Malta-based cryptocurrency exchange OKEx is finally going to reopen the service of withdrawals on its platform which remained suspended for a period of over one month. As per an official announcement by OKEx made on November 19, 2020, the cryptocurrency exchange will resume withdrawals on the 27th of November. The service may also be launched prior to the scheduled date, the company said in the blog post.
OKEx has said that the private key holder due to which the exchange halted its withdrawal service is now done helping authorities over an investigation. The exchange said that it was not supposed to open the service during this investigation. But now with the return of that private key holder to his “normal business functions”, the exchange will resume the complete withdrawal service for users.
Security checks will be conducted by the team before resuming withdrawals in order to ensure the protection of the funds of users, the company said. These security checks will be conducted for resuming the hot wallet system’s normal operations. Once the service is resumed, there will be no further restriction on the withdrawal of user funds. Regarding the funds of users, the exchange said that they are safe completely. The company has said to maintain the security of funds with 100 percent reserves.
The withdrawal service was suspended over a month ago on the 16th of October. It was halted because one of its private key holders was missing. It was reportedly the founder of the exchange Star Mingxing Xu who was helping Chinese Police on an investigation, as per the company’s claim. Rumors regarding the release of Star Xu started spreading on November 18.
On the news of the reopening of withdrawals, the price value of the exchange’s native digital currency OKB pumped up by more than twenty percent within the duration of just 24 hours. The price value of OKB has jumped above $5.61 and is still up by more than 11 percent in the last 24 hours at the time of writing.
Along with resuming withdrawals, the cryptocurrency exchange is also rolling out a user loyalty reward campaign as well. The company wants to express its apologies and gratitude to the community through this reward program.