• Sat. Mar 2nd, 2024

The Chinese Police Forces Question the Founder of OKEx over the Exchange’s Withdrawal Suspensions

Oct 26, 2020

It has been reported by the Chinese media groups that the founder of the global cryptocurrency exchange, OKEx has been summoned by the Chinese Police Force. The summoning has been called up against the suspension of the cryptocurrency exchange’s suspension of the withdrawal service.

Mangxing Xu, who is the founder of OKEx is currently being questioned by the authorities as to why they have suspended cryptocurrency withdrawal on their exchange. Sources have revealed that the questioning sessions have been taking place now for the past week. It was also added that Xu is also absent from work most of the time following the enforced suspension of crypto-assets.

In order to get more insight on the matter, one of the crypto-reporting sources approached OKEx. However, the exchange informed us that the exchange is no longer a part of the OK Group. This means that they are no longer reporting to Xu who is the senior executive at the OK Group. Therefore, the exchange stated that they will not be able to comment on any aspect of the matter.

It has been a week since OKEx suspended its crypto-withdrawal services and there are no signs of progress in this matter. The OKEx representatives announced that the public security bureau and the OKEx private key holders are working on an ongoing investigation.

Although the OKEx representatives have not revealed the nature of the ongoing investigation, they have cleared one thing for their users. The OKEx representatives made it clear that the assets and funds of their users are completely safe. They also added that the rest of the services are also working without any problem at OKEx.

The CEO of OKEx, Jay Hao stated that they had no other way but to suspend the withdrawal option. He cleared that they made this decision to keep the assets of their users safe and secured.

Hao also stated that they are trying their best to get done with the ongoing investigation. Once done, they will re-enable the withdrawal service for their users.

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