OKEx resumes normal function, but withdrawals still closed

Crypto exchange OKEx announced that both its fiat-crypto purchase capabilities and P2P outlet have reopened. Withdrawals still remain closed, however.

“The OKEx P2P platform will resume trading on Oct. 21, 12:00 pm (UTC) for CNY, INR and VND fiat pairs, and the Buy Crypto fiat gateway will also be reactivated at the same time,” OKEx said in an Oct. 21 announcement, adding: “Please note that cryptocurrency withdrawals are still temporarily suspended and the ‘Sell Crypto’ option is not available.”

The exchange noted that “other functions are up and running,” in an Oct. 16 tweet following its suspension of withdrawals. Based on the Oct. 21 update, buying and selling via OKEx’s fiat gateway was halted as well. 

“In line with OKEx protocol and in the interests of user security, OKEx’s function of P2P trading available in Vietnam, India, and China, was temporarily paused along with withdrawals on October 16,” an OKEx representative told Cointelegraph on Oct. 21, adding that certain conditions may sometimes provide opportunities for hacks and theft by nefarious characters. 

“For that reason, we took the decision to also pause P2P while reviewing the situation and communicating the potential threats to the users of this service. We are now satisfied that our userbase in these regions is aware of the correct practices to follow to trade and keep their assets safe and will be resuming P2P trading at 12:00 pm UTC on Wednesday, October, 21.”

The troubles at OKEx began on Oct. 16, when the exchange announced that it would temporarily suspend withdrawals. The situation in the days that followed was anything but clear. The issues related in part to one of the exchange’s private key managers and their involvement in an ongoing investigation. News also surfaced that Chinese police were looking into the exchange’s founder. 

While OKEx provided certain details to the public, the situation remains vague. The entity has repeatedly assured the public that their funds are safe, however.

“Other functions on the exchange such as trading and savings, remain unaffected and user assets are safe,” the representative clarified to Cointelegraph after the Oct. 21 announcement. “P2P trading has resumed and we continue to list new tokens and assets.”