- OKEx exchange has reportedly resumed withdrawal services for the Chinese fiat currency.
- The exchange halted withdrawals for nearly a month now, following a missing private key holder.
It has been a challenging time for OKEx, a cryptocurrency exchange based in Malta and managed by Chinese executives, since a private key holder was reported missing. As a result, the exchange was forced to temporarily closed withdrawals on its platform, which got users alarmed about the safety of the assets. However, OKEx exchange has reportedly resumed withdrawal and deposit channels for the Chinese Yuan Renminbi (CNY).
The development today was announced by a Chinese blockchain reporter, Colin Wu. He mentioned that the OKEx exchange had reopened the withdrawal service for the Chinese legal tender via the over-the-counter (OTC) merchants. The CNY withdrawal services are about 20 percent lower compared to Binance when transacting with the OTC merchants. As such, OKEx users will be selling their crypto for CNY at a lesser price when using the OTC.
Challenging times for OKEx exchange
According to the Chinese reporter, OKEx users are 80 percent hopeful that the withdrawal services on the exchange will return to normalcy. The withdrawal suspension followed the exchange’s missing private key holder on October 16. One of the founders, Mingxing “Star” Xu, was reportedly detained at the same time by the Chinese police over accusations of manipulating their system, which caused investors to lose significantly.
Following Xu detention, many people speculated that he was the missing provide key holder. However, Mars Finance noted that the arrest of the exchange’s founder wasn’t related to the suspension of the withdrawal services on the crypto platform. Meanwhile, the OKEx exchange has been working to enable other viable means for the users to continue trading their cryptocurrencies. They recently resumed peer-to-peer (P2P) trading for three fiat currencies.