OKEx Reopens Withdrawals of All Digital Assets

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

It has been 40 days since the cryptocurrency trading platform suspended user withdrawals at 11:00 on October 16, 2020 (HKT).

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. 

"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. 

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.