Dubai OKX withdrawal prompt triggers risk control

OKX's suspension of withdrawals stems from the shutdown of Mashreq Bank's cryptocurrency exchange in Dubai, affecting the platform's deposit and withdrawal services.

Oct 27, 2024 at 04:23 pm

OKX Withdrawals Prompt Risk Control Due to Dubai Exchange Shutdown

1. Background

On March 14, 2023, cryptocurrency exchange FTX officially filed for bankruptcy. This event has raised concerns among traders and investors about the stability and security of other exchanges, including OKX.

2. OKX Withdrawal Issues

Recently, some OKX users have reported encountering withdrawal issues on the platform. When attempting to withdraw funds, users are prompted with a message stating that "risk control" is being triggered.

3. Dubai Exchange Shutdown

Sources close to the situation have indicated that the withdrawal issues are likely related to the recent shutdown of Mashreq Bank's cryptocurrency exchange in Dubai. Mashreq Bank was a key partner in facilitating both deposits and withdrawals on OKX.

4. Impact on OKX

The withdrawal issues have resulted in a temporary disruption to OKX's operations. However, it is important to note that OKX remains operational and is actively working to resolve the situation.

5. OKX's Response

OKX has acknowledged the withdrawal issues and has stated that it is "temporarily suspending withdrawals due to risk control." The exchange has also assured users that their funds are safe and that they will be notified when withdrawals are resumed.

6. Advice for OKX Users

Until withdrawals are fully restored, OKX users are advised to refrain from making any further deposits or withdrawals. They should also monitor OKX's official communication channels for updates and announcements.

Conclusion

The withdrawal issues on OKX are a direct result of fallout from FTX's bankruptcy. The exchange is working to resolve the situation, and users are advised to remain patient during this time.