OKEx Expands to Malta Following Binance

OKEx found the Malta government’s approach appealing and decided to grow OKEx exchange further on Malta
12 April 2018   449

At the end of March 2018 we have reported that the Binance cryptocurrency exchange was planning to open offices in Malta. It seems like the sunny island is very attractive for the exchanges, as OKEx has also announced today that it has met with Maltese government and regulatory leaders to discuss their legislative plans. OKEx found the Malta government’s approach appealing and decided to grow OKEx exchange further on Malta.

We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.
 

Chris Lee

CEO, OKEx

Moreover, OKEx plans to become a member of Malta Blockchain community, and the exchange will also participate in Malta’s Government sponsored DLT Delta Conference which will be held in October, 2018.

The Hon. Silvio Schembri  meets with OKEx Chief Risk Officer Tim Byun and Vice President Jason Lau Silvio Schembri meets with OKEx Chief Risk Officer Tim Byun and Vice President Jason Lau

Malta is striving to become a "blockchain island", for instance, the new Malta Digital Innovation Authority certifies blockchain platforms used by companies in the country. The government of Malta really wants to bring some peace of mind to businesses using distributed ledgers for cross-border payments.

Chinese Police to Bust OKEx Founder

But looks like, there's no need for panic - media reports that police let him go without charges
12 September 2018   180

The Shanghai police detained the founder of the OKCoin exchanges and OKEx Star Xu, presumably in connection with the investigation of cryptocurrency fraud. This is reported by the local newspaper Sina News.

Law enforcement agencies of Shanghai received complaints from investors on the WFEE crypto-currency company, of which Star Xu is a participant. Police detained the founder of the Chinese exchanges for interrogation in the investigation of this case.

Sina News reports that if the police do not file charges against Stary Xiu for participation in the fraudulent scheme, he will be released within 24 hours.

But today Star Xu was discharged. He is supposed to help the investigation of investors' complaints about the cryptocurrency company WFEE. This is reported by CoinDesk with reference to local publications.

As far as I know, Star called the police for help when he was surrounded by a group of people in Shanghai. The police arrived on the scene and invited all of them to the police station.
 

Andy Cheung at Twitter

OKEx Team

The police brought everyone to the station to clarify the circumstances, and then released the founder of OKCoin and OKEx without charge. Andy Cheung also noted that Star Xu at the moment has nothing to do with OKEx.

It is noteworthy that on the same day several OKEx clients applied to the Shanghai Police Department. They reported that on September 5, during the fall of the price of the first cryptocurrency, their BTC futures positions on the exchange were forcibly liquidated.

Due to a bug on the platform, which users were not warned about, investors could not close positions on their own, which led to financial losses. At the same time, the press secretary of OKEx reported to CoinDesk that the company was not aware of the problematic incident.

Shortly after, in Twitter-account of the venture fund OK Blockchain Capital (OKBC) and partner of OKEx published a series of tweets that shed light on the situation. In particular, the fund denied any connection between Stuart Xue and WFEE.

OK Blockchain Capital Twitter
OK Blockchain Capital Twitter

It is known that OKBC together with a group of venture investors acquired a start-up WFEE. However, soon WFEE changed the original white paper, which OKBC representatives were not notified about.

OK Blockchain Capital stated that at the moment it does not participate in the WFEE project and is not responsible for the results of the company's activities.

In another tweet, OKBC reported that last month OKEx conducted delisting of the WFEE token and warned users about possible risks associated with the company.

The case of WFEE was sent to the Beijing Police Department.