Tron (TRX) Stops Unlimited 1:1 Withdrawal of TRX on OKEx
Tron Foundation has announced the termination of 1:1 withdrawals on OKEx. This was contained in a press release on the current issues that the blockchain is having with embattled exchange OKEx.
Withdrawals Frozen on OKEx
OKEx froze withdrawals on Oct 16 amid controversy that the exchange had been under investigation from law enforcement. Local reports in China had also reported that founder Sunny Lu had been arrested with charges of money laundering.
In response to the clamor from its community, TRON Foundation had announced on October 20 the decision to embark on unlimited 1:1 withdrawal of TRX on OKEx.
The withdrawal procedure was welcomed as OKEx users were able to withdraw a total of 11,007,923 TRX. However, OKEx banned TRON’s withdrawal account within 53 minutes of the announcement which caused a stir in the community.
TRON created a new account that was banned by OKEx without any transfer being successful with the second account. These brewing issues prompted Tron to release a statement regarding the situation.
The blockchain platform revealed that the reasons for creating the withdrawal gateway. The Foundation believes that the creation of the 1:1 withdrawal gateway was in the best interest of TRX holders. This is due to fears within its community that funds could be lost within the OKEx platform.
As part of its responsibility, the Tron Foundation had taken up the responsibility to uphold its policy and safeguard users’ interests.
Swift Ban breach of Trust
Tron foundation also revealed that the swift banning of its account by OKEx was a breach of good faith from the exchange despite negotiations with the exchange.
‘’Our announcement has also been rendered invalid. Having negotiated with OKEx, we regret to say that we have to make this tough decision, and we hope OKEx will be able to provide a better solution for users and the industry.’’
Tron further revealed that it was terminating the 1:1 withdrawal service for OKEx users.
‘’Following the release of this announcement, TRON Foundation and Justin Sun will terminate the 1:1 TRX withdrawal service for OKEx users.’’
Tron will continue to process the initial transfer of funds that were transferred and not processed to holders’ wallets. OKEx was one of the first exchanges to support TRON and currently lists four TRON tokens including TRX, BTT,JST, and SUN. The exchange was also the first to release TRON Futures and is among the few exchanges that support TRON OTC.