Another Crypto Exchange Halts Withdrawals as China Detains Founder

The founder has been in police custody for the last 15 days.

CEO Global, a Hong Kong-based cryptocurrency exchange, recently announced that the Chinese authorities have taken one of its founders under the latest crackdown on fraudulent SIM card and bank account fraud.

“Affected by the ongoing national crackdown on fraudulent SIM cards and bank accounts, the bank account of one of our core founders has received illicit money from international fraudsters and scammers,” the exchange noted.

The founder was taken 15 days before for investigation, and the exchange still has no idea when the police will release him.

Additionally, the uncertainty has affected the cryptocurrency withdrawals from the exchange as the founder holds the private keys to most of the cold wallets of the exchange.

CEO Global has now suspended all of its withdrawals, citing its inability to process all withdrawal requests from the digital assets held in the hot wallets.

This situation is similar to what OKEx faced recently with the abrupt detention of one of its private key holders by the Chinese police.

The exchange suspended its withdrawals for weeks before resuming them in November last week.

Source: financemagnates.com

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