China National Radio: OKEx Illegally Trading Crypto Futures In China

May 3, 2018 3:56 pm Published by

Allegations the crypto exchange OKEx is illegally working in China with Chinese clients were reported by China National Radio’s (CNR) “Voice of China” program on Thursday.

Chinese crypto exchanges have been banned from operating in the country by the government since last fall, CoinTelegraph reported.

As the third-ranked exchange by volume, OKEx reported $1.8 billion in reported in trades over the past 24 hours, the report said.

The report by Voice of China is part of a series seeking to “reveal the secret behind digital currencies,” the report said. In the article OKEx investor Yang is quoted saying he believes OKEx still operates the company in Beijing for Chinese users. He further alleges the exchange has moved its headquarters to Belize and the team to Hong Kong in name only.

Yang said OKEx is actually conducting crypto future transactions that use leverage to multiply trade results, CoinTelegraph reported, even though OKEx calls them “contract transactions.” 

In addition, the Voice of China report notes OKEx has a “point to point” transaction allowing consumers to pay with their Alipay or Wechat accounts, despite China’s ban on transacting between crypto and fiat, the report said.

Voice of China said Yang and other OKEx investors reported the crypto exchange to the public security, industry and commerce departments, but were told the Financial Bureau was handling it, the report said.

A request for comment from OKEx failed to gather a response, the report said., Jack Durschlag

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