OKEx CEO Jay Hao Talks About Recent Withdrawal Suspension and Safety of Crypto Assets on the Platform

Wednesday 25 November 2020, 9:39 PM AEST - 2 months ago

The leading crypto spot and derivatives exchange OKEx recently announced that crypto withdrawal service will be restored on the platform by November 27, after more than a month of suspension. The news has come as a relief to its users.

We reached out to the CEO of OKEx, Jay Hao, and asked a few questions about the recent events and their effect on OKEx and its customers.

Q: It has been an anxious month for many OKEx users. Can you tell us more about the challenges they faced during the withdrawal suspension period?

A: This has been a challenging time for all of us but especially for our users. Whilst they have never had to worry about the safety of their assets as we have repeatedly reassured them that all funds are safe, they have had to deal with uncertainty as we were unable to give them an exact date when withdrawals would be open. Uncertainty can cause inconvenience and stress and we can only apologize for this. We are so very thankful to our users for their continued support and will grow stronger and better together with them.

Q: How did it impact OKExs operations?

A: All other operations on the OKEx exchange remained unaffected. We continued to maintain a business as normal approach throughout the suspension period while working on enhancing OKExs risk management system to safeguard user assets, supporting the Bitcoin Cash hard fork, listing the new asset BCHA, and airdropping tokens into Bitcoin Cash holders wallets.

We have seen an understandable decrease in trading activity on the exchange. However, we have also received much support and encouragement from our users not only through messages but also when we look at the data from leading platforms such as skew. Despite the withdrawal pause, OKEx held strong among the top bitcoin futures exchanges and is still leading the pack as the number-one derivatives exchange in terms of OI on Bitcoin futures.

We have also continued to forge ahead with new projects to list and in talks with new companies to partner with to build out the OKB ecosystem further and enhance the user experience on our platform. We know that many customers have had their trust in us affected and we sincerely apologize for t ...

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