Cryptocurrency exchange DragonEx is introducing an emergency measure to reenter withdrawals after some issues last month.
According to an official Announcement On November 8, DragonEx will introduce a workaround to enable cryptocurrency payouts. The exchange requires its users to purchase so-called “DragonEx Withdraw Quota” tokens. One DWQ allows assets worth 1 Tether (USDT).
DragonEx executives said customers can acquire DWQ through trade, mortgage loans, or a down payment. “When users withdraw money, the same value of DWQ is consumed,” the announcement read.
According to the exchange, DWQ-based recordings are a workaround in response to ongoing issues at DragonEx.
On October 21, DragonEx said it was suspended deposits and withdrawals of all digital currencies because of problems fueled by OKEx’s pending recording stop. The exchange has been working on a restructuring plan to resume those services on the platform. DragonEx representatives said the platform will shut down if they fail to successfully reorganize on November 2. In yesterday’s announcement, the exchange stated:
“DragonEx has been actively seeking external investment recently, but the process takes time and there is also uncertainty. To reduce the latency, DragonEx plans to gradually restore token withdrawal through a workaround. “
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 more details but has not received a response at the time of publication.