Another update related to OKEx is on-trend. Let’s figure out what it is all about. One of the recognized crypto exchange OKEx reveals to resume P2P fiat trading for three fiat pairs. However, the crypto withdrawals are stills suspended as per the updates.
OKEx further states that its trading shall commence from 12:00 PM, 21 October 2020 (UTC) for three fiat pairs including CNY (Chinese Yuan), INR (Indian rupee), and VND (Vietnamese dong).
As per the report the Buy Crypto fiat gateway will be activated at the time of trading. However, the crypto withdrawals and the ‘Sell Crypto’ shall not be available.
Interestingly, the missing wallet private key holder of OKEx turned out to be its own founder Mingxing Xu and also got arrested as per the report. As mentioned that withdrawals are still suspended the clients are anxious and worried about their stuck coins.
The report claims that many users are trying to bid from outside the exchange interface. Some are even in a rush to sell their USDT and BTC at a 10% or 20% discount.
This peer-to-peer service offered by OKEx provides an opportunity for these clients to liquidate their balances to the buyers who have no issues with the withdrawal suspension.
OKEx shall function as the third party with escrow privileges for P2P fiat trading. Bids shall be received by the OKEx third parties merchants.
Further, when the buyers send the balance to the sellers’ account, the exchange shall then transfer the cryptos to the new holder’s account.
Since the crypto exchanges are made internally, there is no requirement of any on-chain verification. The company states that all other functions shall remain operative other than withdrawal.