OKEx CEO Apologies About the Exchange’s Recent Withdrawal Suspension

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.

Malta Has Rightfully Earned Its “Blockchain Island” Nickname

Malta has long been known as the favorite destination of iGaming companies around the world. Now it seems the island is shifting from online gambling to the novel blockchain technology.

Malta is Ready To Welcome Blockchain Technology and All Its Friends

The country made history when it became the first in the world to offer “legal certainty” to the blockchain industry. On July 4, Malta passed three bills the Innovative Technological Arrangement and Services Act, the Malta Digital Innovation Authority Act, and the Virtual Financial Asset Act.

Earlier this year, back in March, the world’s largest cryptocurrency exchange, Binance, decided to relocate to Malta. Once again, the island’s Prime Minister cheerfully welcomed the move, saying,

“We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world-class fintech companies.”

Malta Makes History Again, Starting a Partnership With OKex and Fifth Force

Now the Malta Stock Exchange has announced a subsidiary called MSX. The purpose was to sign two Memoranda of Understanding with OKEx and Fifth Force. OKEx is one of the largest cryptocurrency exchanges in the world, and German Fifth Force is the name behind Neufund, a blockchain-based equity fundraising platform.

The joint venture between MSX and OKEx will bring the life a new entity, OKMSX, which will operate an institutional grade exchange platform for security tokens. With Fifth Force, MSX opens to build the first regulated global stock exchange in the world operating on a blockchain.

Joe Portelli, Malta Stock Exchange’s chairman, said, “Malta is on the cusp of becoming a center of excellence within the global digital innovation landscape. These partnerships leverage our expertise on the compliance and regulatory front to truly be a trailblazer within the security token sector.”

Fifth Force’s own statement added the partnership included Binance. Together with MSX, the trio plans on releasing a pilot program later this year which would tokenize equity to be later traded on Binance. Reportedly, the pilot would include an initial public offering (IPO) of these tokens.

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Interested in other cool crypto posts….check out What happens when the last Bitcoin is mined?and The Price of Bitcoin vs Cost of Mining.

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How much do Crypto Exchanges make in revenue *every single day? Graphic

Great graphic from showing the top crypto exchanges in terms of revenue.

Talk about printing money. Forget shitcoin trading, investing in an exchange was the best move to make during this cryptocurrency craze. Binance, only one year after its launch, is generating $3.5 million in revenue…PER DAY!!! Not sure you could even print money that fast. Coming in second is Korean exchange UPbit with $3.42 million per day. Rounding out the top 5 are Huobi, Bittrex (yup, even with all the declining volume) and Bithumb. And last but not least, Poloniex with $0.07 million per day. Things sure do change fast in the cryptosphere. A year ago Poloniex was top dog, dominating altcoin trading, and not 12 months later has fallen 20 spots.

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