The founder of OKEx, Xu Mingxing, has been arrested according to local reports. According to Caixin, citing two sources, he was arrested by police a week ago.

As we reported, the exchange suspended withdrawals today, apparently because police are talking to “key holders,” it said in a statement.

“One of our private key holders is currently cooperating with a public security bureau in investigations where required,” the company said in its statement.

Crypto Exchange OKEx Founder Has Been Arrested

This is not the first time that Xu has spoken to police. In September 2018, he co-operated with authorities over accusations of fraud regarding a small-cap cryptocurrency.

OKEx is one of China’s three biggest exchanges, with more than $6 billion in daily trading volume.

This story is breaking and will be updated shortly.

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