Crypto exchange OKEx announced in a post on Thursday that it is expected to reopen withdrawals at 8:00 UTC on November 26. The post follows a long-awaited update last week where the exchange told users that it would resume asset withdrawals by November 27. OKEx has also rolled out a series of incentive programs that will begin from Friday this week to retain customers and avoid large amounts of crypto-asset outflows.
OKEx founder was taken into custody by Chinese police to assist in an investigation.
Crypto exchange OKEx abruptly suspended asset withdrawals on October 16 as one of its private key holders – later identified as OKEx’s founder, Star Mingxing Xu – was taken into Chinese police custody to assist an investigation. OKGroup is a Hong Kong-listed shell company that was acquired by Xu in 2018. In an announcement over the weekend, he said that “the relevant investigation by public security authority in the PRC has temporarily come to an end, and Mr. Xu has now returned to his normal business functions.” Xu later claimed in a WeChat feed that the police investigation was not about him but was related to a case that involves the shell company he bought in Hong Kong.
OKEx is not the only exchange that halted services.
Chinese authorities are cracking down on crypto exchanges ahead of the digital yuan launch. A popular Chinese crypto journalist, Colin Wu, had earlier reported that the local cryptocurrency exchange TokenBetter users could not take their money back. The local crypto exchange blocked withdrawals amid the investigations by the police in Sichuan province. As reported earlier, OKEx had suspended withdrawals on October 16, citing that the private key holder was working with the law enforcement authorities.