OKEx to resume withdrawals next week with promises of 100% reserves

Major cryptocurrency exchange OKEx is finally resuming withdrawals of customer assets after weeks of waiting.

The exchange first suspended withdrawals on Oct. 15, a decision that subsequently rocked crypto markets. 

According to today’s announcement, full customer withdrawals will resume on Nov. 27. OKEx will conduct security checks to resume hot wallet operations and ensure that user funds are safe.

OKEx claims that user funds are covered by 100% reserves and therefore, “can be withdrawn without any restrictions after withdrawals are reopened.”

Resumed withdrawals will coincide with a user loyalty reward program as a way for the exchange to apologize for the extended freeze on user funds. Details regarding the program will be released within the next few days.

Today’s announcement does not elaborate on why the exchange initially decided to freeze withdrawals. Following the initial suspension, reports started circulating that OKEx founder Mingxing Xu was under investigation by Chinese authorities.

Furthermore, just hours before OKEx stopped withdrawal, crypto transaction monitoring service Whale Alert reported a number of large transfers between OKEx and unknown wallet addresses.

This story is developing and will be updated with further details.

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