OKEx CEO Apologies About the Exchange’s Recent Withdrawal Suspension

Bob Coiney

December 3, 2020

OKEx’s CEO Jay Hao has apologized to traders and users about the exchange’s recent suspension of withdrawals.

A news article on Beincrypto , who is the CEO of OKEx, was profusely apologetic about the inconvenience to all. He was also thankful to all of them who supported them during these testing times. 

He also announced the platform is working on solving similar issues if they occur in the future. They want to update their private key management processes. During an ‘Ask Me Anything’ session for addressing user’s worries on the suspension, he said that private key holders of the exchange had to pause withdrawals for close to 5 weeks. 

The withdrawals were suspended unexpectedly on October 16th and were only reinstated on November 16th. The private key holder was assisting Chinese police in an investigation. The exchange did not think of these incidents as its contingency plan.

Mason Jang, who is the COO and an on-chain analyst, tweeted the scenario. 


Jay Hao also said that the maturity of the traders in the crypto market ought to be applauded as they remained claim during these stressful times. That was probably because of the strong performance of BTC during the period.

A news post on Bravenewcoin confirmed the same. OKEx plans on giving our new user rewards. The exchange wants to ensure that such incidents do not occur in the future and have an alternative plan. 

A significant change in their plan is identifying the wallets that belong to the exchange are mislabeled, which led to inaccurate reports during the previous occasion. The investigation process did not have any impact on the performance of the exchange in the market. 

The CEO claims that the OKEx is one of the best platforms to invest in the crypto market. The cryptocurrency exchange has assured all users that they follow all international regulations and would grow. 

They would consider rewarding users who were loyal to them during this time by rebates and giving them more perks. Additionally, the exchange also wants to give waivers on trading fees for users holding the exchange’s OKB token.