- OKEx has given its official announcement that it is restarting the trade which was previously suspended
- This peer-to-peer trade will commence at 12.00 pm on October 21, 2020 (UTC) for Chinese Yuan (CNY), Indian Rupee (INR) and Vietnamese Dong (VND).
OKEx is a successful cryptocurrency exchange around the globe that offers to the trade of cryptocurrency. Their users were taken aback when OKEx announced that they have temporarily excluded crypto withdrawals on October 16, 2020. Such a decision was taken because important shareholders are in an investigation with the Public Security Bureau. They also said that it would resume the trading platform once the transactions become authorised. Hao, CEO of OKEx, stated that the user’s assets are safe and they needn’t worry about it. He also added that they are working to bring back the trade as early as possible.
OKEx serves as an escrow to complete the fiat to crypto trade in its platform. This allows the trader to negotiate for the price of a crypto asset. When the buyer agrees, the payment can be made through accepted platforms, and OKEx will transfer the asset to the buyer’s account. No on-chain transaction is required for this internal transfer. When the same internal transfer is done through the trader’s unique ID, it is called an off-chain transaction.
As for now, the users cannot withdraw the money, and they are in a confusion whether this will lead to loss of assets. As a result, they have started selling their crypto assets for a 10% – 20% discount in OKEx. Some of the users took a step ahead by posting it publicly in social media describing the discount for crypto assets. This made OKEx block those user accounts as they touched the risk management system. They clearly explained that on violating their rules, especially moving to other unauthorised platforms will definitely result in a permanent ban of user accounts. This was officially confirmed in one of their tweets.
OKG Technology, founded by Xu Mingzing, who is also the founder of OKEx reported that Xu Mingxing is officially under the investigation of the Public Security Bureau, China and they are not able to reach him to confirm the same.
However, this news stands great for OKEx customers as they were expecting for this in the last five days. This will certainly bring them a hope that their assets are safe and no longer they need to think about it.