After Soaring High, OKEx Announces to Launch User Compensation of $1000

Bob Coiney

November 26, 2020

Malta-based cryptocurrency exchange OKEx had suspended withdrawals for more than a month in October. This followed the custody of its founder, Star Xu, who was reportedly questioned by the police.

A news publication on Ambcrypto, has stated that the cryptocurrency exchange OKEx was in the news for the wrong reasons. The company had said it was suspending operations from October 16th as one of the keyholders was missing. 

They claimed that the funds of the users were safe, which left many traders annoyed with the unfortunate news. OKEx revealed through their official platforms that they plan on rewarding their users $1000 for the inconvenience caused. 

https://twitter.com/OKEx/status/1331203166050934785?s=20

Besides, users can make withdrawals on or before November 27th. 

The compensation program will reward users from $100 up to $1000 for those who have more than $10000 assets with them. Additionally, the users who traded during the suspension will be adequately compensated. 

The company said that they would be using their funds to ensure that the operations happen smoothly. They will put 20% of income from futures as an incentive fund. Under, ‘Happy Friday Reward Program,’ the exchange will collect futures and swap trading fees to incentives for users.

This was seen as a welcome move by several traders as they were worried about their funds and the operation of the cryptocurrency platform, hearing the news of their founder’s police questioning. 

According to Ripplecoinnews, Jay Hao, the Chief Executive Officer of the OKEx exchange, commented on this reward program, saying that they realize their users’ significance. The company wanted to offer “rewards and incentives.”

Users could not make any withdrawal from their account because of the suspension of the OKEx exchange for more than a month. It happened in October, and the company had claimed that one of its main holders was missing.

He was none other than Star Xu, founder of OKEx, who was in police custody for questioning. Upon his release, the cryptocurrency exchange said that it would begin operations after thorough verification of the users, and they can make withdrawals on or before November 27.