OKX Resuming Services Slowly After Cloud Provider Hiccup

  1. OKX is suffering downtime after its cloud service provider reported an equipment failure.
  2. Gate.io also reported slow deposits and withdrawals due to cloud provider node maintenance.
  3. Customer funds within the said exchanges are not affected; the issue is with the cloud provider and not necessarily with the exchanges.

After suffering an “intermittent” connection error on December 18, crypto exchange OKX — formerly known as OKEx — announced the commencement of its “pre-open procedure.” Customers will soon be able to place or cancel post-only orders, as well as manage their margin positions.

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OKX assured that all customer funds are safe and unaffected by the service hiccup. This is to quell further FUD from costumers who are complaining of the service interruption and are worried about potential rugs.

However, the issue is not with OKX; the exchange disclosed that its cloud provider, which is Alibaba. Specifically, the issue is due to an equipment failure from the Alibaba Cloud HK Zone.

At the time of writing, OKX has not yet opened withdrawals and deposits. Further details will be posted on the exchange’s official channels. In the meantime, OKX posted another update to customers regarding the status of its cloud service provider.

Gate.io, another leading crypto exchange, also announced similar issues, although in this case, its cloud service providers were undergoing node maintenance. The exchange warned that customers may experience slow deposits and withdrawals. Fortunately, trading and other services on the platform resumed as usual.

Crypto journalist Colin Wu noted that a similar issue happened in 2021. During the said time, it was Amazon’s Japan server that went down, causing a number of crypto exchanges to go offline.

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