Home » OKEx to Reward Their Users for Their Patience

OKEx to Reward Their Users for Their Patience

by Carolina Lynch

OKEx assuaged its panic-stricken customers with an announcement that it would be lifting the withdrawal freeze next week and rolling out a Loyalty Reward Program for the users to honor their patience during the down time . 

The crypto exchange firm has been under the radar of Chinese federal authorities; however, it denied the rumors regarding the same

Halt on Withdrawals

OKEx created quite a furor in the customers after it froze the withdrawals of any kind in October. The company said that the withdrawals were suspended on the OKEx platform because a substantial private keyholder was assisting government authorities in the investigation. The keyholder was not validating the exchange transactions, which halted the operations as the exchange did not cover such a specific scenario in its contingency and exception handling. Since the keyholder could not validate the transactions, the exchange could not carry out any transactions on the network, due to which it halted the withdrawals. 

OKEx under the regulatory radar

The OKEx founder and CEO Ming Xing Xu was allegedly taken into custody by the police in China due to several compliance issues. However, the company tried to steer clear of the rumors and denied any official being under arrest. Such negative news impacted the exchange users’ trust in the exchange, further chilling them with the stoppage on the withdrawals.

Loyalty Reward Program

 The exchange announced that the users would receive a loyalty reward under a special program after the platform restarts the withdrawals slated next week.

The company announced the same as a device to apologize to its customers and a supposed damage control strategy to diminish the negative impact of the inconvenience to the users. The exchange announced that it would conduct a thorough security check to ensure that the various user accounts are uncompromised and the funds are safe in the exchange.

OKEx announced that it deployed an online and partially offline Risk Management System to ensure that the OKEx hot wallet system runs smoothly and with stability. The online Risk Management system checks the withdrawal transactions before sending them to the vault to ensure that the transactions are safe. Followed by Offline Multisignature checks, the transactions are safeguarded Fromm against any online attack.

The company would detail the terms and conditions of the Loyalty Rewards Programs in a few days. Right now, the users can withdraw their funds without any account restriction, and once the withdrawal halt is revoked, they would be able to transact freely. 


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock