Share this article
OKEx Exchange Says Crypto Withdrawals to Restart by Next Friday
"The private key holder has now returned to his normal business functions," the exchange said in a notice Thursday.
Updated Sep 14, 2021, 10:32 a.m. Published Nov 19, 2020, 2:29 p.m.
Troubled exchange OKEx has announced it will soon allow withdrawals that had been paused after an executive holding the cryptocurrency keys was held by authorities for questioning.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- In an update on Thursday, OKEx said the private key holder "has completed assisting the authorities in a previously referenced investigation."
- "OKEx was confirmed not to have been involved in any wrongdoing or illegal activities, and the private key holder has now returned to his normal business functions," the post reads.
- It will therefore allow "unrestricted withdrawals" by Nov. 27.
- Before then, the exchange will carry out security checks to ensure normal operations of its hot wallets and safe transfers of funds.
- This may suggest OKEx is expecting a flood of withdrawals when the service resumes.
- "We will be working with immediate effect on improving our internal processes so that this type of situation is avoided in the future," OKEx CEO Jay Hao told CoinDesk.
- Users' cryptocurrency has been tied up since Oct. 15, when the unnamed keyholder was taken into police custody.
- Some reports have suggested OKEx founder Mingxing "Star" Xu is the individual concerned, although the exchange said it is "unable to comment on rumors or speculation at this time."
- OKEx said in the notice it has always maintained 100% reserves, so user funds may be withdrawn "without any restrictions."
- The company has a headquarters in Hong Kong, while being officially based in Malta.
- The exchange's OKB token has risen amid expectation of withdrawals returning, trading at $5.68 at time of writing, up 13% over 24 hours.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Anthony Pompliano's Bitcoin Treasury Firm ProCap BTC Closes SPAC Merger Deal
Shares in the company fell more than 50% this week as the merger approval went forward.
What to know:
- Anthony Pompliano-led ProCap BTC closed its SPAC merger on Friday.
- This year's crop of quickly-formed bitcoin treasury companies have plunged in value, and BRR fell more than 50% this week as its merger went forward.
- Pompliano attempted to address investor concerns over management and board compensation.
Top Stories
