OKEx users express frustration over suspended withdrawals

Published at: Oct. 20, 2020

Major exchange OKEx suspended crypto withdrawals on Oct. 16. With little information coming from the firm or its CEO Jay Hao in the time since, users have begun demanding answers via Twitter.

In an Oct. 20 tweet from Hao, the CEO stated that there had been “no on-chain out-flow” since the exchange announced it had “temporarily suspended” withdrawals on Friday.

“Your assets are safe,” said Hao. “We'll do our best to resume withdrawals ASAP.”

The exchange reported on Oct. 16 that it had suspended cryptocurrency withdrawals because one of its private key holders was “cooperating with a public security bureau” regarding an ongoing investigation. At the time, OKEx said that it planned to resume withdrawals “immediately”, once it was able to authorize such transactions with the key holder.

Reports indicate that the police also brought the exchange’s founder Star Xu in for questioning a week prior to the announcement. This has left OKEx users expressing their growing frustration:

“It's a bit weird one of the biggest exchanges in the world isn't letting us withdraw money for so long” said crypto Twitter user Jojo.

Many users complained about the lack of transparency compared to that of other exchanges: 

“Where is your CEO Jay Hao? He has to interact and give updated info frequently. When something happens with Binance, CZ tweets every hour.”

“With billions locked up and the reputation of the exchange at stake, what is the reasoning for not providing more transparency?” asked user Douggie Clarke. “For example, detailing how the key situation occurred.”

Others implied they were leaving the exchange permanently — presumably, once they regain access to their funds.

Cointelegraph reached out to OKEx for comment, but representatives did not respond in time for publication.

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