News

OKCoin to relaunch in China, pending PBoCs approval

Thursday 2 March 2017 11:28 CET | News

OKCoin, a Chinese Bitcoin exchange, has announced relaunching activities, demonstrating progress in sorting out user fund withdrawals.

In January 2017, People’s Bank of China (PBoC) asked OKCoin to suspend trading until their Know Your Customer (KYC) and Anti-Money Laundering (AML) systems are revised. Next month, the bank requested the exchange to halt Bitcoin and Litecoin withdrawals.

However, on March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch.

Furthermore, OKCoin announcement has coincided with the Chinese government’s decision to initiate quantitative easing or printing cash to inject into their economy, according to CoinTelegraph.

Financial analysts including Reuters have reported that the PBoC is eying a 12% increase in money supply in 2017, which means that the government intends to increase its money supply by trillions of yuan throughout this year.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: OKCoin, China, Bitcoin Exchange, cryptocurrency, AML, KYC
Categories: DeFi & Crypto & Web3
Companies:
Countries: World
This article is part of category

DeFi & Crypto & Web3






Industry Events