The OKEx cryptocurrency exchange has launched a compensation program for users who continued to trade on the platform after the withdrawal was suspended in October.
On October 16, OKEx temporarily halted the withdrawal of digital assets due to the fact that one of the private key holders “participated in the investigation”, that is, was probably detained. Without his personal presence, it was impossible to confirm the withdrawal requests. A month later, the management of the exchange announced the return of the holder of the private keys and said that it would resume the withdrawal of cryptocurrencies from November 27.
To compensate for the inconvenience to traders, OKEx has launched a loyalty program. Users who held crypto assets worth more than $10,000 on the exchange will receive a reward from $100 to $1000. The amount depends on their trading volume during the period when the withdrawal of crypto assets was suspended. The reward will be provided in the form of discounts on commissions.
Other users of the trading platform will receive compensation from the OKEx incentive fund. The volume of awards will be 20% of the total income of the exchange, formed by commissions for transactions with futures and perpetual swaps over the past seven weeks. The remuneration will also depend on the total amount of assets that the client owns and on his trading volume. In addition, the exchange will continue to reward users for several weeks as part of the “Black Friday”, partially charging a commission for trading futures and perpetual swaps. Perhaps this is done in order to prevent a massive outflow of deposits from the platform.
“The existence of OKEx is meaningless without our users, so we are ready to thank them for their loyalty. We want people to continue using our exchange and not regret their choice,” said OKEx CEO Jay Hao.
He added that OKEx will take the necessary measures to avoid such a situation in the future. If any private key holder is unable to perform their duties due to an accident or other reason, the exchange specialists will be able to activate the backup private key within 30 days.
Earlier, rumors spread in the media that OKEx stores users ‘ digital assets in a cold wallet with a single signature. The exchange denied this information.