The OKEx cryptocurrency exchange is set to reopen its withdrawal service to investors November 27.
Since October 16, when the exchange made the decision to suspend withdrawals, those who hold cryptocurrency derivatives and products on the exchange have had to wait if they want to get their money back.
“We are extremely pleased to be able to announce the return of a full service for our users and would like to thank them for their continuous support during this difficult time. We apologize for the inconvenience caused and know that we must continue support during this difficult time. We apologize for the inconvenience caused and know that we must continue to work diligently to restore their confidence.” OKEx CEO Jay Hao told investors in a recent press statement.
As a rationale in October, OKEx mentioned one of its key holders being picked up by law enforcement.
This spurned a rash of questions by OKEx users about why their funds were suddenly tied up.
“Not your key, not your coin,” became a refrain in the user community, with experts warning noobs about the liabilities of exchange holding, and why they should immediately move transacted funds and assets into off-line wallets.
Some recommended certain types of investing sleight of hand.
“Try to move your cryto somewhere else, if only the bank withdrawal of fiat are suspended,” wrote Reddit user centuriongol in response to one stranded investor’s hapless inquiry. “If you have fiat only, buy some crypto and move it to a different wallet or trading website.”
Other addressed the entreaties with more fatalistic suggestions.
“Promise yourself to never, ever have your funds at an exchange again, and from now on only in a hardware wallet,” wrote Exisdiff.
“Cry,” added cryptodaug laconically. “And learn that (sic) not your keys, not your coins.”
Such I-told-you-so admonitions may reek of schadenfreude, but they are not without a point. Assets held in exchanges can always be vulnerable to these kinds of sudden changes. Invest accordingly.