China suppresses exchanges in WeChat

Social media platform bans the official accounts of the OKex following the ICO ban
06 March 2018   445

Chinese government reportedly tightens its grip on all cryptocurrency activity in the country. Today WeChat according to a local news outlet Caixin blocked an official account of OKex exchange. Upon accessing any posted links, a notification plainly states:

The platform may have violated relevant laws and regulations after being reviewed per users' complaints. The account is currently blocked and content is not available.



OKCoin originally was a significant player in the cryptocurrency exchanges platform in China. It operated on crypto-to-crypto basis. Due to the ICO ban in China, the exchange moved overseas into OKex. Consequently, to sustain constant communication it used WeChat for information distribution. The messaging app developer company denies any involvement in the incident.

As of the present moment another major platform Huobi that is also located overseas remains active at WeChat. Huobi continues to be available in mainland China and to list new ICOs and in doing so taunts the Chinese established measures. Chinese regulators are allegedly looking for means to enhance the 'crypto-ostracism' by blocking the IP addresses of the overseas cryptocurrency exchanges.

Survey: Millionaires do not gain Enough Crypto Advice

A survey revealed today by Capgemini shows: only 34.6 percent of high net worth individuals have got cryptocurrency information from their wealth managers
19 June 2018   50

According to Reuters, the information is received from Capgemini’s annual survey, the World Wealth Report. The latest edition demonstreted that additionally to the aforementioned 29 percent, a further 26.9 percent are “on the fence” relatively to  cryptocurrency investment - meaning that well over half of HNWIs are aware of and/or interested in cryptocurrency like Bitcoin.

A Paris-based business consulting corporation, Capgemeni, determines HNWIs as people with at least $1 million accessible to invest, outside of asset holdings such as real estate, automobiles, and art. At the start of 2018, there were a counted 15.2 million such people in the world. This part of society controls more than $70 trillion, and Capgemini expects that figure to rise to $106 trillion by 2025.

Also it was found by the study that 71.1 percent of younger millionaires (age 40 and below) place “high importance” on getting information about cryptocurrency from their wealth management firms, as do 13 percent of those aged 60 and over. In the whole, only 34.6 percent of them claimed that they had learnt cryptocurrency information from their wealth managers. 

This probably points to a trend of wealth managers being a bit behind the times. It also unfolds that a market force which could go some way towards explaining the fact that at least 167 new cryptocurrency hedge funds were instituted last year. During the year of 2017, these funds saw massive growth in profit.