Cryptocurrency exchange OKEx has launched a compensation program for users who continued to trade on the site 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 “took part in the investigation”, that is, was probably detained. Without his personal presence, it was impossible to confirm withdrawal requests. A month later, the management of the exchange announced the return of the holder of the private keys and announced that it would resume the withdrawal of cryptocurrencies from November 27.
To compensate for the inconvenience to traders, OKEx launched a loyalty program. Users who held over $ 10,000 worth of crypto assets on the exchange will receive rewards from $ 100 to $ 1000. The amount depends on their trading volume during the period when the withdrawal of cryptoassets was suspended. The reward will be in the form of commission discounts.
The rest of the marketplace users will receive compensation from the OKEx Incentive Fund. The rewards will amount to 20% of the exchange’s total revenue generated from futures and perpetual swap transaction fees over the past seven weeks. The remuneration will also depend on the total amount of assets owned by the client and on his trading volume. In addition, the exchange will continue to reward users for several weeks during Black Friday, with a partial fee 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 steps to avoid a similar 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 reserve private key within 30 days.
Earlier in the media, rumors circulated that OKEx was storing users’ digital assets in a cold, one-signature wallet. The exchange denied this information.
