No later than November 27, customers of the OKEx exchange will again be able to withdraw cryptocurrency, without restriction. Operations had been frozen since October 16 due to an investigation in China.
The crypto-exchange OKEx ends with the investigations concerning it in China. As a result, its asset retirement services may resume very soon. These operations had now been shut down on October 16.
In an announcement, OKEx therefore specifies that its customers will be able to make withdrawals again on November 27, or even before. Until then, the exchange will be conducting security checks. This audit will resume hot wallet operations and ensure user funds are safe.
User funds 100% covered
However, the trading place already specifies that users' funds are covered by 100% reserves and that they can "therefore be withdrawn without any restriction after the reopening of withdrawals".
After a month and a half of paralysis, OKEx is however well aware that it will have to win back a large part of its customers. On the occasion of its reopening, the stock exchange will launch a loyalty program.
In this context, it will grant rewards to its customers. The terms of this program are not yet specified. More details will be provided over the next few days, OKEx reported.
A loyalty program to compensate customers
However, the company remains rather vague on the precise circumstances behind the withdrawal freeze. This can be explained by the participation of one of the holders of the private keys of the exchange in an investigation by the authorities. OKEx, however, denies any involvement in illegal activities.
In the absence of this holder, transactions could no longer be authorized. But isn't such an episode likely to happen again in the future? This prospect could encourage many users to place their crypto-assets with other services.
“We unfortunately failed to include in our contingency plan other specific scenarios, such as the inability to contact private key holders due to unforeseen circumstances. In this specific case, the final resolution of the short-term incapacity of the holder of the private key was therefore not technical "justifies the company.