Why Dubai OKX is frozen for 7 days

OKX has suspended withdrawals in Dubai for security enhancements, temporarily impacting users in the region, but their funds remain secure and alternative trading options are available.

Nov 01, 2024 at 05:23 am

OKX Halts Withdrawals in Dubai Amid Seven-Day Security Enhancements

1. Suspension Announcement

On December 8, 2022, cryptocurrency exchange OKX announced the suspension of certain services for users in Dubai. The affected services include fiat currency deposits and withdrawals, as well as trading and market-making activities. The suspension will remain in effect for seven days, from December 8th to December 15th, 2022.

2. Reasons for Suspension

The suspension is part of a broader security enhancement initiative undertaken by OKX. The exchange cited ongoing investigations into suspicious activities in the region as the primary reason for the freeze. OKX stated that the move is precautionary and aims to safeguard customer funds and prevent potential fraud.

3. Temporary Impact

The suspension of services will temporarily impact OKX users in Dubai. Affected users will be unable to deposit or withdraw fiat currency and engage in trading until December 15th. However, the exchange has assured customers that their funds remain secure and unaffected by the suspension.

4. Alternative Trading Options

During the suspension period, OKX has provided alternative trading options for affected users. Customers can access their accounts through VPNs or by using third-party brokers that offer access to OKX's platform. However, it is important to note that using VPNs or third-party brokers may come with additional risks.

5. Resumption Plan

OKX plans to resume normal operations in Dubai on December 15th, pending the completion of its security enhancements. The exchange will provide updates to its users as the situation evolves.

6. Customer Support

Affected users are encouraged to contact OKX's customer support team for assistance and inquiries. The exchange has established dedicated communication channels to address questions and provide timely updates.

Additional Information

• OKX is a reputable cryptocurrency exchange with a global presence.
• The suspension is specific to OKX's services in Dubai and does not affect operations in other regions.
• Cryptocurrency withdrawals are unaffected by the suspension, but affected users may experience delays in accessing their funds.