OKEx adds CSTs for Bitcoin Core and Segwit2x

OKEx exchange adds Chain Split Tokens for Bitcoin Core and Segwit2x, following the footsteps of Bitfinex
17 October 2017   3304

The OKEx international platform, which is the part of the largest Chinese exchange OKCoin, clarifies its attitude towards the upcoming Bitcoin hardfork. 

Thus, the company speculates that is a chance that Bitcoin will experience yet another a hardfork this year.  Accroding to the exchange, if this is the case, then the fork is expected to occur on block 494784

As detailed by the team, OKEx will follow the protocol below (more details are on the OKEx website):

  • OKEx will support both withdrawal and trading of all split chain tokens from this hardfork, the users will have full control on their digital assets.
  • The spilt token supporting Segwit2x will be named as BT2, the token derived from the original chain will be named as BT1. If the hardfork occurs then BT1 will be renamed as BTC. 
  • From October 17th 2017 whether the hardfork occurs or not, OKex will support the conversion between BTC and BT1 & BT2. One BTC can be converted to one BT1 & one BT2 and vice versa. At the same time, BT1/BTC and BT2/BTC spot trades will also be live. 
  • If hardfork doesn’t occur, OKEx will cease the trading of BT1/BTC and BT2/BTC. The value of BT2 will turn to zero and users can convert their BT1 to BTC at a ratio of 1:1. 

It is worth mentioning, that one of the leading cryptourrency exchanges, Bitfinex, also issues tokens for Bitcoin Core and Segwit2x (BT1 and BT2).

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   162

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.