China Wants to Close Foreign Exchange Access Again

Chinese authorities continue their cryptocurrency trading regulation actions
28 February 2018   492

The Chinese authorities continue to struggle with crypto-currencies. They turn their views to the platforms, that allow to trade on the foreign exchanges. This is reported by Bloomberg referring to the source familiar with the situation.

Regulators intend to carry out verification of accounts in Chinese banks and payment systems belonging to individuals and legal entities suspected of organizing trades on foreign crypto exchanges  The assets of the owners of these accounts can be blocked, and they themselves can be denied service.

These measures are aimed at further reducing the number of possible options, which may be used by Chinese citizens who want to buy a crypto currency. To circumvent the ban imposed last year, some companies have opened offshore platforms that allow residents of the country to buy crypto-currencies with the help of bank accounts and payment applications. The source does not give specific figures and names of the platforms, but we can assume that we are talking about such exchanges as Huobi and OKEx, which continue to bind sellers and buyers of crypto-currencies

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   122

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.