OKEx suspends all withdrawls untill further notice.

OKEx suspends all withdrawls untill further notice.

By nerd0x | 24x7News | 17 Oct 2020

As per this official announcement, OkEx has suspended all token withdrawls on its exchange.

  • The reason mentioned is that one of its cold wallets private key holder is cooperating with the public security bureau.
  • The private key holder likely is under scrutiny, and thus, the exchange cant authorize the withdrawal requests by its customers.
  • So as a precaution, it has withheld all the tokens from getting siphoned out from the exchange.
  • This is a very strange move, and one of the prime examples the decentralized exchanges should be the way to go.
  • Though the exchange says that the assets are safe, but only time will tell whats next, as the suspention is on till further notice.
  • Examples of decentralized exchanges that one can look for as alternate for future trades:
    • loopring.io
    • binance.org [decentralized version of binance.com]
    • 1inch.exchange
    • Airswap
    • Atomex
    • DDEX
    • IDEX
    • KyberSwap
    • dYdX
  • Among the above, DDEX,IDEX KyberSwap are the older decentralized exchanges, that were live before the DeFi boom came into picture.
  • DDEX,IDEX,KyberSwap are my personal favourites, and i have had a little experience with these personally in the past.
  • But since, the ETH GAS fees are a little over budget for most of the traders, so all these exchanges are dealing with the liquidity problem.
  • This is a hard truth that we all have to deal with as of now until ETH brings about a real scaling solution with ETH 2.0
  • Binance DEX is my latest favourite in the list, since it works on binance chain, which means it depends on binance's native coin BNB and not ETH for transaction fees, so the trades are almost instantaneous. I do recommend it to everyone, though you wont find many native ETH tokens on Binance dex since it being native to Binance chain, only those that have an alternative token launched on binance chain.

Trade safe, and dont ever put all your money on a single exchange to minimize being locked out of your own money like in the OKEx case.

Happy Trading!


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