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OKEx exchange to restores P2P trading for three fiat currencies

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TL;DR

  • OKEx exchange is resuming P2P fiat-to-crypto trading on the platform.
  • The service was previously halted as withdrawals got suspended on the exchange.

Leading Malta-based digital currency exchange, OKEx informed in an announcement on Wednesday that peer-to-peer trading will be restored on the platform. However, the service will be enabled for only three fiat currencies, which includes the Chinese Yuan. The P2P fiat-to-crypto trading was temporarily closed following the recent development on the crypto exchange. 

OKEx exchange is restoring P2P trading today

Starting 12:00 pm (UTC) today, the cryptocurrency customers on the OKEx exchange will be able to engage in peer-to-peer fiat-to-crypto trading again. Per the exchange announcement, the service will support only three fiat currencies, which include the Chinese Yuan (CNY), Indian rupee (INR), and the Vietnamese dong (VND). The cryptocurrency exchange reportedly acts as the escrow to ensure the safety of transactions and to protect users from the risks of being scammed.

Meanwhile, the peer-to-peer fiat-to-crypto service won’t be requiring on-chain transactions, as trades will be facilitated via internal transfers, according to reports. Additionally, the crypto customers on OKEx exchange can be able to transfer assets to each other using their unique ID through off-chain internal transfers.

‘Out of reach’ key holder

The about-to-resume P2P trading was reportedly halted following the suspension of withdrawal services on the OKEx exchange. As Cryptopolitan reported on October 16, the cryptocurrency exchange was forced to stop withdrawals as it couldn’t authorize the service following the absence of one of the private key holders. The exchange couldn’t reach the official following an investigation with the Chinese police.

Later on October 19, it was confirmed in reports that the ‘out of reach’ OKEx personnel was the exchange’s founder. He collaborated with the Chinese police in an investigation. Meanwhile, before withdrawals were disabled on the exchange, about 10,000 BTCs were withdrawn from the exchange.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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