suspension.
We place the highest priority on addressing user feedback and concerns. We would like to keep our valued users informed of the development and status of the situation, as follows:
(1) Allegations that a relevant party linked to OKEx is in criminal detention have been refuted – we can confirm that these are rumors. Currently, the party concerned, as the law stipulates, is actively cooperating with a public security bureau in an investigation.
(2) OKEx has requested legal support and advice and, as part of this process, has contacted the relevant party.
For the time being, unfortunately, OKEx is unable to divulge more information, this investigation being confidential.
We apologize for this and will provide further information to our users regarding the status of withdrawal resumption shortly.
Numerous reports were published after the suspension date, suggesting that Chinese authorities arrested a member of the management . These reports claimed that the official had access to the private keys of a wallet, which resulted in the suspension.
In the ad, the exchange denied that an OKEx member was detained. He said, however, that the party concerned “was actively cooperating with a public security bureau”. OKEx has also obtained legal support and advice in this matter.
The exchange also said it has always obeyed the law and regulations. The company further reiterated that no user funds have been allocated and that they can all be withdrawn when withdrawals resume. OKEx did not disclose any other notable details regarding the investigation.