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OKEx Exchange Says Crypto Withdrawals to Restart by Next Friday

"The private key holder has now returned to his normal business functions," the exchange said in a notice Thursday.

By Daniel Palmer
AccessTimeIconNov 19, 2020 at 2:29 p.m. UTC
Updated Sep 14, 2021 at 10:32 a.m. UTC
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Troubled exchange OKEx has announced it will soon allow withdrawals that had been paused after an executive holding the cryptocurrency keys was held by authorities for questioning.

  • In an update on Thursday, OKEx said the private key holder "has completed assisting the authorities in a previously referenced 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," the post reads.
  • It will therefore allow "unrestricted withdrawals" by Nov. 27.
  • Before then, the exchange will carry out security checks to ensure normal operations of its hot wallets and safe transfers of funds.
  • This may suggest OKEx is expecting a flood of withdrawals when the service resumes.
  • "We will be working with immediate effect on improving our internal processes so that this type of situation is avoided in the future," OKEx CEO Jay Hao told CoinDesk.
  • Users' cryptocurrency has been tied up since Oct. 15, when the unnamed keyholder was taken into police custody.
  • Some reports have suggested OKEx founder Mingxing "Star" Xu is the individual concerned, although the exchange said it is "unable to comment on rumors or speculation at this time."
  • OKEx said in the notice it has always maintained 100% reserves, so user funds may be withdrawn "without any restrictions."
  • The company has a headquarters in Hong Kong, while being officially based in Malta.
  • The exchange's OKB token has risen amid expectation of withdrawals returning, trading at $5.68 at time of writing, up 13% over 24 hours.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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