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Cryptocurrency exchange DragonEx is introducing an interim measure to reintroduce withdrawals after some troubles last month.
According to an official announcement on November 8, DragonEx is introducing a temporary solution to allow cryptocurrency withdrawals. The exchange will require its users to acquire so-called “DragonEx Withdraw Quota” tokens. A DWQ will allow the withdrawal of assets worth 1 Tether (USDT).
DragonEx executives said customers can acquire DWQ through negotiation, mortgage loan or deposit. “When users make a withdrawal, the same DWQ value will be consumed,” the announcement read.
According to the exchange, DWQ-based withdrawals are a temporary solution in response to ongoing issues at DragonEx.
On Oct. 21, DragonEx claimed to have suspended deposits and withdrawals of all digital currencies due to issues fueled by OKEx’s ongoing withdrawal freeze. The exchange has been working on a restructuring plan to resume those services on the platform. DragonEx representatives said the platform will be shut down if they fail to successfully reorganize by November 2. In yesterday’s announcement, the exchange said:
“DragonEx has been actively seeking outside investment recently, however the process takes time and there is also uncertainty. In order to reduce waiting times, DragonEx plans to gradually roll back the token withdrawal through an interim solution. “
Should the platform become profitable again, it will return regular withdrawals, eliminate the DWQ requirement and mechanism, and destroy all DWQ tokens.
Cointelegraph contacted DragonEx for further details, but received no response at the time of publication.
