OKEx resumes P2P trading with three fiat currencies as withdrawals remain suspended.

OKEx announced on Wednesday that it is resuming its peer-to-peer digital currency exchange services today with three fiats.

The P2P services started today at 12 pm (UTC) following the services’ suspension last Friday as the exchange lost touch with one of its private key holders. The crypto exchange giant OKEx announced today that it is resuming its peer-to-peer digital currency exchange services today with three fiats: Chinese yuan, Indian rupee, and Vietnamese dong. As reported earlier, the missing OKEx wallet private key holder turned out to be its founder Mingxing Xu, popularly known as Star Xu, was taken away by police. Internshala offers various internships in the crypto and blockchain field. 


Withdrawals on OKEx remain suspended indefinitely. 

As withdrawals on the exchange remain suspended, its clients are trying to several ways to get their stuck funds out. Many take bids outside the crypto exchange interface and even sell their USDT and BTC holdings at a 10 to 20 percent discount. With the peer-to-peer services resuming, many of the anxious clients can liquidate their holdings to buyers who are okay with suspended withdrawals. For its P2P services, the crypto exchange 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.


OKEx CEO reassures customers that their funds are safe. 

OKEx’s sister company OKCoin released a clarification, mentioning that all services on the crypto exchange, including withdrawals, are functioning properly. The crypto exchange assured its customers that their funds were safe, and the crypto exchange was not hacked. “We will resume digital assets/cryptocurrencies withdrawals immediately once the concerned private key holder is able to authorize the transaction,” OKEx said in a statement. After the OKEx news, Bitcoin fell from $11,501 to as low as $11,200 on Friday before closing at $11,330. The crypto community showed frustration over the OKEx decision to suspend withdrawals. 

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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