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OKEx CEO Promises Withdrawal Launch on Nov 27 with 100% Reserves for It: Insider Colin Wu

Thu, 11/19/2020 - 08:50
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Yuri Molchan
Crypto journalist Colin Wu reports that the OKEx CEO has promised crypto withdrawals to relaunch soon with 100 percent reserves for it
OKEx CEO Promises Withdrawal Launch on Nov 27 with 100% Reserves for It: Insider Colin Wu
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Chinese crypto journalist Colin Wu, who has been covering the recent OKEx case on Twitter after the founder of the exchange was taken into police custody in China and OKEx crypto withdrawals were suspended, has returned to Twitter with some good news.

CEO Jay Hao promises to relaunch withdrawals soon

According to data shared by Wu, the CEO of the exchange, Jay Hao, has taken to Weibo (the Chinese analogue of Twitter) to report that progress regarding the relaunch of crypto withdrawals from OKEx will be announced soon.

Besides, he states that there will definitely be 100 percent of funds in reserve on OKEx to deliver all of the withdrawals.

Image via Twitter

As reported by U.Today earlier, on Oct. 16, OKEx suspended withdrawals since it was unable to get in touch with one of the private key holders. This key holder proved to be the platform's founder, Xu Mingxing, who was under police investigation.

CNY deposits and withdrawals were not affected, however. But Bitcoin was affected as it tanked from the $11,500 to the $11,200 area.

Back then, Jay Hao stated that this had nothing to do with the OKEx business but was caused by the founder's personal issues.

In a statement published later on, OKEx officially announced that suspended withdrawals will resume on November 27.

BREAKING: Bitcoin Tanking as OKEx Suspends Withdrawals Due to Police Investigation

Xu Mingxing gets "certain degree of freedom"

On Nov. 18, Colin Wu also spread the word that the OKEx founder had gained a "certain degree of freedom."

However, he did not say whether it meant that Xu Mingxing was released on bail or the investigation was over.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at