Breaking: OKEx enables fiat withdrawals

OKEx founder, Mingxing "Star" Xu, was previously arrested by the police
The general public perception is that OKEx will soon resume normal service.

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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram