Despite New Incentives to Stay, Some of OKEx’s Chinese Users Are Determined to Leave
Some OKEx's users in China are determined to leave the exchange despite new incentives designed to keep them.
A sharp drop in OKEx’s trading volume and stablecoin reserves – tether in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks.
Jay Hao pledged in an AMA that his firm has taken steps to ensure cryptocurrency withdrawals won't again be frozen because of the absence of a keyholder.
OKEx appears to suffer customer outflows after lifting of five-week withdrawal suspension, highlighting the existential threat of operational risk.
About 2,822 BTC was moved from OKEx within 15 minutes of withdrawals restarting.
The cryptocurrency exchange is reopening withdrawals five weeks after services were suspended due to a missing key holder.