Several crypto exchanges were on the bad side of regulators this October. BitMEX and OKEx were one of the most popular exchanges that made a lot of news. While BitMEX was being slapped with more lawsuits, OKEx had commenced P2P trading for a few currencies.
Chinese, Indian and Vietnamese Currencies Find Leeway On OKEx
In a recent announcement titled, “Resumption of P2P Trading”, OKEx revealed that all trading activities would commence on the exchange from 21 October 2020 post 12:00 PM [UTC]. The platform revealed that the peer-to-peer trading wing for the Indian rupee, the Chinese yuan as well as the Vietnamese dong would be opened.
Just last week the exchange put a halt on its withdrawals following an investigation that was underway. The previous announcement suggested that a private key holder was working with a public security bureau and the exchange had reportedly been “out of touch” with the private key holder. While the details pertaining to the investigation was not disclosed by the exchange, OKEx suggested that the ban on withdrawals was temporary. This ban was enforced keeping in mind the security of the users.
Just yesterday, OKEx shared a tweet pointing out the ban of several accounts following security issues. The tweet read,
“Multiple accounts have triggered our risk management system. As a result, those accounts have been automatically banned for internal transfers. To ensure the safety of your assets, we’d like to remind users not to engage in unauthorized platforms.
Your funds are safe @OKEx”
Furthermore, the Head of Marketing who goes by the Twitter user name, Molly highlighted that certain users on the crypto exchange were persistent about taking their funds out. She added, “people been selling their USDT on OKEx with 15~20% price off. (the withdrawal is close, but transfer between OKEx users is still available.)”
Additionally, BitMEX seems to have taken its recent charges and arrests quite seriously as the exchange was implementing verification processes for its users that included KYC procedures. Users were reportedly required to complete the verification process before 5 November 2020. Users who fail to do so would be banned from withdrawing their funds after 4 December 2020.