Cryptocurrency exchange OKEx is set to resume processing of Bitcoin withdrawals for its customers after a month-long suspension.
As reported by The Daily Chain in October from initial reports in China, OKEx was forced to suspend Bitcoin withdrawals for its clients after founder Xu Mingxing ‘was taken away by police’ on October 16 – according to sources in China.
Mingxing is one of the key holders for the exchange and his unavailability meant the firm could not handle user cryptocurrency/digital asset withdrawals. OKEx had released a statement saying that customer funds were safe, but that Bitcoin withdrawals had been suspended.
On November 6 the company released a brief update that once again reassured OKEx customers that their funds were safe, but due to the nature of ongoing investigations could not give any other details on the situation.
“All user funds on the OKEx platform remain safe and unaffected. There has been no asset outflow of any form from OKEx since the suspension of withdrawals on Oct. 16. At the same time, we can assure our users that 100% of their funds can be withdrawn after withdrawals have been resumed on OKEx. Currently, our business operations are stable and running as usual. The OKEx team is working around the clock to ensure that the platform returns to full functionality as soon as possible.”
OKEx also refuted claims that the person, speculated widely to be Mingxing, had been arrested and was only ‘cooperating’ with the ongoing investigation.
“Claims that a concerned party related to OKEx is under criminal detention have been refuted — we can confirm that these are rumors. Currently, the concerned party is, as stipulated by law, actively cooperating with a public security bureau in an investigation.”
Investigation winds down
On November 19 OKEx confirmed that it would once again be processing cryptocurrency withdrawals, adding that Mingxing’s involvement with investigations by authorities had come to an end and he had returned to business as usual
“Presently, one of OKEx’s private key holders has completed assisting the authorities in a previously referenced investigation. Throughout this investigation, OKEx was confirmed not to have been involved in any wrongdoing or illegal activities, and the private key holder has now returned to his normal business functions.”
Withdrawals set to continue on November 27
OKEx is set to continue ‘unrestricted withdrawals’ from November 27 and will conduct security systems checks in order to resume operations of its hot wallet system and ensure user funds are kept safe.
The exchange also noted that because of its policy to remain 100 percent reserves of customers deposits and funds, users will be able to withdraw their full holdings should they wish when operations resume as normal.
