OKEx resumes P2P fiat trading

The cryptocurrency exchange OKEx announced the resumption of trading in fiat pairs on its p2p platform. From 12:00 UTC on Wednesday, 21 October, users gained access to trades in Chinese yuan, Vietnamese đồng, and Indian rupees.

Crypto-fiat trading on OKEx’s p2p platform was halted last week, coinciding with withdrawals.

Colin Wu, a Chinese reporter, noted that the platform has also restored the ability to deposit and withdraw Chinese yuan.

OKEx announced the opening of CNY deposits and withdrawals, and the direct withdrawal of crypto is still not open. This may indicate that the OKEx platform has nothing to do with CNY money laundering. It is more of a personal problem with the founder of OK, Star Xu. pic.twitter.com/nPl5SJtiv2

— Colin Wu（WuBlockchain） (@WuBlockchain) October 21, 2020

This may indicate that OKEx is not involved in yuan money laundering, he said.

“The situation is largely a personal problem of OKEx founder Star Xu,” Wu suggested.

After the trading halt on October 16, OKEx users faced withdrawal issues. Some began negotiating off-exchange sales of assets, offering USDT and BTC at prices about 15-20% below market.

And a little background.. quite some of users on okex are trying very hard to get their funds out, people been selling their Usdt on okex with 15~20% price off. (the withdrawal is close , but transfer between okex users is still available. )

— Molly (@bigmagicdao) October 20, 2020

In response to these actions, OKEx blocked the internal-transfer feature for a number of clients.

Multiple accounts have triggered our risk management system. As a result, those accounts have been automatically banned for internal transfers. To ensure the safety of your assets, we’d like to remind users not to engage in unauthorized platforms.

Your funds are safe @OKEx.

— OKEx (@OKEx) October 20, 2020

“Several accounts activated our risk management system. As a result, these accounts were automatically blocked for internal transfers. To ensure the safety of your assets, we would like to remind users not to use unauthorized platforms,” OKEx explained its decision.

During p2p trades, OKEx acts as an escrow agent, locking the cryptocurrency amount until the buyer confirms receipt of fiat funds, after which it is released to the buyer.

Clients can also transfer assets to each other within the platform using unique identifiers.

Against this backdrop, Tron Foundation CEO Justin Sun allowed TRX holders to withdraw cryptocurrency via internal transfers without limits. He said this was intended to protect users’ assets.

(2/2) The campaign intends to help #TRX holders protect their assets. This decision will take effect as soon as it is announced.

More details: https://t.co/pj0vOitzMj

— Justin Sun🌞 (@justinsuntron) October 20, 2020

As of writing, the Tron Foundation had helped 20 users withdraw more than $289,000 in TRX.

(1/3)📢The unlimited 1:1 withdrawal decision yesterday has been broadly welcomed by the community. We will continue to update users on the latest progress of this withdrawal plan.

Second batch info:https://t.co/aAf8TdFlR6

— Justin Sun🌞 (@justinsuntron) October 21, 2020

Withdrawal of bitcoins and other cryptocurrencies through OKEx’s standard channels remains unavailable. The exchange has not said when users will regain access to their assets.

Earlier, OKEx paused withdrawals on 16 October after one of the private key holders stopped responding.

Local media reported the detention of OKEx and OKCoin founder Star Xu.

The exchange also denied reports of large transfers after the withdrawal halt.

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