OKEx Announces Date for Resumption of Withdrawals

The Bitcoin exchange OKEx will resume unlimited withdrawals by November 27, 2020, according to the company’s statement.

Asset withdrawals have become unavailable to users of the platform on October 16. OKEx attributed this to loss of contact with one of the private key holders who cooperates with law enforcement authorities.

Media reports surfaced that the matter concerned the founder of the exchange, Star Xu, but representatives denied this information.

The day before, Chinese journalist Colin Wu reported that Star Xu had been released from custody, but it was not known under what conditions. He noted that OKEx had already established contact with him.

Later Wu wrote, citing a post from OKEx CEO Jay Hao on Weibo, that the exchange’s team is preparing a statement on the resumption of withdrawals.

On the 19th, Wu learned that OKEx CEO JAY said on Weibo that the progress will be announced soon and there will be absolutely 100% reserves to withdraw. This statement by JAY implies that the withdrawal will be opened soon. pic.twitter.com/sP2rdsUMtK

— Wu Blockchain（Chinese Crypto Reporter） (@WuBlockchain) November 19, 2020

In the statement, OKEx noted that the key holder “has finished helping the authorities in the aforementioned investigation” and has returned to duties.

“During this investigation it was confirmed that OKEx was not involved in any wrongdoing or illegal activity,” the exchange team said.

Earlier, OKG, whose main shareholder is Star Xu, announced a board meeting for November 27.

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