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....
Related News
Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately. Yuan recharge, withdrawals and other services will not be affected, the exchanges said. In public posts that showcase the increasingly coordinated nature of exchange policy in the region, both OKCoin and Huobi said today that the move was a bid to bolster their anti-money laundering (AML) capabilities and prevent "illegal transactions". In the case of OKCoin, only it's OKCoin.cn portal is affected. Both OKCoin and Huobi....
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....
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....
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....
Remittance giant Western Union has been fined $586 mln after admitting to money laundering and supporting fraudulent wire transfers. The penalty of $586 mln will be used as a refund for the victims of the crimes. Negligence. The Department says Western Union's negligence led to malpractices, and that they could have prevented the significant loss to US consumers if due diligence was upheld. Edith Ramirez, chair of the Federal Trade Commission, noted that: “Western Union owes a responsibility to American consumers to guard against fraud, but instead the company looked the other way, and its....