OKEx Withdrawals Suspended No More

[darkphoenix2610]

The long wait is over, OKEx will reopen withdrawals by Nov 27, 2020. OKEx customers can now stop worrying about their funds. The question now is, after re-opening its withdrawals, will OKEx customers stay on the platform? Read details here: https://crypto.co/technology/okex-withdrawals-suspended-no-more/

[hugeblack]

They should supply a lot of liquidity because many people would like to withdraw their money, so if the natural rate of withdrawal is 5%, they may need to double that rate.
The question is not related to the continuous use of the people of the platform, but rather to the continuity of the platform itself. Setting a specific day to withdraw money will create a panic so that even the average user will not venture to keep part of his money.

+ trust that has been lost is difficult to gain.

[darkphoenix2610]

They should supply a lot of liquidity because many people would like to withdraw their money, so if the natural rate of withdrawal is 5%, they may need to double that rate.
The question is not related to the continuous use of the people of the platform, but rather to the continuity of the platform itself. Setting a specific day to withdraw money will create a panic so that even the average user will not venture to keep part of his money.

+ trust that has been lost is difficult to gain.

Yeah, agreed with you. And the massive withdrawals that users will do during the day of re-opening will cause so much impact on to OKEx platform the fact that they are implementing no limit on withdrawals. Do you think they will gonna compensate the users who stuck their funds with them?

[Lhaine]

The long wait is over, OKEx will reopen withdrawals by Nov 27, 2020. OKEx customers can now stop worrying about their funds. The question now is, after re-opening its withdrawals, will OKEx customers stay on the platform? Read details here: https://crypto.co/technology/okex-withdrawals-suspended-no-more/

It's all depends, but most of the users will widraw their balance after long time having it there.

To gain back the trust of it's users they need to continue having daily volume in their exchange which is much harder to get back now since they experience problem like that.

But if they can give back all of the funds of their user's I don't see any reasons why we should be afraid using it again ,its now depend on how they settle it.

[joniboini]

Looking at how Kucoin situation turns out, I think they have a chance. If users' assets are recovered successfully I think that should be good enough, whether they can survive or not is a different matter.

It's inevitable that sooner or later we'll probably only see 5 or more exchange that operates and serves all users around the world, just like how social media and search engine business turns out.

[sheenshane]

I have doubt that users will lure to stay just because of those opportunities offered by the Okex team as they stated in the article.  As a promise of 100% withdrawal without any restrictions, also the loyalty reward and the sudden price increase of their OKB token will might users didn't want to have a full withdraw of their fund, instead invest on OKB token.

OKB token had hype recently and I don't think so we can determine by that user's will leave or they are just investing OKB token because they know there's a new ATH that could potentially be making a good profit.

I have also doubt in my mind that newbies will have fear once they know that this exchange platform was compromised before.

[logfiles]

Not related to the suspended withdrawals but today I did try to reset my password as the older one was weak and after going through the whole process of confirming the verifications codes from my email, mobile number and authy, entering old and new password they just sent me an error message and asked me to try again later. Same error message appeared several hours later on my other attempt to change password.

Now I am imagining if my account had been compromised, I wouldn't have been able to secure it in time due to their lousy system errors. This has led me to make up my mind, withdraw all my assets as soon as possible and never use the platform for trading again.

[darkphoenix2610]

I have doubt that users will lure to stay just because of those opportunities offered by the Okex team as they stated in the article.  As a promise of 100% withdrawal without any restrictions, also the loyalty reward and the sudden price increase of their OKB token will might users didn't want to have a full withdraw of their fund, instead invest on OKB token.

OKB token had hype recently and I don't think so we can determine by that user's will leave or they are just investing OKB token because they know there's a new ATH that could potentially be making a good profit.

I have also doubt in my mind that newbies will have fear once they know that this exchange platform was compromised before.

Yeah, they had that announcement that staying in their platform and not making any withdraw after their reopening of withdrawals, will reward the users and what they called Loyalty Program. This makes sense for some users who trusted OKEx still. And Yes we can see that after their announcement last Thursday OK suddenly went up for more than a dollar.