SHANGHAI :
Cryptocurrency Exchange Platform OKEx Halts Withdrawals as Execs Are Probed by Police
Liao Shumin
DATE:  Oct 16 2020
/ SOURCE:  Yicai
Cryptocurrency Exchange Platform OKEx Halts Withdrawals as Execs Are Probed by Police Cryptocurrency Exchange Platform OKEx Halts Withdrawals as Execs Are Probed by Police

(Yicai Global) Oct. 16 -- Cryptocurrency exchange platform OKEx has suspended withdrawals by users as some of its executives, who are in possession of the necessary authorizations, are being probed by Chinese police and are out of contact.

Virtual money withdrawals are no longer possible as of 11 a.m. today, the Malta-based firm said, prompting the price of Bitcoins to immediately drop by USD400 and the value of other tokens traded on the platform to slump by as much as 17.5 percent.

The suspension is due to personal issues concerning some executives who hold the key authorizations necessary for withdrawals and will not affect the company’s operations or the platform’s business, Chief Executive Jay Hao said on his Weibo account. Any subsequent arrangements will be made public immediately, he added.

China has many restrictions on the trading of cryptocurrencies. While OKEx is registered overseas, it could still have a number of executives and investors who are connected to the country.

Editor: Kim Taylor

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Keywords:   OKEx