Breaking: OKEx enables fiat withdrawals

Colin Wu, a well-known Chinese reporter, has confirmed on Twitter that OKEx has reopened the legal currency deposit and withdrawal channels. Currently, crypto can be sold to OTC merchants for CNY within OKEx at a 20% lower price than Binance. The general public perception is that the exchange will soon resume normal service.

Troubling times for OKEx

OKEx founder, Mingxing "Star" Xu, was arrested by the police after a group of investors claimed they incurred significant losses due to a system crash. The investors allege that OKEx orchestrated this crash.

The arrest also prompted the exchange to suspend withdrawals. OKEx claimed that one of the holders of the exchange’s private keys was absent since they were “cooperating with a public security bureau in investigations.” Many people thought that Xu was the holder in question, however, media resource Mars Finance clarified that he isn’t related to the exchange’s withdrawal issue.

The current status

OKEx users have jointly written a letter asking OK to disclose information. While it is claimed that the letter was written by millions of users, in reality, only around a hundred people have actually signed. Wu has also clarified that, as of now, users can only leave messages to the police to request a reply through various channels, but the other party may not reply on the grounds of confidentiality.