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OKEx reestablishes P2P Trading for Fiat Currencies

Malta-based digital currency exchange OKEx announced last Wednesday that P2P trading would then be restored on the platform. But the service will be enabled exclusively for three fiat currencies, including the Chinese Yuan. The P2P fiat-to-crypto trading was momentarily closed following the recent progress on the crypto exchange.

OKEx restores P2P trading.

Starting today, the cryptocurrency customers on the OKEx will be able to engage in peer-to-peer fiat-to-crypto trading again. The announcement stated that the service would only support three fiat currencies, including the Chinese Yuan (CNY), Indian Rupee (INR), and Vietnamese Dong (VND). The cryptocurrency exchange had reportedly acted as the escrow to ensure the transactions’ safety and to protect the users from the risks of being scammed.

In the meantime, the P2P fiat-to-crypto service won’t require on-chain transactions, for the trades will be further facilitated through internal transfers. Furthermore, the crypto customers on OKEx exchange can transfer assets to one another using a unique ID through off-chain internal transfers.

The soon to resume P2P trading was reportedly stopped after the suspension of withdrawal services on the OKEx exchange. As it was reported, OKEx was forced to stop the withdrawals, for it couldn’t authorize the use after the absence of one of the private key holders. The exchange can’t reach the official that follows an investigation with the Chinese police.

Later on, it has been confirmed in the reports that the ‘unreachable’ OKEx personnel was the exchange’s creator. He then cooperated with the Chinese police in an investigation. Temporarily, before withdrawals were incapacitated on the exchange, about 10,000 BTCs were withdrawn from the exchange.

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