Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

OKCoin bitcoin exchange refutes reports claiming investment of user funds in financial products

In a recent report, Xinhua News Agency stated that two leading Chinese bitcoin exchanges, Huobi and OKCoin, have allegedly invested nearly 1 billion yuan ($150 million) of idle client funds to buy wealth management products for their own gain, Quartz reported.

The People’s Bank of China earlier this year launched spot checks on domestic cryptocurrency exchanges to determine regulatory compliance by these platforms. Xinhua said that the recent investment into financial products by these companies was unearthed during the central bank’s investigation.

OKCoin has refuted these reports and issued an official statement, saying:

“Recently there have been rumors and false allegations regarding OKCoin, and its affiliates, in their use of idle client funds.

“We would like to assure all parties, and especially our customers, that we have a strict policy of placing idle client funds into bank-backed low risk products for safe-keeping.

“We consider the safety and integrity of our client funds as our most important responsibility.

“We refute any claims to the contrary as false.”


Huobi has not issued any official statement on the issue yet.

Earlier this year, BTCC, Huobi, and OKCoin decided to implement fee-based trading for bitcoin and litecoin, amid central bank’s efforts to rule out possible infringement including market manipulation, money laundering, and unauthorized financing by domestic cryptocurrency exchanges.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

November 20 20:00 UTC Released

BRCAGED Net Payroll Jobs*

Actual

77 k

Forecast

Previous

77 k

November 20 13:00 UTC Released

RURetail Sales YY

Actual

3.0 %

Forecast

3.9 %

Previous

3.1 %

November 21 13:55 UTC 462462m

USRedbook MM

Actual

Forecast

Previous

-1.2 %

November 21 13:55 UTC 462462m

USRedbook YY

Actual

Forecast

Previous

2.3 %

November 22 12:00 UTC 17871787m

USMBA Mortgage Applications

Actual

Forecast

Previous

3.1 %

November 22 12:00 UTC 17871787m

USMortgage Market Index

Actual

Forecast

Previous

401.7 Bln EUR

November 22 13:30 UTC 18771877m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

237.75 k

November 22 13:30 UTC 18771877m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

249 k

November 22 13:30 UTC 18771877m

USContinued Jobless Claims

Actual

Forecast

1.882 Mln

Previous

1.860 Mln

November 22 14:30 UTC 19371937m

BRForeign Exchange Flows*

Actual

Forecast

Previous

-3.412 Bln USD

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.