OKcoin - illegal business/money laundering - Judge rules

reb0rn21

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Quote from: zenitzz on September 05, 2016, 12:30:38 AM

I think until now there has been no evidence to prove this news, natural problems like this arise to the biggest exchange sites.

I noticed too, as BTC price move, there are more and more allegations abut stolen funds, defunct exchanges, its becoming harder and harder to filter FUD from real information which is sad
I presume trader that gone wrong in trade will do anything to change the curs of the price

zenitzz

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I think until now there has been no evidence to prove this news, natural problems like this arise to the biggest exchange sites.

reb0rn21

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Quote from: Wind_FURY on August 15, 2016, 11:34:26 PM

This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

Sorry but you know shit, about what you talk
Keep your ICO primed scam and trash anything hones, its the new moto of manipulators

Had traded LTC at okcoin with no problem, sure there are dozen of bots with 0% fee, and had zero problem, they even check in person for withdrawal over 2000 LTC by calling you on phone

I don`t know state on ANY crypto exchange, also BTC is like forbiden in chine so haw than a exchange can be licensed?

i only agree thay crypto should be kept offline in your own wallet, but sometimes you must do a trade and its almost same risk with any exchange, was it hoube, okcoin, btc-e to me all the same.... maybe some USA based exchange with all the licences but I am not from USA!

.m.

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May be a hint how to fight Bitfinex ?

gentlemand

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Quote from: BTCLovingDude on August 20, 2016, 07:03:18 AM

i have been seeing this topic being bumped from now and then and yet i don't see anything happening to Okcoin the site is still up and running, and the exchange volume is still high.

if the Judge has ruled against them why are they still active?!!

I believe it was a civil case and they probably got fined. Case closed. If it was criminal then there'd be more squealing on here.

nelsledma

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I’m glad that people got busted. Business fronts like these need to be crushed so that all the legit companies can come forward. Then the stigma of bitcoin being an “illegal commodity” will be silenced. These people are what help fuel the bad stigma around bitcoin and it’s users.

BTCLovingDude

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BTC to the moon is inevitable...

Quote

Okcoin, the biggest Bitcoin exchanger(aprox 80% from market) has been found guilty of unlicensed money transmitter(similar license for China) and other illegalities.

i have been seeing this topic being bumped from now and then and yet i don't see anything happening to Okcoin the site is still up and running, and the exchange volume is still high.

if the Judge has ruled against them why are they still active?!!

davis196

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Quote from: mayax on August 13, 2016, 02:32:04 PM

Okcoin, the biggest Bitcoin exchanger(aprox 80% from market) has been found guilty of unlicensed money transmitter(similar license for China) and other illegalities.

http://8btc.com/thread-37836-1-1.html

The Higher People's Court of Heilongjiang Province, rulled that Okcoin business is illegal because they don't have a proper license.
Okcoin company declared that they will only offer: technology development, transfer of technology, technical services, technical marketing, consulting and investment management.
Trading bitcoin for profit-making purpose is beyond the range permitted by the administrative authorities. They would need many other licenses.

More, the judge said that Okcoin favorize the criminals for laundering money.

Okcoin is well know for their shaddy business like fake volumes and price manipulation.

Even Lee, the BTC China CEO said that a while ago "... Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand."

http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/

http://bitcoinpricelive.com/chinese-bitcoins-crash-market/

Their clients should be aware that OKcoin can be closed anytime.Don't keep your funds in Okcoin !

Unfortunately every cryptocurrency trading platform is vulnerable to such "government" attacks.

Politics can hit bitcoin anytime they want.

Bitcoin will never gain enough trust...

nova-rider

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OKcoin, bitfinex, and now several complaints regarding coinbase. Some safe exchange left?

Haliburton

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Liberated Forever. Domesticated Never.

Quote from: Gohs on August 18, 2016, 03:07:35 PM

Quote from: Wind_FURY on August 15, 2016, 11:34:26 PM

This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

The mere fact that LTC costs more than $2 proves that some still use it, probably in China. You can't blame OKcoin for the volume generated by LTC.

Litecoin seems like the coin that never will ever die. It was the second to bitcoin and it looks like it will last just as long as it's predecessor. Wink

I don't even like calling it an alt coin because it is in a different category all it's own. Grin

Gohs

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Quote from: Wind_FURY on August 15, 2016, 11:34:26 PM

This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

The mere fact that LTC costs more than $2 proves that some still use it, probably in China. You can't blame OKcoin for the volume generated by LTC.

universe_

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Quote from: Wind_FURY on August 15, 2016, 11:34:26 PM

This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

chinese people like their coins, thats where the volume comes from i guess though it is definitely not a good thing as it is just a pump and nothing else

calkob

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Sounds like someone is in trouble and could be in for a hefty jail term....... Shocked

Betwrong

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Quote from: mayax on August 13, 2016, 02:32:04 PM

Okcoin, the biggest Bitcoin exchanger(aprox 80% from market) has been found guilty of unlicensed money transmitter(similar license for China) and other illegalities.

http://8btc.com/thread-37836-1-1.html

The Higher People's Court of Heilongjiang Province, rulled that Okcoin business is illegal because they don't have a proper license.
Okcoin company declared that they will only offer: technology development, transfer of technology, technical services, technical marketing, consulting and investment management.
Trading bitcoin for profit-making purpose is beyond the range permitted by the administrative authorities. They would need many other licenses.

