x

Copied

Share articles to

Academy Press Room Article

OKEx resumes withdrawals of digital assets — Restoring its full range of services for all users

2020.11.26 OKEx Public Relations

Malta, Nov. 26, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has restored its full range of services for its users by reopening withdrawals of all digital assets as of 8:00 am UTC today, Nov. 26. The OKEx team ran comprehensive security checks prior to resuming normal operations of the hot wallet system to ensure the safety of users’ funds.

As part of its continued pledge to full transparency, OKEx has always maintained 100% of reserves since its inception. As such, users are able to withdraw funds with no restrictions. Alongside reopening withdrawals, the Malta-based exchange is offering generous loyalty rewards for users as a gesture of appreciation for their support and understanding during this time. 

While all other operations of the exchange remained unaffected, withdrawals from OKEx were temporarily suspended on Oct. 16 to guarantee the safety of users’ assets, which remains OKEx’s number-one priority at all times. Over the years, the exchange has gained unrivaled experience in safely operating digital wallets, assets and transactions with no major security incidents. 

“We are pleased to be back to operating at full capacity, with all trading activity, deposits and withdrawals functioning as expected and security measures in place to ensure the safety of user assets. Beyond continuing to provide more diverse products, trading tools and innovative solutions for our customers, the security of their funds is our primary concern,” said OKEx CEO Jay Hao. 

OKEx maintains rigorous security standards to ensure the safety of digital assets through a combination of cold storage and a hot wallet system that is protected by the exchange’s online and semi-online risk-management systems, semi-offline multisignature services, big data risk-management systems and other protection mechanisms. Working together, they check for abnormal behaviors in transaction amount or frequency and delay or refuse any transactions deemed suspicious, thereby quickly preventing large withdrawals from malicious actors.

The exchange also has an extensive backup mechanism in place for private key holders to ensure that each holder can trigger the activation of the backup private key in the event of long-term incapacitation, such as death or memory loss. On this occasion, however, OKEx had failed to take other specific scenarios into account, such as private key holders becoming unreachable due to unforeseen circumstances. 

Jay Hao added:

“We are working hard to restore user trust and will be rolling out a solution to improve our internal processes so that we can try our best to prevent this type of situation from happening in the future.”

OKEx has secured its reputation and position as a world-leading exchange through its continued innovation and diverse product offering as well as strict adherence to laws and regulations around the world, establishing robust Know Your Customer checks and anti-money laundering mechanisms. Building on its solid platform and loyal user base in conjunction with continued collaboration with regulators, OKEx looks forward to continuing to serve customers and furthering the development of the blockchain space.

END

About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact

Email: [email protected] 

Vivien Choi
Telegram: @vivienchoi

Andrea Leung
Telegram: @andrea_414

Follow OKEx

Twitter: https://twitter.com/OKEx
Facebook: https://www.facebook.com/okexofficial/
LinkedIn: https://www.linkedin.com/company/okex/
Medium: https://medium.com/@OKEx
Telegram group (English): https://t.me/OKExOfficial_English
Telegram group (Russian): https://t.me/okexofficial_ru


Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

Recommended

press-en

%d bloggers like this: