OKEx froze withdrawals on Oct 16 amid controversy that the exchange had been under investigation from law enforcement. Jay Hao, OKEx CEO and co-founder, said on Weibo the problem is about a personal matter and does not impact OKEx. OKEx is a top-tier cryptocurrency trading platform that offers advanced financial services to traders word wide by using blockchain technology. The issue in question is that one of the exchange's private key holders is "currently cooperating with a public security bureau in investigations where required." As per reports the person in question is Xu Mingxing, the founder of OKEx and […] OKEx Saga and Dangers of Crypto Exchange Custody - BeInCrypto ! In an update, Okex CEO Jay Hao reveals that buying cryptocurrency via the . While BICO depositing and buying and selling begins on December 1, 2021 on OKEx, withdrawals can also be made due to the fact the day before today. Bitcoin has … Continued We hope it doesn't continue like this. Crypto Exchange OKEx to Resume Withdrawals as Issue 'Resolved' The general public perception is that OKEx will soon resume normal service. Assuming that OKex's withdrawal issues are caused by the detention of a keyholder, the risk is dependent on the release of the said person and the access to the equipment needed to enter the key. Hi, it sounds like you are having some issues with withdrawing. According to its announcement, withdrawals were stopped at 11:00 Hong Kong time, while the rest of the services provided by the platform continue to function without issues. By the time this article comes out, there will be news that clarifies the details of the detention and the withdrawal schedule. A few hours ago, the OKEx withdrawal suspension caused quite a stir within the crypto space.. The dangers of storing crypto on custodial platforms were once again brought into sharp relief as internal problems within the OKEx crypto exchange saw the company suspend withdrawals.Sponsored Sponsored With about $2.3 billion in Bitcoin (BTC) stuck on OKEx vaults, the news of OKEx pausing withdrawals did cause some shockwaves in the market. OKEX has Major Withdrawal Issues - Horrible User Experience and Site Processes. This may indicate that the OKEx platform has nothing to do with . But if that is the case, the reason for the suspension of withdrawals cannot be explained. Wu wrote in the twitter post: "OKEx announced the opening of CNY deposits and withdrawals, and the direct withdrawal of crypto is still not open. Withdrawal is authomatic but can be delayed if you or upline is having var related issues. So much so that Bitcoin prices dropped 2.5% while the OKEx native token OKB fell by as high as 15%. Step 3: Input the withdrawal address and amount to continue. Jay Hao, chief . The platform will also update its private key management processes and rewards scheme. Join our Telegram Group and get trading signals, a free trading course . It seeks to provide a safe, reliable, and stable environment for digital asset trading. Trading service issue update on 2021-03-26 UTC. You can read our Wiki for additional documentation about OKEx or check our FAQs for other tips and information. Absence of Xu Mingxing prevents transactions, but assets' security 'not affected'. Okex benefits and disadvantages. However, the network fee originates from the blockchain load and is hence not an OKEx withdrawal fee. It is a digital trading platform which provides spot trading of digital currencies and fiat currencies to customers worldwide. I checked on the withdrawal history page and turns out the "Address Note" field where I put my XYM Address Message below the XYM Withdrawal Address is not the same as the Message (Memo/Tag) field used on other exchanges - turns out OKEX didn't put a Message (Memo/Tag) field for XYM! Update (Oct. 16, 10:36 UTC): This article has been updated with report naming a founder of OKEx who is likely the individual behind the withdrawal issue. Tron Foundation has announced the termination of 1:1 withdrawals on OKEx. Earlier today, cryptocurrency exchange OKEx halted withdrawals indefinitely as one of its private key holders is "currently cooperating with a public security bureau in investigations." The latest announcement means that users will be able to withdraw their crypto assets after the platform temporarily suspended the service on Oct 16. OKEx Withdrawals. OKEx offers multiple services and account types. Carrying out Ethereum transactions on a layer-2 protocol like Polygon cuts down transaction fees and improves transaction speeds. WIN withdrawals open at 10:00 am UTC o. My XYM withdrawal from OKEX to Kucoin didn't get credited because OKEX doesn't have a Message (Memo/Tag) field. We have estimated and built a timeline below as to the possible paths on the detention of this person. Users of leading cryptocurrency spot and derivatives exchange, OKEx can now rejoice as the platform has announced the resumption of cryptocurrency withdrawals by Nov 27. OKEx, the Singapore-based digital currency exchange that halted digital asset withdrawals on October 16th, has hired external counsel to help them navigate the issues the exchange currently faces. This means that you have greater chances of filling your trade at the price and quantity that you want. Let's use USDT as an example, after getting the wallet address from the wallet, paste it into the USDT address and enter the amount to complete the withdrawal. Traders can withdraw their preferred cryptocurrencies from the OKEx platform with a small withdrawal fee of 0.0005 BTC in the case of bitcoin, 0.01 in the case of Ethereum, and 0.15 in the case of Ripple. OKEx Deposits & Withdrawals Fees. Source: okex.com. OKEx mentioned that with this measure, the service can be stopped or stopped at any time without prior notice based on "Service Articles of Incorporation 8.1". During the AMA, Hao revealed that OKEx plans to make changes to its . According to the official announcement, one of the private key holders is in the public security bureau custody. This is not the first time Xu has been in trouble. Withdrawals Frozen on OKEx. Traders can withdraw their preferred cryptocurrencies from the OKEx platform with a small withdrawal fee of 0.0005 BTC in the case of bitcoin, 0.01 in the case of Ethereum, and 0.15 in the case of Ripple. User Experience on OKEx Exchange. Patrick Thompson. The claim that the person has been