OKEx to Reopen Withdrawals By November 27

Major crypto exchange OKEx confirmed that it will reopen “unrestricted withdrawals” on or before November 27.

“One of OKEx’s private key holders has completed assisting the authorities in a previously referenced investigation. Throughout this 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 company said.

It claims that 100% of user funds can be withdrawn without any restrictions after withdrawals are reopened.

“Simultaneously, we will also be launching significant user loyalty reward campaigns to express our deep apologies and most sincere gratitude to our community,” they added, promising more details in the next few days.

As reported, on October 16, OKEx suspended cryptoasset withdrawals as one of their private key holders was “cooperating with a public security bureau in investigations” and the company was “out of touch” with the holder.

Now, the company recognized that it failed to include other specific scenarios, such as private key holders becoming unreachable due to unforeseen circumstances in their contingency plan.

OKB, the native token of OKEx, rallied earlier today on unsourced reports that withdrawals might be resumed soon. At pixel time (12:11 PM UTC), OKB trades at USD 5.7 and is up by 14.5% in a day and 18% in a week.

The 24-hour trading volume on OKEx reached USD 1.26bn today.