Xu Mingxing (Courtesy: Twitter)
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OKEx Lands In Trouble With Its Founder Arrested

Xu Mingxing (Courtesy: Twitter)
Xu Mingxing (Courtesy: Twitter)

Following the ban of cryptocurrency transaction on its platform, OKEx founder Xu Mingxing has been arrested, according to multiple reports in local media.

He had earlier been quizzed by police in 2018. He had then co-operated with authorities over accusations of fraud regarding a small-cap cryptocurrency. This development comes after OKEx in an official statement said that

 “One of our private key holders is currently cooperating with a public security bureau in investigations where required.   We have been out of touch with the concerned private key holder.  As such, the associated authorization could not be completed.  Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice. In order to act in the best interests of customers and deliver exceptional longtime customer service, we have decided to suspend digital assets/cryptocurrencies withdrawals as of [October 16, 2020 at 11:00 (Hong Kong Time)].  We assure that OKEx’s other functions remain normal and stable and the security of your assets at OKEx will not affected.

We sincerely apologize for any inconvenience caused by the suspension of digital assets/cryptocurrencies withdrawals.  We will make public announcement in a timely manner on any important development of the matter.  We will resume digital assets/cryptocurrencies withdrawals immediately once the concerned private key holder is able to authorize the transaction.  We appreciate and value your continued support and trust and will continue to deliver first-class products, services and technical support to our customers,” the statement added.

However, all the other functions will remain in use and stable. The cryptocurrency exchange is one of the largest in China with over $6 billion in daily trading volume.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.