OKEx Exchange Resumes P2P Fiat Trading for Chinese Yuan, Indian Rupee, & Vietnamese Dong

Cryptocurrency exchange OKEx announced on Wednesday that it is resuming peer-to-peer (P2P) trading for CNY, INR, and VND fiat pairs from today at 12:00 pm (UTC). Buy Crypto fiat gateways are also being reactivated.

However, cryptocurrency withdrawals remain temporarily suspended with “sell crypto options still not available.” The exchange also warns off of escrow trading due to the risk of scams and disputes.

Early last week, OKEx suspended a digital asset withdrawal, saying it was “out of touch” with one of the holders of the private keys who is cooperating with a police investigation.

There have been reports that OKEx’s Chinese founder Xu Mingxing was taken away by police.

It is not clear what the investigation is about, but there have been signs of a renewed crackdown on money-laundering activities on OTC trading platforms.

An OKEx seller told Caixin that “scrutiny has been tightened recently.” The seller further shared that buyers must provide screenshots of their payment accounts to regulators within a week for identification and account verification purposes for OTC transactions.

The exchange, meanwhile, maintains that user funds are safe and not affected. All the other functions are also working normally.

“No on-chain out-flow from OKEx has taken place since withdrawals were suspended on 10/16. Instead, there's been continuous on-chain in-flow to OKEx,” tweeted OKEx CEO Jay Hao on Tuesday. “Your assets are safe. We'll do our best to resume withdrawals ASAP.”

For the Chinese crypto traders since late 2017, when the central bank of the country banned direct fiat on-ramp services, P2P trading has been the only way to trade. With withdrawals at the exchange suspended, crypto-assets like BTC and USDT on OKEx have been sold at a discount.

In response, OKEx banned some users' accounts. “Multiple accounts have triggered our risk management system. As a result, those accounts have been automatically banned for internal transfers. To ensure the safety of your assets, we'd like to remind users not to engage in unauthorized platforms,” tweeted the exchange.

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