OKEx announced on Wednesday that it is resuming its peer-to-peer digital currency exchange services today with three fiats: Chinese yuan, Indian rupee, and Vietnamese dong.
The P2P services will start today at 12 pm (UTC) following the suspension of the services last Friday as the exchange lost touch with one of its private key holders.
No Plans to Resume Withdrawal
The missing OKEx wallet private key holder turned out to be its founder Mingxing Xu, popularly known as Star Xu, and he was arrested by the Chinese police, Finance Magnates reported earlier.
As withdrawals on the exchange remain suspended, its clients are trying to several ways to get their stuck funds out. Many are taking bids outside the exchange interface and even selling their USDT and BTC holdings at 10 to 20 percent discount.
With the P2P services, many of the anxious clients can liquidate their holdings to buyers who are okay with suspended withdrawals.
For its P2P services, OKEx act as a third-party with escrow privileges. It receives bids from third-party OTC merchants, and when the buyer transacts the amount to the seller’s account, the exchange transfers the cryptos to the new owner’s account. As the crypto transfers are made internally, no on-chain verification is required.
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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
OKEx is one of the largest crypto derivatives and spot exchanges, but it slipped its ranks following uncertainty in the withdrawal process.
Apart from withdrawals, other services of the crypto exchange remained functional.
OKCoin, another exchange founded by Star Xu, also released a clarification, mentioning that all services on the crypto exchange, including withdrawals, are functioning properly.