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When can I withdraw money from OKEx? (Are there any restrictions on OKEx withdrawals?)

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When can I withdraw money from OKEx? According to the OKEx announcement, asset

When can I withdraw money from OKEx? (Are there any restrictions on OKEx withdrawals?)

When can I withdraw money from OKEx? According to the OKEx announcement, asset withdrawals for users will begin on September 24th (next Tuesday). The specific timing will be determined by the platform: when can you withdraw money? When can you withdraw funds? When can you withdraw funds? Please contact the security company during the transaction.

According to previous news, in August, OKEx issued an announcement about suspending withdrawals, notifying users that OKEx will suspend withdrawals until September 28th, 2019, at 8:00 PM Beijing time or later. In addition, the announcement also stated that if there are any issues with withdrawal (such as the inability to withdraw), the team will restore withdrawal services as soon as possible.

Are there any restrictions on OKEx withdrawals?

Editor’s note: This article is from Fengchao Finance News (ID: fengchao-caijing), author: Kyle, authorized to be reprinted by Odaily Star Daily.

Around 9:00 PM Beijing time on January 18th, the OKEx withdrawal channel was blocked again. An hour before, users transferred their assets to their own addresses through the trading platform. Two hours later, some people withdrew part of their funds to a new account. After three hours, no one made any withdrawal requests. Over four weeks have passed. In less than five minutes, all deposited and withdrawn digital currencies have been frozen in cold wallets. During this period, many users were unable to withdraw due to difficulty in withdrawals, and even without any withdrawal demands, resulting in a significant loss of bitcoins.

So the question is: why is withdrawal restriction so important? According to official reports, due to the huge amount of withdrawals, withdrawals are currently subject to strict control by some regulatory authorities, therefore, there is a high risk for withdrawing digital assets.

1. When users deposit mainstream encrypted assets such as USDT or ETH to this trading platform, they need to send the USDT to a user of another exchange first; if the user’s USDT or other stable coin deposit amount exceeds $1000, these tokens must be transferred back to the original account first.

2. Users can directly transfer them to another exchange. But if users choose not to use them, they may face the risk of being frozen.

3. For customers who want to keep their USDT or other stable coins on the platform, this situation is unlikely to happen. For example, we can choose to put stable coins such as USDC, DAI, or USDP into our custody wallets. However, when you want to transfer encrypted assets such as USDT, DAI from the exchange, you need to undergo KYC authentication first to ensure their safe storage in your account.

4. For those who want to buy back BTC at a low price, it takes a long time to withdraw their assets in this situation. For example, in October 2018, we exchanged Bitcoin for US dollars and converted it into USDJ, and then converted fiat currency into USDK, so that the price of Bitcoin can be realized. If investors wish, they can deposit fiat currency into Binance’s cold wallet.

5. To prevent personal information leakage and theft, many large amounts of bitcoins also often flow to third-party exchanges, so individual investors need to handle related transactions with great caution. 6. Unless you truly believe that OKEx is a secure and reliable network, please do not trust third parties easily. 7. Even if you are currently in a withdrawal state, you can always contact customer service to inquire whether your bank supports withdrawal operations.

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