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OKEx Is Not OK, Oil Majors Digitalise

  • OKEx
  • Venezuela
  • Russia
News list

OKEx freezes operations while its boss' interrogations. Venezuela sees a chance for recovery in crypto. Russia is thinking over digital/crypto ruble.

OKEx Exchange Refuses Withdrawals Overseeing Its Founder’s Detention

As of today, OKEx exchange suspends withdrawals of all types of assets until further notice for the reason of ‘absence’ of one of the platform’s founders. The point is, he also holds a set of access keys, and no withdrawals are accessible without this set. OKEx explained, that ‘master of the keys’ is ‘absent’ due to his ‘cooperation with the Public Security Bureau within investigational procedures’. Investigation is by no means connected to the exchange itself, but entirely to private affairs of the founder, explains OKEx.

OKEx Public Relations assured the media, that all clients’ funds are securely stored, all transactions except withdrawals are operating on a regular basis. As soon as ‘the master of the keys’ approves transactions, withdrawals become possible too.

OKEx is one of today’s largest crypto exchanges in the world. Rumours say, the mysterious ‘out of coverage’ OKEx team member is none other than its founder Xu MingXing. Exact reasons for his arrest remain unknown yet, and users are left to guess, whether it is tied to exchange’s activities (e.g. money laundering) or Star Xu (by this nickname Xu MingXing is famous in crypto community) is indeed in private troubles with authorities.

OKEx Exchange Refuses Withdrawals Overseeing Its Founder’s Detention

Venezuela Turns to Cryptocurrencies as to Salvation From US Sanctions

President of this South American country Nicolas Maduro was introduced to the project of the new legal act, which regulates the usage of crypto currencies for inbound and outbound transactions.

The President and the legal board are cherishing hope, that general introduction of cryptocurrencies (including the national crypto PETRO) will stimulate country’s recovery from sanctions and restore the country’s economy.

All miners, as well as manufacturers of miners equipment, operating in Venezuela will soon be obliged to get a state license. Well, who knows, may be soon a new crypto-enclave will soon appear right at the US backyard. Whether it helps to recover from sanctions output, like Maduro hopes, or not – we will know soon.

Venezuela Turns to Cryptocurrencies as to Salvation From US Sanctions

Russia to Digitalize Ruble

Number of countries wishing to issue their own version of national currency grows day by day. And now it is Central Bank of Russia to announce the launch of digital ruble testing. In case of successful implementation of such currency, it is planned that it will serve for transferring various payments from budget, e.g. salaries, pensions.

Central Banks oversees that this new technology will cut commissions for transfer and this aspect will attract customers’ attention. However, some analyst doubt, to what extent will the digital ruble keep the holder’s anonymity – the keystone of the whole cryptocurrency popularity.

Although, there is a nuance worth mentioning: digital ruble developers’ press release clearly states that the currency will not actually be a cryptocurrency. What will it be then? Read the LH-Crypto crypto-news and do not miss a bit of important info!

Russia to Digitalize Ruble

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