OKEx unveils compensation scheme for loyal users after withdrawal freeze

The cryptocurrency exchange OKEx unveiled a compensation programme for loyal users. Its terms cover those who interacted with the platform during the withdrawal freeze.

Beyond #ThankYou: To express our gratitude for everyone’s unwavering trust in the #OKFam, @OKEx is launching user rewards promos after withdrawals resume 🔽

1️⃣ #HappyFriday Reward Program 🎁 in $BTC
2️⃣ Service fees to be refunded

Details: https://t.co/WshV9GDeQy

Stay tuned! pic.twitter.com/oJb9NSVvvt

— OKEx (@OKEx) November 24, 2020

The exchange plans to earmark 20% of commission income from futures trading and perpetual swaps over the last seven weeks for an incentive fund. Active users will receive compensation based on the volumes of assets held and turnover. For holders of the exchange’s native token OKB, the amount will be doubled.

Users holding more than $10,000 on the exchange will receive between $100 and $1,000 as fee coverage, depending on trading volumes.

OKEx will weekly extend further benefits to all platform users for futures trades and perpetual swaps.

On October 16 the platform suspended withdrawals due to a loss of contact with one of the private-key holders. Media outlets reported the detention of OKEx founder Star Xu, but the exchange’s representatives denied the report.

On November 19 OKEx promised to restore withdrawals by November 27, 2020. Later Star Xu said that he is cooperating with law enforcement authorities in a case involving a share-capital merger with his company OK Group several years ago.

As reported, on November 23 the platform tested a withdrawal of 0.02 BTC from one of its wallets.

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