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Contents

OKEx will resume the exchange of fiat money for cryptocurrencies

OKEx will resume the exchange of fiat money for cryptocurrencies
CONTENT

  • Cryptoexchange OKEX has restored the withdrawal of funds

  • So far, three currencies are available for exchange: Chinese yuan, Vietnamese dong and Indian rupee.

  • The OKEx situation is very similar to a scam

International consortium of news organizations, developing transparency standards.

OKEx cryptocurrency exchange will resume the P2P tunnel for exchanging fiat money for cryptocurrencies. First of all, the exchange will be available for the Chinese yuan, Vietnamese dong and Indian rupee. The exchange will be available starting Wednesday, October 21, from 20:00 Hong Kong time.

Basic functions will be available to users

Cryptocurrency exchange OKEX announced that it is ready to resume the operation of the P2P tunnel for exchanging fiat money for cryptocurrencies. Such a statement was posted on the exchange website. In particular, it says that from today, users will be able to exchange cryptocurrencies for fiat money and vice versa. The feature is available for RMB, Vietnamese dong and Indian rupee. Currently, OKEx’s P2P Fiat Trading page does not display active Bid or Ask quotes for any cryptoassets in relation to fiat currencies.

Recall that earlier the OKEX exchange blocked the withdrawal of funds from the exchange amid cooperation in the investigation with law enforcement agencies. Whether the investigation is directly related to OKEx remains unknown.

OKEx will resume the exchange of fiat money for cryptocurrencies

It is also unknown which country’s police are investigating. Nevertheless, one of the owners of OKEx private keys is involved in the case, which is why the site decided to suspend the withdrawal of funds. Despite the fact that the withdrawal of cryptocurrencies from OKEx is frozen, the site continues to accept deposits.

In the footsteps of Quadrigacx

Surprisingly, the story of OKEX is vaguely similar to a scam associated with another exchange, Quadrigacx. Earlier, OKEkh stated that the withdrawal of funds from the site was suspended due to the loss of the contact of the owner of the private key. At the same time, the exchange continued to accept deposits.

A similar situation happened with the Quadrigacx exchange. After the sudden and mysterious death of the founder of the platform, Gerald Cotten, more than 76,000 users were unable to access their wallets, and $ 190 million was stuck on the resource.

OKEx will resume the exchange of fiat money for cryptocurrencies

This was due to the fact that Cotten was the sole owner of the keys to the exchange’s wallets. He did not transfer information with the key code to anyone, and therefore no one could get access to the exchanger. At the same time, over the past several weeks, the exchange continued to accept deposits. The question of Cotten’s death is still open, as many users are sure that it was just a staging..

A similar incident previously occurred with another crypto exchange – BitMEX. BeInCrypto editors reported, that the arrest or disappearance of at least two of the three founders of the exchange could lead either to an indefinite freeze of assets, or to an irreversible loss due to the special way of storing the assets of the trading platform.

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