Cryptocurrency exchange OKEx has been in the spotlight ever since it announced a temporary suspension of withdrawals on 16 October. Although the exchange continued to ensure the community that the funds were safe, the news, nevertheless, had left many traders frustrated. However, now, OKEx revealed a reward program for users who continued to trade on the exchange even after it had to put a freeze on withdrawals:
Stay tuned! pic.twitter.com/oJb9NSVvvt
— OKEx (@OKEx) November 24, 2020
The development follows OKEx’s earlier announcement, that it would reopen withdrawals on or before 27 November.
According to the new update, OKEx was planning to launch the compensation and reward programs after the reopening of withdrawals and said it was their way of expressing “our gratitude to our community and our thanks to loyal users for their trust.”
The compensation plan in question allows users whose assets exceeded $10,000 on the exchange to be rewarded with a commission rebate card valued between $100 and $1,000 based on the volume they traded in the period when withdrawals were paused. Stating that OKEx will use the platform’s own funds to advance the rebate card consumption “to ensure the rights of all users. It deemed users’ support and trust as “crucial to the long-term sustainability of all platforms.”
With regard to other users, depositors, and holders, OKEx will put 20% of its total income from futures and perpetual swap transaction fee, over the last seven weeks, into an “incentive fund.” Meaning they will receive rewards from this fund which will be based on the total assets they held and the amount they traded. In addition to this, under OKEx’s ‘Happy Friday Reward Program,’ over the next few weeks, the exchange will collect a portion of all futures and perpetual swap trading fees to incentivize its user base.
Whilst OKEx sets out to reward loyal users, this could also be a much-needed campaign to build goodwill amongst other traders as well. Especially after many began to worry after reports emerged about the OKEx’s founder, Star Xu, who was reportedly questioned by the police, and that he had also been absent from work for a while.