More, the judge said that Okcoin favorize the criminals for laundering money.

Okcoin is well know for their shaddy business like fake volumes and price manipulation.

Even Lee, the BTC China CEO said that a while ago "... Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand."

http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/

http://bitcoinpricelive.com/chinese-bitcoins-crash-market/

Their clients should be aware that OKcoin can be closed anytime.Don't keep your funds in Okcoin !

Well, if they really were doing that inflating thing they probably got what they deserve. In all it's bad that Bitcoin is on the news with negative shade again.

Buy the way the punishment, a fine of 627,569 Yuan (around $94,000), which has been ordered by a provincial court for Okcoin to pay, is not as big as I expected taking into account the money laundering accusation.

mayax

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Quote from: marky89 on August 16, 2016, 05:10:24 PM

Quote from: Quickseller on August 15, 2016, 03:24:45 PM

If OkCoin is in fact insolvent (I have no idea one way or another if they are), then this fact will likely become apparent in the coming weeks, as their customers attempt to withdraw.

Seems doubtful, as this story never really hit the press. Doesn't seem people made much of a fuss over it.

Whether OkCoin is solvent has always been a major question for traders. We have long suspected that OkCoin trades against their customers, and the former CTO confirmed this in a blog a year or so ago. I believe he said that the exchange's accounts used un-backed (unlimited) money as well. He also said the proof-of-reserves audit done a couple years ago was faked.

Still, no one seems to care.... sigh.

the BTC "press" is greased and it depends on these exchangers. they are pumping the money for "advertising" and that's why you can hardly see negative things about them.

marky89

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Quote from: Quickseller on August 15, 2016, 03:24:45 PM

If OkCoin is in fact insolvent (I have no idea one way or another if they are), then this fact will likely become apparent in the coming weeks, as their customers attempt to withdraw.

Seems doubtful, as this story never really hit the press. Doesn't seem people made much of a fuss over it.

Whether OkCoin is solvent has always been a major question for traders. We have long suspected that OkCoin trades against their customers, and the former CTO confirmed this in a blog a year or so ago. I believe he said that the exchange's accounts used un-backed (unlimited) money as well. He also said the proof-of-reserves audit done a couple years ago was faked.

Still, no one seems to care.... sigh.

mayax

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Quote from: franky1 on August 16, 2016, 07:16:23 AM

Quote from: mayax on August 16, 2016, 07:12:43 AM

Quote from: Wind_FURY on August 15, 2016, 11:34:26 PM

This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

true...BUT the main BTC media doesnt' say a word. is it not strange?

does mainstream media talk about every US tax evasion/FIAT money launder court case.. nope
does mainstream media talk about every fed reserve audit.. nope
does mainstream media talk about many things about the truth of fiat.. nope
does mainstream media explain the bait and switch tactics of the fed that have screwed everyone.. nope

most of the time it ends up in a private documentary that may be interesting and insightful enough to appear on a documentary channel some day

the BTC market is small and I am sure the BTC media can cover subjects like "Chinese money launderers are using LTC" or Bitfinex owners do not provide any evidence about hack, IF they want( if they are not greased) ...

Regarding to your questions : "you" want to be something different than all the aboves, right?

franky1

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Quote from: mayax on August 16, 2016, 07:12:43 AM

Quote from: Wind_FURY on August 15, 2016, 11:34:26 PM

This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

true...BUT the main BTC media doesnt' say a word. is it not strange?

does mainstream media talk about every US tax evasion/FIAT money launder court case.. nope
does mainstream media talk about every fed reserve audit.. nope
does mainstream media talk about many things about the truth of fiat.. nope
does mainstream media explain the bait and switch tactics of the fed that have screwed everyone.. nope

most of the time it ends up in a private documentary that may be interesting and insightful enough to appear on a documentary channel some day

mayax

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Quote from: Wind_FURY on August 15, 2016, 11:34:26 PM

This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

true...BUT the main BTC media doesnt' say a word. is it not strange?

Wind_FURY

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This is not surprising. I suggest checking the volume created by LTC. What is the basis of all that volume? LTC is mostly considered "dead" by the community. There is no active development, no projects built on top, no nothing and yet it has maintained a high amount of volume. Some have suggested that it is the coin of choice by the Chinese money launderers.

Topic: OKcoin - illegal business/money laundering - Judge rules (Read 2925 times)