Attention OKEx, BitMEX and TRON users: Important updates to watch

  • TRON Foundation enables withdrawals of funds to TRX holders using the OKEx platform.
  • BitMEX announces implementation of verification process for its users.

Events related to an investigation by Chinese authorities involving the OKEx exchange have been a drama for its users. Withdrawals from the platform remain suspended. Therefore, the TRON Foundation and its CEO, Justin Sun, has decided to take action on behalf of the users:

After careful consideration, in order to be responsible for our TRX token holders, TRON Foundation and Justin Sun have decided to shoulder their major responsibility in the industry and give users access to the unlimited 1:1 withdrawal of TRX on OKEx. This decision will take effect as soon as it is announced.

Since the TRON Foundation’s announcement, exchange users can transfer their funds on TRX to the account: account17@tronlab.cn. Then, they can use the TRON “official phone number” to make a transfer of their funds to an address specified by the user. TRON’s official number is: +8618311026028. The TRON Foundation indicates that the withdrawal process will be manual and therefore may take between 12 and 24 hours.

To initiate the withdrawal process a person must use the OKEx application, select their TRX funds to make an internal transfer to the indicated account (account17@tronlab.cn). Then, the user must enter the amount they wish to transfer and after the decimal point, they must insert their telephone number. For example, if a user is going to withdraw 50,000 TRX, he must enter 50,000.(telephone number).

This last step is important so that the TRON Foundation can verify that the funds belong to a specific user. Then, the user must follow the following steps:

After the transfer is successful, use the same phone number to text “Transfer XXX OK-TRX; need to transfer to the TRON address: XXXXXXXX” to our official number +8618311026028 (again, the official mobile phone is +8618311026028!!!) to verify. (* The last 8 digits of the number that sends the text must be the same as the ones specified in your quantity of transfer. Only when the number after the quantity decimal point and the number that you send text with are the same can the transfer be successful.)

If the user has completed the steps correctly, the indicated TRX amount will be transferred to the address they have specified. However, users should consider that “the last right of interpretation is held by the Tron Foundation”, according to the announcement.

BitMEX implements Know Your Customer process

On the other hand, crypto exchange BitMEX has announced that it will “accelerate” the implementation of the verification process for its users. The exchange has given them 15 days to verify their accounts; the process must be completed by November 5, 2020 at 00:00 UTC. After that date, users without verification will not be able to continue trading on BitMEX.

Additionally, after December 4 of this year, no user without verification will be able to withdraw funds from BitMEX until the Know Your Customer (KYC) process is completed. BitMEX claims that users that represent 50% of their trading volume have “successfully completed the onboarding process”.

As reported by CNF, the platform’s management was accused by the Commodities and Futures Trading Commission (CFTC) and the U.S. Department of Justice (DOJ) of operating an unregistered futures trading platform. Unlike OKEx, withdrawals at BitMEX have continued. In the latest Glassnode report, about 20% of the platform’s Bitcoin supply has been withdrawn from the exchange.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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