OKEx resumes peer-to-peer trading for 3 fiat currencies, after suspension of withdrawals that went viral

OKEx resumes peer-to-peer trading for 3 fiat currencies

October 21, 2020

Reading Time: 2 minutes

A partial sign of relief to OKEx customers after OKEx announced restoring the P2P fiat-to-crypto trading after the Friday’s sudden suspension of withdrawals. As per the exchange announcement, OKEx will be resuming fiat trading for the Indian rupee, Vietnamese dong and Chinese yuan starting October 21, 20:00 Hong Kong Time.

Besides suspension of withdrawals, OKEx disabled the P2P fiat-to-crypto trading interface on the platform as well. It went ahead to explain that the interruption necessary to make it possible for public security bureau investigations of a private key holder to take place as a way to comply with set crypto regulations.

To ensure the safety of transactions, OKEx will adopt escrow’s equivalent transfer method in facilitating P2P fiat-to-crypto trading, a transaction version similar to over-the-counter (OTC). Upon resumption OTC third party merchant on OKEx would be able to bid or set prices for some cryptocurrencies against the three supported fiat currencies.

For instance, OKEx will allow wiring of the supported fiat to an OTC merchant from either bank transfer, WeChat Pay or AliPay and OKEX will automatically credit the purchased cryptos to buyer’s wallet as an internal transfer without the need for on-chain transactions. Besides, users can close a deal directly through an off-chain internal transfer using unique ID on the exchange

Despite the effort to restore P2P trading while still limiting withdrawals, OKEx users are becoming impatient and are now resorting to using other means to get their funds out of the exchange. Also, users are taking their quotes outside OKEx platform due to lack of direct interface for P2P bids.

Since it remains unknown when OKEx is likely to resume withdrawal, some users have been peddling propaganda on their social media account, claiming that some crypto assets on OKEx including BTC and USDT are being sold up to 20% discount. OKEx has gone ahead through its tweeter handle to warn those spreading misleading information as legal measures would be taken against them or OKEx could decide to permanently terminate their accounts from services on the exchange.

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