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Cryptocurrency Exchange OKEx Resumes Peer-to-Peer (P2P) Trading For 3 Fiat Currencies

The Malt-based cryptocurrency exchange OKEx has announced to resume peer-to-peer (P2P) cryptocurrency trading for three fiat currencies. These three fiats include the Chinese Yuan (CNY), Vietnamese dong (VND), and Indian Rupee (INR). It is the latest update provided by the OKEx exchange following the suspension of its withdrawal service. As per the official announcement published on Wednesday, the fiat-to-crypto trading for these pairs is set to begin from today on October 21, 2020, at 12:00 pm.

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Last Friday, the top crypto exchange suspended its withdrawal service on its platform for users saying that it was ‘out of touch” with one of its key holders who was eventually its founder Star Xu. Reportedly, the founder of the exchange was arrested by the Chinese Police. In a bid to this incident, OKEx halted withdrawals. However, following the suspension of withdrawals, the major cryptocurrency exchange also disabled the peer-to-peer (P2P) fiat-to-crypto trading as well.

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During this uncertainty, users have been trying to get their assets out. Some of the Bitcoin (BTC) and Tether (USDT) users even sold their holdings at a discount rate of ten to twenty percent. They even started spreading the news on social media saying that some digital assets are being sold on the platform of the OKEx exchange.

However, now the cryptocurrency exchange has decided to gradually resume its fiat-to-crypto trading service for users and has reopened peer-to-peer trading service for three fiat currency pairs.

OKEx serves as a third party for its peer-to-peer as well as over-the-counter (OTC) services. The cryptocurrency exchange allows Over-the-Counter merchants to make bids on the platform.

When OKEx announced to halt the service of withdrawals, it ensured users that all of their funds were safe and secured. It, however, did not provide any update regarding when it plans to resume its withdrawal service fully.

In a recent tweet, the cryptocurrency said that several accounts have tried to trigger its risk management system. The exchange has banned those accounts for making internal transfers. It said, “multiple accounts have triggered our risk management system. As a result, those accounts have been automatically banned for internal transfers. To ensure the safety of your assets, we’d like to remind users not to engage in unauthorized platforms.”

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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