(double) OKEx To Resume “Unrestricted Withdrawals,” OKB Token Rises Further

Cryptocurrency exchange OKEx has announced that it will resume what it describes as an “Unrestricted Withdrawal,” following a temporary suspension of withdrawals on the platform. Per an earlier report from Blockchain.news, the suspension of withdrawals by the exchange was prompted as the exchange was obligated to cooperate with an ongoing investigation.

Per the report, OkEx suspended all cryptocurrency withdrawals as one of its private key holders was cooperating with a public security firm in regard to an ongoing “investigation.” In the recent announcement made, OKEx said that its platform has been confirmed not to have been involved in any wrongdoing or illegal activities, and that the private key holder has now returned to his normal business functions.

“Because OKEx has insisted on maintaining 100% reserves since its establishment, 100% of user funds can be withdrawn without any restrictions after withdrawals are reopened,” the exchange said in the official announcement.

The resumption of the withdrawals will commence on or before November 27, 2020 and the exchange noted that its experts will “conduct strict security checks to resume normal operations of the hot wallet system and ensure the safety” of its users’ funds. In addition, OKEx said it will be launching a loyalty reward campaign to show gratitude to its community members to the inconveniences caused by the pause in withdrawal services.

OKEx Native OKB Token Price Rises Further on The News

Earlier today, news broke out that the Founder Mingxing “Star” Xu who was arrested after the exchange suspended its withdrawals will soon regain his freedom. On that news, the exchange’s native token, OKB token surged by about 10%. 

The coin has seen its price fall upon the announcement of the suspension of withdrawals, to the news of the Xu’s release and at the news of resuming withdrawals, the coin has surged upwards and now trades 11.8% in the past 24 hours according to Coingecko. 

While the coin’s performance is sensitive to the events surrounding OKB coin, it will look forward to better days to maintain the 109.5% growth it has recorded in the past one year.