There are many reasons leading to a deposit/withdrawal suspension, such as mainnet upgrade, wallet maintenance/upgrade, or a hard fork, and resume time vary depending on the situation. Please wait patiently or contact the project team. We are listing the common reasons behind a suspension here below for your reference.
- Wallet maintenance/upgrade (Deposit/withdrawal suspension)
There are two types of wallet maintenance/upgrade: 1. OKX wallet maintenance/upgrade, for which will clearly state the resume time; 2. Third party wallet maintenance/upgrade, for which OKX will have close contact with, and resume our service as soon as the third party wallet completes their maintenance/upgrade.
What should I do:
Wallet maintenance/upgrades often take time. It is recommended that you pay close attention to OKX's latest announcement for service status update and resume.
Note:
Why does a wallet need maintenance/upgrade?
Wallet usually needs upgrade to introduce new features and optimise old ones; whereas maintenance is to fix technical bugs and asset audits. Upgrades/maintenances are essential to provide better service and asset security for our users.
- Blockchain mainnet upgrade/maintenance (Deposit/withdrawal suspension)
A blockchain mainnet upgrade/maintenance is often initiated by the project team. Regarding the time of completion, the official announcement from the project team shall prevail.
What should I do:
OKX will closely monitor the progress. Once the upgrade/maintenance completes, we will resume our service immediately. It is recommended that you pay close attention to OKX's latest announcement for status updates.
If OKX states "Deposit and Withdrawal will resume immediately after system upgrade" in the latest announcement, there will not be further announcement. Please follow the project team's official announcement, or retry deposit/withdrawal on OKX.
Note:
What is a mainnet?
Mainnet, opposite to a test net, is a deployed and fully functional blockchain network. A consensus within the community must be reached before a transaction is processed. In other words, the mainnet is what is commonly known as public blockchain, a foundational infrastructure of a project. Once the mainnet goes live, it means the infrastructure is open for developers worldwide to use and develop upon.
What is a mainnet upgrade?
mainnet upgrade is necessary for a project's development. A mainnet upgrade usually optimises overall performance of the network, decreases gas fees, and increases processing power. An upgrade/ maintenance will also resolve the existing technical bugs.
- Specific cryptocurrency is about to be delisted (Deposit suspension)
To protect user benefits and to ensure the sustainability of the industry, OKX will conduct comprehensive audits, in regards to project's team, operation, token transactions, and technology, on a regular basis. We will delist unqualified token/coin and disable deposit.
What should I do:
After delisting, that crypto is no longer tradable in OKX. If you have any delisted crypto within your OKX account, you are advised to promptly withdraw them.
- mainnet migration (Deposit/withdrawal suspension)
A mainnet migration is often initiated by the project team. Regarding the time of completion, the official announcement from the project team shall prevail.
What should I do:
OKX will closely monitor the progress. Once the migration completes, we will resume our service immediately. It is recommended that you pay close attention to OKX's latest announcement for status updates.
Note:
What is a mainnet migration?
Some blockchain project will choose existing public blockchain to reside on during the incubation stage, such as issuing ERC20 token with the Ethereum smart contract. These projects will then migrate to their native mainnet once it goes live.
Why do projects need to migrate?
A mainnet going live is a sign of maturity of a project and it is open for developers worldwide to use and develop upon. This mechanism often requires a token swap, swapping the old token to the mainnet address, burning the old token in the process. Therefore, mainnet migration is always the top priority of most projects.
- Node upgrade (Deposit/withdrawal suspension)
Node upgrade is often jointly initiated by the community and project team. Regarding the time of completion, the official announcement from the project team shall prevail.
What should I do:
OKX will closely monitor the progress. Once the upgrade completes, we will resume our service immediately. It is recommended that you pay close attention to OKX's latest announcement for status updates.
Note:
What is a node?
Blockchain node usually refers to the computer operating within the blockchain network. In general, any machine that connects to the network is a node (i.e. Smartphone, ASICs, and server). However, the definition of a blockchain node depends on the nature and design of the specific blockchain.
Different blockchain requires different amount and types of nodes. For instance, the definition of a Bitcoin network "node" is those that download the entire blockchain, verify transactions and mine new blocks. However, depending on the context, full node, light node, and even regular users could be considered as "node" in the current state of Bitcoin network.
What is a node upgrade?
Node upgrade often comes after the mainnet upgrade. A blockchain upgrade does not mean editing/altering the historical ledger, but upgrading the software of the nodes (also known as client software). Since public blockchain is decentralised in nature, node upgrades are not mandatory.
