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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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....
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....
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....
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....
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....