Chinese Courts Says OKCoin Operates Illegally, Awards Damages

Chinese Courts Says OKCoin Operates Illegally, Awards Damages

A Chinese court has awarded damages against China’s popular bitcoin exchange, OKCoin, after it was alleged that the company was aiding criminal money laundering and wasn’t properly registered. The court decision only affects OKCoin’s China-based bitcoin exchange, OKCoin.cn, and not its international exchange, OKCoin.com; however, it’s the first significant ruling by a court against a bitcoin exchange. OKCoin’s parent company is Lekuda. According to court documents, Huachen Commercial and Trading Co. Ltd., the defendant, claimed that an individual had defrauded it of 12 million Chinese yuan....


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Chinese Court Awards Damages Against OKCoin, Says It Operates Illegally

A Chinese civil court has awarded damages against the parent company of popular bitcoin exchange OKCoin, saying the business is improperly registered and facilitates criminal money-laundering. It is the first major court ruling against a bitcoin exchange in China, which could have ramifications for other Bitcoin businesses in the country. The decision was actually published online in China on July 29, but did not become widely-known until today. It pertains only to OKCoin’s China-based entity OKCoin.cn, and not its Singapore-registered international exchange OKCoin.com, which is a separate....

Bitcoin Exchange OKCoin Fined in Money Laundering Case

OKCoin China has been ordered by a provincial court to pay a fine of 626,569 yuan as damages in a money laundering case. Chinese Bitcoin exchange OKCoin was recently fined for unknowingly aiding money laundering operations on its platform. The Beijing-based company, which records the maximum daily Bitcoin volume, has been ordered by the Heilongjiang Provincial Court to cough up 627,569 Yuan (around $94,000) in damages. As per the ruling, OKCoin had flawed AML and KYC policies in pace, which prompted irregularities in its identity verification procedures. A fraudster took this loophole as....

OKCoin.com Had Higher Daily Bitcoin Volume Than Bitstamp and Bitfinex Today

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OKCoin Announces Official Launch Of Recharge Codes And "First Bitcoin ATM In China"

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OKCoin To Expand Bitcoin Adoption With New Service

Most of the Bitcoin trading volume is changing hands across Chinese bitcoin exchanges. Therefore, Chinese exchanges are feeling pressure to come up with new and innovative features to preserve their dominance and expand bitcoin adoption. OKCoin, one of China’s leading bitcoin exchanges, is attempting to do exactly that. There are a few things all Chinese bitcoin exchanges have in common. For starters, all of these platforms are exchanging bitcoin against the Chinese Yuan (CNY). Furthermore, major Chinese bitcoin exchanges such as OKCoin, BTC China, and Huobi all offer 0% spot fees on the....