criminally detained is a rumor and is currently actively . OKEx is one of the planet's most expansive cryptocurrency ecosystems, offering its users opportunities to trade, earn passive income on investments, access decentralized financial services and much more. OKEx resumes withdrawals of digital assets. OKEx announced the new integration on 11 June with a blog post.To improve the experience of its users, OKEx has integrated on its exchange a bridge to Polygon.. Polygon provides Ethereum functions on Layer-2 but away from the base layer. Please check our Wiki on the withdrawals topic for help. OKEx exchange offers its users hundreds of trading pairs to help them in . Prime cryptocurrency alternate OKEx has started to checklist BICO on its platform. OKEx Halts Crypto Withdrawals. In September 2018, he was detained by the police amid a dispute with investors who had huge losses on his bitcoin exchange platform OKCoin. Spot trading for WIN/USDT opens at 8:50 am UTC on Dec. 2, 20213. OKEx Exchange Review 2021 - Details, Trading Fees & Features. Colin Wu, a well-known Chinese reporter, has confirmed on Twitter that OKEx has . OKEx deposits and withdrawals are free, but you incur a network fee when you withdraw in cryptocurrency. On November 19 OKEx's CEO Jay Hao . However, users have reported failed logins and delayed withdrawals. OKEx has been in contact with the arrested individual and has hired an external counsel to steer the issues. It is a shame that the broker's image has been tarnished by the frequent withdrawal problems. All your funds and assets are safe. On OKEx's platform, traders do not have to pay deposit fees but are required to pay a withdrawal fee of 0.0005 BTC for bitcoin, 0.01 for ETH, and 0.15 for ripple. The announcement does not reveal the name of the keyholder and talks nothing about the nature . We hope it doesn't continue like this. Understanding the OKEx Withdrawal Suspension. Asian cryptocurrency exchange Okex says peer to peer trading is now open but the freeze on withdrawals remains in effect. When I attempt to withdraw, there is an available amount . So, whatever your bank might be, as long as it permits transfers to OKEx account, then that bank can be used. If you are Okex user and facing some problems then you may immediately contact our Okex Service team through Okex Customer Support Number. Status of deposits and withdrawals. OKEx CEO Jay Hao assured customers this particular key holder needed to cooperate with the police due to personal issues. 1 year OKEx says withdrawal issues are 'temporary,' can't disclose 'the nature of an ongoing investigation' . or traded during the time frame in which withdrawals were closed, OKEx will put 20% of its total . OKEx said Thursday it will resume withdrawal service as soon as this week, after founder Mingxing "Star" Xu was said to have been released from police custody in China. We as a Okex Service team serving to our customers for long time, and hence successfully gaint a reputable status among the various digital assets service provider. Offers over 200 token and cryptocurrency contracts If you want to buy Bitcoin, you can easily get it in 1 minute with Visa, Mastercard or other payment methods. Step 2: Go to the deposit section of the website. By the 16th of October, around 200,000 bitcoins worth two billion dollars were stuck. However, Okex says all services except withdrawals are operating normally, and the customer's funds are also safe. In the days after OKEx suspended withdrawals, it also halted over-the-counter fiat-to-crypto trading on its platform -- a vehicle that has been under Chinese regulatory scrutiny. Crypto withdrawals were suspended on Oct. 16 after OKEx informed the community that it was unable to contact one of the private key holders in China. World Bank warns China not to rapidly withdraw stimulus. An OKEx spokesperson told The Block that the withdrawal issues are "temporary" and that the exchange cannot disclose "the nature of an ongoing investigation." advertisement Earlier today, cryptocurrency exchange OKEx halted withdrawals indefinitely as one of its private key holders "is currently cooperating with a public security bureau . Understandably, the users are worried and frustrated about not accessing withdrawals. Wu suggested that the real issues are likely to be personal matters between the Chinese authorities and Mingxing Xu, the OKEx founder. How to bypass the CBN cryptocurrency ban (3) Using Ecobank Ghana Account. OKEx is a cryptocurrency exchange that provides financial services to traders around the world by using its technology. HU YUE and DENISE JIA, Caixin October 19 . Deposit and Withdrawal fees. Or the situation may be more confusing. The users are happy and satisfied with the world-class features that the OKEx platform . The spot trading fee structure is based on a maker and taker model and ranges between 0.1% - 0.15% if your OKB holding is less than 500. The trading platform users had to wait over a month until the company settled its legal issues and the Chinese police released one of its co-founders and a private key holder. Update (Oct. 16, 11:38 UTC): This article . CAN MY WITHDRAWAL BE GUARANTEED AFTER PAYING VAT YES it 100% guaranteed. Our iOS and Android applications provide a user-friendly portal to our . OKEx CEO Jay Hao said on Sina Weibo that the decision to temporarily suspend withdrawals was due to personal issues of the private key holder. The platform will also update its private key management processes and rewards scheme. Step 3: Select the coin you want to deposit. It is worth noting that only hours before OKEx stopped its withdrawal services, the on-chain transaction monitoring platform Whale Alert noticed several large transfers between OKEx and certain unknown wallet addresses. I have traded some tokens that are supposedly in my okex wallet, but I am unable to withdraw them upon purchase. The fact that such a business disruption occurred for a relatively mature crypto exchange highlights one of the unsung, 'elephant-in-the-room' issues in crypto. Despite the announcement of the suspension of the withdrawal service, the CEO of the OKEx platform responded to this move, saying,"Please rest assured that the company, business, and platform operations are not The impact is due to the personal issue of the private key manager.
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