Bitcoin is trading below $8,000 for the first time since mid-April as OKEx, one of the world’s largest exchanges, suspended withdrawals and fiat trading.
According to a notice posted to their website,
“Due to a technical error, the account balances of a few of our users are not displayed accurately. Of course, you can rest assured that your funds are safe, secured, and not affected by the recent update. We are currently fixing the issue and have suspended withdrawal service and fiat trading. A further announcement will be made after the services resume.
Please do not worry about any rumors circulating on the internet. We will continue to provide you stable and trusted services as always.”
OKEx CEO Li Shufei just resigned on May 14 and has now joined rival cryptocurrency exchange Huobi, effective May 18.
OKEx currently has the third largest 24-hour volume at $195,173,000, according to CoinMarketCap.
Bitcoin continues to face a bear market amid regulatory scrutiny of ICOs and cryptocurrency schemes. Regulators in Canada and the US have joined forces to launch Operation Cryptosweep to purge the markets of bad actors that they say are using false marketing and misleading statements to issue fake coins that are duping unsuspecting investors and threatening the integrity of legitimate projects.
Despite the downward trend on Bitcoin, blockchain trials are moving forward at several central banks, including Norway, Sweden and Switzerland where digital currencies are being tested and analyzed. Platforms such as the Goldman Sachs-backed Circle are also attempting to stabilize the markets with their pending introduction of the USDC, a stable coin that is pegged to the US dollar.