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China's OKEx halts cryptocurrency withdrawals after founder arrested

Absence of Xu Mingxing prevents transactions, but assets' security 'not affected'

The bitcoin exchange OKEx has suspended cryptocurrency withdrawals on the platform after its Chinese founder was taken away by police.

OKEx founder Xu Mingxing was taken at least a week ago and hasn't appeared in a work-related social media group recently, according to a person close to the company. It's not clear what the investigation is about. There have been signs of a renewed crackdown on money-laundering activities on over-the-counter (OTC) trading platforms of cryptocurrencies.

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