OKEx to Operate Illegally, China National Radio Says

High-level government mouthpiece of China said that popular cryptocurrency exchange violated the local laws
03 May 2018   1224

On the air of the "Voice of China", it was reported that the OKEx exchange violated the laws, offering the possibility of trading cryptocurrencies for Chinese citizens. This is reported by CoinDesk.

The authors of the broadcast state that OKEx offers unregulated bitcoin futures with the possibility of using a leverage, which increases not only the potential profit, but also the risk. They also stated that OKEx de facto operates a company based in Beijing. However, registration in Belize and the location of the team in Hong Kong are only nominal. According to them, these jurisdictions were chosen to circumvent regulation by the authorities of the PRC.

The broadcast also said that the technical support for the OKEx exchange is provided by the Beijing-based OKCoin team. At the same time, the residents of China actually have the opportunity to buy and sell the cryptocurrency, using the opportunities of OTC (over-the-counter) trade.

OKEx is the second largest cryptocurrency exchange, according to the Coinmarketcap data.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   639

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.