OKEx Announces Update on Digital Asset Withdrawals Suspension & Addresses Under Criminal Detention Rumors

OKEx, a top 20 crypto exchange, recently announced an update regarding the suspension of digital asset withdrawals on its platform. The exchange revealed that the suspension occurred on October 16th and it has been working diligently to resolve all matters related to the suspension.

OKEx further addressed other concerns, including the recent rumors of the platform being under criminal detention. As previously reported, OKEx is under investigation by Chinese authorities. A report in Bloomberg claimed that Chinese authorities were the cause of the suspension. To quote the report:

“An unidentified staffer responsible for users’ private keys — accounts where crypto assets are stored — has been “out of touch” while cooperating with a police investigation, the Malta-based exchange said in a statement Friday. As a result, the company has halted all cryptocurrency withdrawals, without saying when they will resume. OKEx founder Star Xu was the staffer taken away, Caixin reported, citing two unidentified sources at the firm.”

OKEx shared updates about the situation:

  1. Claims that a concerned party related to OKEx is under criminal detention have been refuted — [OKEx] may confirm that these are rumors. Currently, the concerned party is, as stipulated by law, actively cooperating with a public security bureau in an investigation.
  2. OKEx has sought legal support and guidance, and through this process, has made contact with the concerned party.

OKEx then noted that at this time, it is unable to disclose further information, as the content of the investigation is confidential. The platform then shared:

  1. OKEx has always adhered to the law in its operations and has welcomed and complied with regulations in all jurisdictions in which the platform operates.
  2. All user funds on the OKEx platform remain safe and unaffected. There has been no asset outflow of any form from OKEx since the suspension of withdrawals on October 16th.

OK added:

“At the same time, we can assure our users that 100% of their funds can be withdrawn after withdrawals have been resumed on OKEx. Currently, our business operations are stable and running as usual. The OKEx team is working around the clock to ensure that the platform returns to full functionality as soon as possible. We would like to express our deepest gratitude to partners and users for your unwavering support and encouragement.”

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