- Network upgrade (Deposit/withdrawal suspension)
Network upgrades are often initiated by the project team. Regarding the time of completion, the official announcement from the project team shall prevail.
What should I do:
It is recommended that you pay close attention to OKX/ project's latest announcement for service status update and resume.
- Hard fork (Deposit/withdrawal suspension)
hard fork is caused by a disputed blockchain upgrade, which often requires the hard fork to be completed before resuming service. Once it is complete, OKX will resume service immediately.
What should I do:
It is recommended that you pay close attention to OKX/ project's latest announcement for hard fork status update and service resume.
Note:
What is forking?
Forking refers to a dispute within the community during a blockchain upgrade, often splits the original blockchain into two. Depends on the compatibility of the new chain to the old one, there are two types of forking: soft fork and hard fork.
A soft fork refers to the newly forked blockchain is compatible with the old one. The old nodes can still process the block mined by the new nodes, despite the code of the blockchain being altered due to an upgrade. In a soft fork, nodes can operate without verifying or processing certain blocks, so that all nodes can still operate on the same chain.
A hard fork, however, refers to those newly forked chains that are not compatible with the old one. After a hard fork, old nodes refuse to process the blocks forged/mined by the new nodes, the blocks that do not fit the original protocol will be ignored. Miners will verify the last block according to the old protocol before mining a new block.
- During token swap (Deposit/withdrawal suspension)
OKX will support project's token swap once the mainnet goes live. OKX will resume deposit and withdrawal service once token swap is completed.
What should I do:
It is recommended that you pay close attention to OKX/ project's latest announcement for token swap status update and service resume.
Note:
What is token swap?
The developing team of some blockchain project might issue ERC20 token through Ethereum smart contact before deploying their native mainnet. Once the mainnet goes live, the holder of the ERC20 token could swap it with the mainnet token in a 1:1 ratio.
Why is token swap needed?
Token swap is designed to let users swap their ERC20 token into the mainnet token. Once token swap is completed, the original ERC20 token will be burnt.
- During airdrop snapshot (Deposit/withdrawal suspension)
To ensure fairness and integrity, deposit (and withdrawal) will be suspended during airdrop snapshot. Service will be resumed immediately after snapshot.
What should I do:
It is recommended that you pay close attention to OKX/ project's latest announcement for airdrop snapshot status update and service resume.
Note:
What is an airdrop snapshot?
It refers to the snapshot taken to ensure the user that meets the rules of the airdrop will receive free token proportion to the amount of tokens or transactions target they own/meet.
- Problem occurs from the project side (Deposit/withdrawal suspension)
Project team discovers technical bug, operation and security difficulty, which leads to deposit/withdrawal suspension. Because the suspension was caused by a third-party, the resume time cannot be predicted.
What should I do:
It is recommended that you pay close attention to OKX/ project's latest announcement for status update and service resume. Please contact the support team from the project side should you need any assistance.
- Projects ceasing operation (Deposit/withdrawal suspension)
On the occasion of project ceasing operation due to operational/financial difficulty, OKX will suspend or close the deposit and withdrawal of its token.
What should I do:
Should you need any assistance regarding the operation ceasing, please contact the project's support team.
- Project's security concerns (Deposit/withdrawal suspension)
On the occasion of project possessing potential risk due to technical bug or operational difficulty, OKX will suspend deposit and withdrawal until the project team's security concerns no longer affect or cause any potential losses to our users.
What should I do:
It is recommended that you pay close attention to OKX/ project's latest announcement for status update and service resume. Please contact the project's support team should you need any assistance.
- Crypto issued through an event (Deposit/withdrawal not available)
Cryptocurrency that is issued through an event as a reward is not currently tradable on OKX.
- Project's node connection difficulty (Deposit/withdrawal suspension)
The nodes among the project's network require maintenance, which leads to deposit/withdrawal suspension. Because the suspension was caused by a third-party, the resume time cannot be predicted.
What should I do:
It is recommended that you pay close attention to OKX/ project's latest announcement for status update and service resume. Please contact the project's support team should you need any assistance.
A step-by-step guide to purchasing and selling crypto on OKX,
Step 1: Log in to your OKX account
Before you can start buying or selling cryptocurrency on OKX, you must first log in to your OKX account. If you do not yet have an account, click Sign up and complete the registration process.
Step 2: Select Buy/Sell
Once you have logged in to your OKX account, click Buy Crypto in the upper left-hand corner of the screen to get started.
Step 3: Select your purchasing method
The next step is to choose how you would like to buy or sell . There are two primary options on OKX: Express and P2P trade.
Finally, simply confirm your transaction details.
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