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Home Latest News Business Cryptocurrency exchange DragonEx resumes withdrawals with a provisional internal token system

Cryptocurrency exchange DragonEx resumes withdrawals with a provisional internal token system

As reported by cointelegraph, DragonEx is introducing a stopgap measure to reintroduce withdrawals after some problems last month.

According to an announcement on November 08.2020, DragonEx is introducing a provisional solution to allow crypto withdrawals. This exchange will require its users to acquire so-called DragonEx Withdraw Quota tokens. And one DWQ will allow the withdrawal of assets worth 1 Tether (USDT). 

The announcement mentioned, when users make a withdrawal, the same value of DWQ will be consumed.

Customers can obtain DWQ through trading, mortgage loan, or a deposit, DragonEx executives said. 

In an official announcement on October.21, DragonEx said that it suspended deposits and withdrawals of all digital currencies due to issues fueled by OKEx’s ongoing withdrawal freeze. DragonEx representatives said that the exchange will be shut down if they didn’t manage to successfully reorganize by November 02,2020.

The exchange stated:

“DragonEx has been actively seeking for external investment recently, however, the process takes time and uncertainty exists as well. In order to shorten the waiting time, DragonEx plans to restore token withdrawal gradually through a temporary solution.”

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