OKEx will enable withdrawals by November 27, 2020

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Embattled crypto exchange OKEx has announced the reopening of withdrawals on its platform from November 27. This was contained in a message released on its website in which the exchange communicated the reasons for reopening withdrawals.

We’re pleased to announce @OKEx will reopen withdrawals by Nov 27, 2020. We are committed to building more high-quality products and enhancing the overall user experience for everyone in the #OKFam.

Reward campaigns coming soon. Stay close!

Details: https://t.co/Xc5vrUQF40

— OKEx (@OKEx) November 19, 2020

Presently, one of OKEx’s private key holders has completed assisting the authorities in a previously referenced investigation

OKEx said in a prepared statement, adding that the exchange:

will therefore [reopen] unrestricted withdrawals by November 27, 2020.

OKEx also offered apologies for the problems caused by the pause in withdrawals and is set to launch loyalty reward campaigns for users.

As OKEx reopens for withdrawals, the exchange is also hoping to apologize for the inconvenience caused.

We will also be launching significant user loyalty reward campaigns to express our deep apologies and most sincere gratitude to our community.

Withdrawals paused after Founder’s arrest

OKEx suspended withdrawals on its exchange on October 16 following reports that its founder Xu Mingxing was arrested by Chinese authorities.

The exchange revealed at that time that the reason was that a key holder of the private keys was absent and enforced the suspension. However, it was revealed that Xu has been released yesterday and this paved the way for resuming normal activities on the exchange.

The past few weeks have been challenging for the popular exchange with its native coin OKB slumping heavily after news that the withdrawals were stopped.

OKEx is one of the leading exchanges used in China and has huge volumes of crypto assets tied in its exchange. It is most likely that traders will withdraw their funds in mass once the withdrawals will be enabled in November.

The case of OKEx shows how fickle the crypto sector is as users were unable to withdraw funds because of the arrest of a single individual. Since then, OKEx has lost a significant amount of the market share to rivals Binance and Huobi. Nevertheless, the restoration of withdrawals on OKEx comes as a welcome relief to the crypto community.