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OKEx To Compensate Users For Withdrawal Suspension

Popular cryptocurrency exchange OKEx, which suspended withdrawals in October as one of its private key holders was cooperating with authorities in an investigation, has added details on its user compensation programs after withdrawals are reenabled.

As CryptoGlobe reported, OKEx  announced it will reenable withdrawals “on or before” November 27 of this year, after saying the cooperation between its private key holder, believed to be its founder Mingxing “Star” Xu, and authorities “confirmed” the firm was not involved in “any wrongdoing or illegal activities.”

In a new announcement, OKEx detailed it will make it up to its users via a compensation plan that includes various incentives, including one-time payments in proportion to users’ assets and transaction conditions, as well as commission rebates. Users can take advantage of their incentives every Friday, starting on December 4.

The exchange added that users who “made deposits, held tokens or traded during the period in which withdrawals were closed” OKEx will put 20% of its total income from futures and perpetual swap transaction fees from the last seven weeks into an incentive fund.

The fund will issue a one-time payment to users based on their assets and transaction conditions, with OKB having double the weight in calculations. For users that traded over 100,000 USDT before November 23, it will issue a “commission rebate card valued between a minimum of 100 USDT and a maximum of 1,000 USDT.”

Every Friday, futures and perpetual swap transaction fee income incentives will be issued, with OKB holders having the “option of having their OKB asset weight calculation doubled.”

The firm has also been investing “significantly in safeguarding user funds” to improve the capability of its hot and cold wallets and risk-management systems to flag suspicious activity and prevent withdrawals from being suspended again. OKEx’s CEO, Jay Hao, noted:

The safety of our users’ assets has always been the first and foremost priority. We are now working hard to improve and reinforce our internal security management to prevent future disruptions from occurring.

During the time withdrawals weren’t available OKEx’s operations kept on running, even supporting the Bitcoin Cash hard fork that led to the creation of the BCHA cryptocurrency, which was airdropped to BCH holders.

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