OKEx Suspends Withdrawals Following Investigation by Authorities

OKEx Suspends Withdrawals Following Investigation by Authorities

By Abhimanyu Krishnan | News | 16 Oct 2020


OKEx has suspended withdrawals indefinitely on its platform, following reports of investigation by authorities on October 16.

  • Local media outlets report that a company official has been arrested by the police and that he or she is cooperating with the police; 
  • Though there is no confirmation, sources told the outlet that the individual is Xu Mingxing, founder of OKEx 
  • The official holds a keys to the exchange’s wallet, hence the suspension of withdrawals
  • OKEx, registered in Malta, is one of the world’s most popular exchanges, with over $3.4 billion in 24 hour trading volume; it is also the second largest derivatives platform
  • Authorities appear to stepping up their focus on examination of cryptocurrency entities; the US CFTC has charged derivatives platform BitMEX on KYC related charges
  • Bancor is also facing a lawsuit, but has asked for the case to be tried in Israel

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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