FUD quelled as Gate.io and OKX resumed crypto withdrawals

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Bitcoin
FUD quelled as Gate.io and OKX resumed crypto withdrawals

Crypto exchanges Gate.io and OKX have started processing withdrawal requests from their customers once again, after experiencing severe network issues on Dec 18.

Normalcy has returned to both OKX and Gate.io after they put their customers in a state of panic and anxiety on Dec 18. The Sunday announcement hinted at severe network and hardware issues that made withdrawal request processing impossible.

Per an update released by the OKX team on Dec.19, the connection issues with its cloud service provider have been completely resolved. Regular deposit and withdrawal processing of bitcoin (BTC) and other cryptocurrencies has resumed.

In a press release, OKX states that its systems experienced a hardware issue with the cloud service provider.

In the same vein, Gate.io, another centralized exchange that also experienced withdrawal processing issues over the weekend, has resumed normal operations:

The unfortunate demise of Sam Bankman-Fried’s FTX exchange last month has significantly put a dent in the reputation of centralized crypto exchanges. Their every move now triggers anxiety and FUD.

The current controversies have made leading accounting firms like Mazars, and Armanino cut ties with digital assets service providers.

On a brighter note, Binance U.S. has announced the acquisition of the digital assets of the bankrupt lender, Voyager, for over $1 billion. Meanwhile, Gate.io has secured approval to launch operations in the United States.

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.