OKCoin CEO: Innovation Doesn’t Evolve In a Straight Line

Tencent Technology reports that the authority decides to shut down all Bitcoin exchanges that register in mainland China. Star Xu, CEO of OKCoin, comforts the staff that the Company is actively seeking non-fiat business and application for license in Japan, Korea and USA is ongoing. Back in May 2017, CSRC plans to shut down exchanges of various businesses, including Bitcoin trading exchanges. The sheer number of capital and participants of ICO might just expedite the process.
A leaked chatlog from the OKCoin staff (283 members) shows that Star Xu, CEO of OKCoin, assured the staff that company would continue operation. He said:

“The company has not received any notice about the cessation of trading between Bitcoin and RMB. Even if it is true, the company will focus on the development of overseas fiats business and non-fiat currency trading business. We are applying for business license in Japan, Korea and the United States. Non-fiat business is legitimate in many overseas countries. The company’s operations will not be affected. All emerging industries have twists and turns. But the development of technology is irreversible. We should be patient and speed up our works at hand against time. I believe that our team can become a glory in the blockchain era. “

Xu wants to boost staff’s morale under the tightening regulatory pressure and to continue operation. However, Li Xiaolai, major shareholder of Yunbi, said that Yunbi would shut down in 3 months to comply with regulation.
Economic Daily, the mainstream publish two stories side by side today.

Screenshot of Economic Daily(14 September 2017)

“Extend regulation coverage on AML and anti-terrorist fiancing.” The guideline on strengthening curbs on money laundering, terrorism financing and tax evasion has been issued by the General Office of the State Council of the People’s Republic of China. Analysts said the move will improve the country’s efficiency in fighting these financial crimes.

Right below that is the news on crackdown of all cryptocurrency exchanges.

“Cryptocurrency has become money-laundry tools for illegal economic activities.”


Back in May 2017, CSRC have plans to shut down exchanges of various business, including Bitcoin exchanges. The sheer number of capital and rapid involvement of ICO might just expedite the process.

All mainstream media are saying that Bitcoin exchanges would be shut down. Some from Chinese community are still waiting for final confirmation: an official document or link from government website.

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