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Why can’t I withdraw from OKEx (Will withdrawing from OKEx be frozen?)

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Why can\’t I withdraw from OKEx? Editor\’s note: This article is from Deep Chain

Why cant I withdraw from OKEx (Will withdrawing from OKEx be frozen?)

Why can’t I withdraw from OKEx? Editor’s note: This article is from Deep Chain Finance, authorized to be reprinted by Odaily Planet Daily.

After experiencing a period of plummeting trading volume, why can’t I withdraw from OKEx? The answer is that the price drop of the platform’s token has caused users to be unable to withdraw their tokens.

According to the official announcement from OKEx, the withdrawal function for both “asset deposit” and “fund withdrawal” (i.e., withdrawal amount) has been completed (if withdrawal is needed), but there are still difficulties with deposits and transfers. In order to solve this problem, the team has decided to temporarily suspend deposit and withdrawal services until August 31. During this period, users can still use their deposit accounts for borrowing or other related services, and the principal will be fully returned to the users’ wallets until the balance is restored. However, this withdrawal does not mean that all withdrawals will be reset to zero.

Another reason is that users are unable to choose to withdraw coins from the exchange or withdraw tokens from their positions. If a withdrawal fails, the system will automatically clear the user’s positions and refund them. However, OKEx stated that no further explanation will be provided for these cases. “Because we believe this is a temporary operation. Therefore, we will not provide any explanation.”

In fact, this phenomenon is very common. For example, if a user does not withdraw according to the requirements of the trading pair during the transaction process, they will be stuck on a single page and unable to withdraw coins. In other words, when a user tries to withdraw funds from OKEx, the withdrawal amount is already locked on another platform’s page, and the user wants to transfer their assets out. And before an investor requests to exit a trade, the trading platform will notify them that they are withdrawing, but their funds are not unfrozen in time.

Many users have reported that their assets are not flowing into the market as quickly as before. So, many ordinary users are just waiting for the next confirmation. But there are still some problems with this situation: “If you really can’t take out the coins in your hands, how can I send them to you?”

In fact, most people don’t understand this at all and even think it’s an impossible problem to solve.

In fact, some users believe that the reason why OKEx cannot allow customers to withdraw is that it only supports the trading of certain fiat currencies, and there is also a saying that “OKEx has too high leverage” because its leverage is too high.

Of course, there is some truth to it. Users also face some problems during the trading process. “My order hit a key function in our smart contract as soon as I submitted it to OKEx (as shown below). If I can indeed see the sudden surge in price of a product after it goes online, my order will be immediately hit! That’s why we sometimes encounter this situation.” Additionally, some users believe that if a user rejects this feature for various reasons, another method may appear after a successful withdrawal.

Will withdrawing from OKEx be frozen?

In a recent Weibo post, I mentioned: “If you withdraw coins to OKEx, they will be frozen.”

“If you want to transfer funds to an exchange, your bank account will be frozen.”

“What should you do if your current assets are frozen?”

1. Will such a situation exist? Or is it necessary to prepare in advance? (For example, if you want to deposit $100 into a platform but didn’t withdraw in time.) 2. Is it necessary to deposit money first? If not, can I go directly to someone else for withdrawal?

3. Why does this kind of phenomenon occur? Because we know that many trading platforms use bank cards, and these cards usually do not support deposit methods. For some centralized exchanges, this method is no longer very applicable. However, most cryptocurrencies are completed on the blockchain (including Bitcoin and Ethereum), so it is a very secure choice and also carries great risks.

4. If you still don’t know how to handle your assets, you must carefully analyze this issue. 5. If risk control is not done properly, it may result in operations such as unable to withdraw normally, so be cautious. 6. How to determine the blacklist of a platform?

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