Crypto ‘not protected by law,’ rules provincial high court in China
A provincial high court ruling in China has set a potential precedent by declining to protect a plaintiff’s $10,000 worth of lost crypto tokens. Yet another blow has been dealt to China’s cryptocurrency community, with news of a new high court ruling in the Shandong province that has drawn out the consequences of crypto’s lack of legal status in the country.As the South China Morning Post (SCMP) reported, the case in question was an appeal against a ruling this January by an intermediate court in the city of Jinan. The plaintiff in the case had lost 70,000 yuan (roughly $10,750) by....
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Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement despite the ban on crypto. Despite enforcing a major cryptocurrency ban one year ago, the Chinese government still protects local crypto investors as crypto is recognized as virtual property protected by the law.One of the world’s most hostile countries toward Bitcoin (BTC), China has not yet banned the possession of cryptocurrencies, according to David Lesperance, founder of Lesperance & Associates law firm.Crypto holders in China are protected by the law in case of theft,....
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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....