After months of troubles and confusion coupled with the suspension of withdrawals and deposits on its platform, it looks like OKEx is getting back on its feet. The latest statement issued by the crypto exchanges said that it is giving away prices worth up to $1,000 to its users for their patience throughout the times.
In the statement, the crypto exchange mentioned that it is rolling out its new compensation plans as withdrawals will resume on the platform on November 27, which is months after the exchange announced the suspension of the feature.
CEO says the rewards plan are to thank the platforms customers
In his statement, the CEO of OKEx, Jay Hao, said that the crypto exchange is very much aware that it will not be able to stand firm without the support of its loyal customers, so the exchange is rolling out this new reward plan to say thank you to them for their patience throughout its trying period. OKEx woes started in the early part of last month after its founder, Star Xu, was arrested by law enforcement agents in the crypto exchange’s Chinese office.
After the arrest of its CEO, who holds a private key, the crypto exchange moved swiftly to disable withdrawals. According to experts, a major reason why the exchange disabled withdrawals was because there was no private key holder to sign on the transfer of funds on the platform after the arrest.
However, the exchange released an update where it advised its users to continue trading while noting that their funds were very safe. This new development means that the crypto exchange is now giving back to those that stuck with them and continued trading in its time of trouble.
OKEx unveils a double reward program
According to the details of the reward plan, OKEx said that members who traded or held digital assets that were worth more than $10,000 on its crypto exchange would be eligible to receive the rewards. Furthermore, the exchange noted that eligible members would earn rewards ranging from $100 to $1,000 based on the total trades they carried out during the period.
To ensure everyone benefits from the rewards, the crypto exchange has announced another reward will be earned by users who didn’t trade up to $10,000 during the period. According to the statement, the users will earn rewards from the recently created ‘incentive fund,’ which comprises 20% of the whole income that was gotten by the exchange from futures and perpetual swaps.
Meanwhile, the crypto exchange has said that the total reward they will get is still based on the amount they held on the exchange and the amount traded. Also, OKEx has mentioned that users will also be eligible to earn in its ‘Happy Friday’ promo to collect massive rewards from futures and swap trading fees. Finally, the crypto exchange has promised its users that should a case arise where a particular key holder cannot perform his functions; it would use the backup keys in the next 30 days after such an incident.