OKCoin Joins Calls for Bitcoin Regulation in China
Following similar comments by fellow bitcoin exchange BTCC, OKCoin indicated today that it is open to increased oversight from the Chinese government or central bank. In statements, CEO Star Xu said that rumors that the People's Bank of China may enact a "third-party platform" to improve exchange security are based on real discussions, but that this dialogue remains theoretical and in its early stages. Xu noted that the idea would enhance consumer protection by using techniques already in practice at stock exchanges and in peer-to-peer FinTech platforms. "This was simply an....
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Changpeng Zhao, Blockchain's former Head of Development, has left the company after a few months to become Chief Technical Officer at China's largest bitcoin exchange, OKCoin. Zhao said that, while many might be surprised at his move, for him it was a simple decision: "OKCoin is already the best bitcoin exchange in China, if not in the world. We plan to make OKCoin truly international. OKCoin has the best technology platform, safest security measures, and above all the best team. We also have highest volume and liquidity, the fastest deposit and withdraw processing, and the best customer....
Bitcoin price has fully recovered since the temporary Bitcoin withdrawal suspension on Huobi and OKCoin traders, having increased from $980 to $1,123 within two weeks. On Jan. 18, Huobi and OKCoin were requested by the People’s Bank of China (PBoC) to overhaul their know your customer, hereinafter KYC, and anti-money laundering, hereinafter AML, regulation. Local publications including the Shanghai Observer reported that the PBoC told the two exchanges they were in violation of local regulations and failed to meet industry-wide standards. Three weeks after the PBoC made its initial request....
Changpeng Zhao is chief technology officer at OKCoin, a China-based bitcoin and litecoin exchange that is now seeking to extend its services to the international market. OKCoin is one of the largest exchanges in the world by exchange volume, according to data from Bitcoinity, and boasts more than 90 employees. The company raised $10m in Series A funding in March as part of a round led by Ceyuan Ventures, Mandra Capital and VenturesLab. Zhao attended The North American Bitcoin Conference in July, where he introduced his exchange to the international bitcoin audience and announced the launch....
OKCoin, one of the two Chinese Bitcoin exchanges, is demonstrating progress in sorting out user fund withdrawals. On Feb. 9, it was requested by the People’s Bank of China (PBoC) to halt Bitcoin and Litecoin withdrawals. On March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch. Earlier in January, the PBoC asked OKCoin and Huobi, two of the largest Bitcoin exchanges in China, to suspend trading until....
Today, in an announcement to their site, OKCoin has implemented the immediate suspension of recharge activities via their Chinese Merchant's Bank account. Instead, OKCoin has moved onto a recharge code system with 0 fees, the same as BTC China. These recharge codes can vary in value from 100 yuan to 100,000,000 Yuan. OKCoin recharge codes are split into two portions: sections A and B. There is an intentional parallel to Bitcoin private and public keys in this new fiat recharge/withdrawal method. The first portion of the code, section A, can be used by anybody to query the amount of fiat....