OKcoin - illegal business/money laundering - Judge rules - page 4.

Sir Alpha_goy

sr. member

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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 !

Aren't fake volumes and/or price manipulation standard operating procedure for all Bitcoin related exchanges?

dothebeats

legendary

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Cashback 15%

They are infamous for faking trade volumes and other shady stuff just to garner a large following from traders. Up to now, I'm wondering how they are still operating given that, well, their license doesn't cover anything such as trading and exchanging coins to USD/CNY/other currencies. It's time to pull out your assets in that shady exchange before they create another con ala-Gox.

mayax

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Activity: 1470

Merit: 1004

Quote from: marky89 on August 13, 2016, 02:53:36 PM

Thanks for posting this! I try to comb through 8btc but it can be quite the headache when you don't read Mandarin. Cheesy

I've always thought Okcoin was shady. First, it was volume pumping allegations, then bucket shop/trading against users/skipping orders allegations. Then the CTO admitting that they gamed the proof-of-reserves audit, and that they trade against users with money unbacked by real assets. They have a real shady corporate structure too, shady people involved (criminals).

can you imagine that Okcoin "owns" 80% from BTC trades?

The world is up side down. The fraudsters are ruling BTC and the people are OK with that.

They keep depositing the money into a DEEP shit whole like Bitfinex even Bitfinex stole their funds; they use unlicensed exchangers and then...they are winning on forums that their money are gone and someone must help them

marky89

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Thanks for posting this! I try to comb through 8btc but it can be quite the headache when you don't read Mandarin. Cheesy

I've always thought Okcoin was shady. First, it was volume pumping allegations, then bucket shop/trading against users/skipping orders allegations. Then the CTO admitting that they gamed the proof-of-reserves audit, and that they trade against users with money unbacked by real assets. They have a real shady corporate structure too, shady people involved (criminals).

mayax

legendary

Activity: 1470

Merit: 1004

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 !

Topic: OKcoin - illegal business/money laundering - Judge rules - page 4. (Read 2925 times)