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Chinese Alleges Crypto Exchange for violating rules

As per reports, China testifies that the investors are losing money after purchasing contracts on many cryptocurrency exchanges. The exchanges are controlled to circumvent by the government’s restrictions.

OKCoin Exchange

CNR (China National Radio), is extending an account from a Mr.Li,  who purchases and sells Bitcoin on OKCoin. This exchange moves out from China after the nation suspended crypto firms. The Company is relocating its headquarters to Hong Kong.

The other office’s branches are established in countries with a feasible tax and regulatory advantages. The countries like Russia, Singapore, and Ireland are coming up with such benefits.

As per reports from CNR, Chinese firms are still serving the public with cryptocurrency services by operating the foreign countries.

The report states as follows: – “Although the major currency trading platforms were temporarily closed down, there are still companies that have chosen to take advantage of the rising tide of Bitcoin prices”.

OKEx’s statement

As per report cited, a user of OKEx claims that the exchange continues to operate in China by providing futures contracts.

It states as follows “Mr. Yang, who also conducts contract transactions on the platform, told reporters that even though they are called ‘contract transactions,’ they actually conduct digital currency futures transactions. They can use leverage to multiply the results of the investment, but at the critical moment of the transaction, the server actually caused investors to suffer huge losses.”

Earlier, an exchange was captured under the fury of government authorities. It was rendered to the Chinese public and government restricted the access under Great Firewall which obscures the information.

Other reviews on exchanges

Apart from the evidence that Mr. Yang lost his money in exchange, he deposed that OKEx is nominally moving the company to the overseas. It is still a Chinese based exchange and will be operated outside the Beijing.

The Chinese governments have made several attempts to ban the crypto exchanges in Country. These exchanges like OKEx still continued to offer services for Chinese customers. It implies that authorities are clamping down the further on cryptocurrency trading. Moreover, the state-owned broadcasters protest against crypto exchanges. This means that action from the government should be followed.

Share your thoughts on the claim that Chinese-based crypto exchange violates legal rules of the country through Twitter and Telegram.

Image Source:- Chinese

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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