Chinese cryptocurrency exchange OKEx is planning to restart withdrawals in Bitcoin. The firm stopped withdrawals in October after its founder was taken into custody by the police. Withdrawal transactions are expected to start by November 27.
The temporary suspension comes to an end
OKEx halted Bitcoin withdrawals on October 16 after its founder, Xu Mingxing was arrested by the police. This sparked discussions in the Chinese crypto community as people wondered how and when the withdrawals will be resumed. However, now that Mingxing has been released, withdrawals are expected to resume by November 27.
OKEx released a statement on the withdrawals, saying,
“Presently, one of OKEx’s private key holders has completed assisting the authorities in a previously referenced investigation… [the exchange] will therefore [reopen] unrestricted withdrawals by November 27, 2020.”
The exchange earlier said that it has decided to suspend withdrawals of digital assets in the best interests of the customers.
The arrest was most likely in connection with the backdoor listing of the OK Group in 2019 in Hong Kong. OKEx has been working as separately from OK Coin and OK Group since 2017. It is headquartered in Malta and led by CEO Jay Hao.
Chinese crypto industry in trouble
The last few weeks have been very difficult for the Chinese crypto markets. According to the director of overseas marketing at B.TOP and BTC.TOP, Ding Han, the events caused a lot of panic among crypto enthusiasts in the country. OKEx is one of the leading crypto exchanges in the country and its halting of withdrawals has impacted the people significantly.
The exchange is also planning to launch a user loyalty reward campaign to express its apologies to the customers. The OKEx team said that it will be a mark of their gratitude and apology for the community.
The exchange said that it has always maintained 100% reserves because of which it will be able to start all withdrawals without any restrictions.