OKCoin was founded by CEO Star Xu in 2013 and has raised US$10 million in investments from Ceyuan Ventures, Mantra Capital, Ventures Lab and other notable private investors including Silicon Valley investor Tim Draper. From December 2014 until May 2015 OKCoin managed the domain bitcoin.com, and stopped due to a dispute with the domain-owner, Roger Ver. As of August 2016, OKCoin was the largest Bitcoin exchange in the world with a volume of over 16,000,000 Bitcoins per month. In February of 2017, OKCoin and Huobi, the two largest Bitcoin exchanges in China, were flagged by the People’s Bank of China for operating a trading platform without appropriate Know Your Customer (KYC) and Anti-Money Laundering (AML) systems. In April 2017, OKCoin stopped accepting the US dollar. In the same month OKcoin joined Bitfinex in freezing wire transfers, citing ‘issues’ with intermediary banks. In May 2017, OKCoin, were accused of using idle clients funds to make investments in “wealth management products“ which are often high-yielding and risky. In September 2017, OKCoin announced that it would stop Yuan-to-Bitcoin trading by the end of October. On May 23, 2015, OKCoin made public a contractual dispute the company was having with Roger Ver over the management rights to the domain name "bitcoin.com."
Jack C. Liu
OKCoin USA Will Issue Chinese Yuan Stablecoin, Says CEO Star Xu - Bitcoinist.com
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- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.