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   950

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 to Launch Own ERC-20 Based Token

In total, 300 million OKB tokens have entered the public network and they have confirmed that are going to launch OKChain in June
29 April 2019   439

OKEx cryptocurrency exchange announced the launch of its own OKB token in the public blockchain. Starting from Monday, April 29, users will be able to display OKB tokens in wallets that support the ERC-20 standard, or in a cold storage in the exchange application.

In total, 300 million OKB tokens have entered the public network.

The developers also confirmed that they expect to launch OKChain in June. After the confidence that OKChain is working stably, OKB coins migrate from the ERC-20 standard to the main network of the new blockchain.

OKB tokens are intended primarily for the future decentralized exchange: they can be used to pay for transaction fees, as well as in decentralized applications based on OKChain. In addition, OKB will be used in the tokens' pre-sales, for voting and paying for the service fee of supernodals.

Of the 1 billion OKB, 700 million tokens are currently blocked. Of these, 300 million coins were originally to be distributed among OKEx users as part of a loyalty program. The remaining 400 million OKB will remain under the control of the OK Blockchain Foundation and Exchange teams. The lockout period will end in 2022.