21 Oct 2020 · 1 min read

OKEx Resuming P2P Fiat Trading for Three Fiat Pairs

Major crypto exchange OKEx is today resuming peer-to-peer (P2P) fiat trading for three fiat pairs. Crypto withdrawals are still suspended.

Source: Adobe/piter2121

The exchange has announced that its P2P platform will resume trading at noon UTC today for the CNY (Chinese yuan), INR (Indian rupee), and VND (Vietnamese dong) fiat pairs.

Per an update, the Buy Crypto fiat gateway will also be reactivated at this time. While crypto withdrawals are still suspended, the 'Sell Crypto' option is not available also.

Trading volume on OKEx

Source: coingecko.com

As reported last week, OKEx said it had to suspend cryptoasset withdrawals as one of their private key holders was "cooperating with a public security bureau in investigations" and the company was "out of touch" with the holder. As they told Cryptonews.com at the time, there is no exact timeframe for when the withdrawals might be resumed. Per their announcement, this will happen once "the concerned private key holder is able to authorize the transaction," adding that they have undisclosed contingency plans in place if the holder is not available "for an extended period of time."

Meanwhile, the team has also warned the consumers that certain accounts have been banned after triggering the exchange's risk management system.

This comes after some users have allegedly been trying to get their funds out of the exchange and selling crypto assets such as tether (USDT) at a discounted price as transfers between users is available.

On-chain balance of bitcoin (BTC) on OKEx, which is the fourth largest exchange according to chain.info data, is 276,184 (USD 3.36bn). It decreased by 2.22% in the past 24 hours.