Chinese Bitcoin Exchange OKCoin Accused of Faking Trading Data
OKCoin, once the second largest mainland China-based bitcoin exchange (after BTC China) according to volume, has been accused of faking its trading volume data. The website stopped taking new deposits in the aftermath of the Chinese central bank implementing a ban disallowing banks and third-party payment services from working with bitcoin exchanges, leaving traders temporarily unable to charge their fiat currency accounts or cash out on some exchanges. In the days following rumours of the ban, while traders panic-sold their bitcoin holdings and would-be buyers were barred from making....
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The issue of trade volume authenticity on Chinese exchanges has surfaced again, with one user accusing the country's busiest exchange OKCoin of manipulating volumes after bitcoin statistics sites displayed a sharp drop in a short period. Chinese exchanges including OKCoin have been accused in the past of artificially inflating their trade volumes and even influencing prices by using in-house software 'trading bots'. The exchanges have always categorically denied this, saying high volumes are the result of their low (or absent) trading fees. Sudden decline in volume. Reddit user....
If you're looking for an opportunity to ask a bitcoin exchange questions about their operations, Monday morning will be your chance. OKCoin, China's largest bitcoin exchange, has announced that they will be conducting a Reddit AMA (ask me anything) session on Monday, June 30th. There, Reddit users will be able to, well, ask the company anything - and one user has already taken the liberty of doing so by asking: "Why are you still faking volume? Current 24 h volume okcoin 55k BTC more than 2x Rest of exchanges combined". The question was met with a lengthy response, of which includes: A lot....
OKCoin, a cryptocurrency exchange that offers trades between Bitcoin (BTC), Litecoin (LTC), US Dollar (USD), and Chinese Yuan (CNY), has added margin trading to its iOS and Android apps. “In our continued efforts to build the world’s best retail and institutional blockchain asset exchange, OKCoin has added margin trading to its iOS and Android Apps. OKCoin.cn CNY users can trade on up to 5x margin while OKCoin.com USD users can trade on up to 3.3x margin. Thanks for your feedback and continued support of OKCoin. We hope you like it!” added OKCoin in a statement. OKCoin released the....
Today marks a special day: The first day that newcomer international Bitcoin exchange OKCoin.com has had a higher daily Bitcoin volume than all other exchanges. In the last 24 hours, OKCoin.com has transacted nearly 16,000 BTC, compared with Bitstamp's ~14,700 BTC and Bitfinex's ~15,100 BTC. OKCoin.com is the international arm of OKCoin. OKCoin also runs OKCoin.cn, a Chinese Bitcoin exchange that also has high volume CNY/BTC trading but does not charge fees (the Chinese norm). Whether or not OKCoin's lead in 24-hour Bitcoin volume will persist until tomorrow is anybody's guess. However, it....