{"id":45101,"date":"2021-06-28T17:27:18","date_gmt":"2021-06-28T14:27:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45101"},"modified":"2025-08-31T20:06:21","modified_gmt":"2025-08-31T17:06:21","slug":"okcoin-and-btcchina-respond-to-chinas-crypto-crackdown","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/okcoin-and-btcchina-respond-to-chinas-crypto-crackdown\/","title":{"rendered":"OKCoin and BTCChina respond to China&#8217;s crypto crackdown"},"content":{"rendered":"<p>The cryptocurrency exchange OKCoin liquidated Beijing Lekuda Network Technology Co., Ltd., a Beijing-based company. This was reported by journalist Colin Wu.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Beijing company of the Chinese exchange OKCoin announced its dissolution on June 24. It was the main company of this exchange before 2017. <a href=\"https:\/\/t.co\/ImvgZHH6yo\">pic.twitter.com\/ImvgZHH6yo<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1409306449835028480?ref_src=twsrc%5Etfw\">June 28, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Wu, the decision was made on June 24, 2021. Later the reporter added a screenshot of a post by the exchange&#8217;s founder Star Xu showing a ship at sea and suggested that this was a hint that the company would leave China.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">OK founder Star Xu posted \u00abdeparting from the mainland by boat\u00bb picture, implying that the business will leave China. <a href=\"https:\/\/t.co\/r1QEjiG4iQ\">https:\/\/t.co\/r1QEjiG4iQ<\/a> <a href=\"https:\/\/t.co\/qACZkRAUun\">pic.twitter.com\/qACZkRAUun<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1409481138817552384?ref_src=twsrc%5Etfw\">June 28, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>OKCoin representatives did not respond to ForkLog&#8217;s request.<\/p>\n<p>According to information on the <a href=\"https:\/\/support.okcoin.com\/hc\/en-us\/articles\/360059514492-Terms-of-Service\">site<\/a>, the company is represented in the US, Europe, Hong Kong and Singapore. The platform<a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-exchange-okcoin-opens-singapore-office\"> opened in October 2020<\/a>.<\/p>\n<h2 class=\"wp-block-heading\">BTCChina exits its digital-asset trading business<\/h2>\n<p>The repressive policy of the PRC toward cryptocurrencies and mining has compelled local industry players to rethink their approach to doing business. The former operator of China&#8217;s oldest Bitcoin exchange\u2014BTCC\u2014BTCChina, a Hong Kong-registered company, sold its stake in the Singaporean trading platform ZG.com to an unnamed crypto fund in Dubai, according to the <a href=\"https:\/\/www.scmp.com\/tech\/policy\/article\/3138618\/btcchina-countrys-first-bitcoin-exchange-gives-cryptocurrency-amid\">South China Morning Post<\/a>.<\/p>\n<p>According to the report, BTCChina closed the deal in May 2020 and decided to fully exit the digital-asset trading business, &#8220;in response to the policy of the [Chinese] government&#8221;.<\/p>\n<p>According to the publication, the company will focus on &#8220;other uses of blockchain&#8221; as the Chinese authorities back the technology in order to build a &#8220;leading industrial system&#8221; on its basis.<\/p>\n<p>BTCChina closed its namesake Bitcoin exchange in 2017 when China banned cryptocurrency trading. The international platform BTCC, owned by it, was acquired in 2018 by a Hong Kong-based investment fund. It continued to operate normally, remaining inaccessible to Chinese residents.<\/p>\n<p>According to SCMP, in July 2020 BTCChina said that the company and its founders had no relation to BTCC&#8217;s activities.<\/p>\n<p>On June 22, BTCC <a href=\"https:\/\/www.btcc.com\/zh-CN\/detail\/149144.html\">published<\/a> a notice stating that the platform would temporarily lift the ban on virtual-currency operations, as it focuses on trading derivatives.<\/p>\n<p>The Huobi cryptocurrency exchange, in turn, restricted access for investors from China and the United Kingdom to trading <a href=\"https:\/\/forklog.com\/en\/news\/huobi-restricts-crypto-derivatives-trading-for-chinese-and-british-investors\">derivative instruments on digital assets<\/a>. Residents of the PRC can still conduct spot trades on the platform. <\/p>\n<p>Earlier, Huobi <a href=\"https:\/\/forklog.com\/en\/news\/huobi-and-okex-curtail-services-for-chinese-residents\">refused to host miners in mainland China<\/a>. The OKEx trading platform temporarily halted trading of its native token OKB on its p2p platform for Chinese citizens.<\/p>\n<p>In May 2021, three associations under the NBK issued a joint notice prohibiting companies <a href=\"https:\/\/forklog.com\/en\/news\/media-china-bans-support-for-cryptocurrency-related-business\">from supporting a cryptocurrency-related business<\/a>.<\/p>\n<p>In the same month, Vice Premier Liu He said authorities intended to take measures against <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\">mining of cryptocurrencies and trading of Bitcoin<\/a>.<\/p>\n<p>Later, Xinhua News Agency <a href=\"https:\/\/forklog.com\/en\/news\/china-criticises-bitcoin-and-mining-market-falls\">criticised digital gold and its mining methods<\/a>. Within a month, authorities in several Chinese provinces ordered miners to cease operations. Among them: <a href=\"https:\/\/forklog.com\/en\/news\/yunnan-authorities-to-ban-cryptocurrency-mining-reports-say\">Yunnan<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/authorities-in-chinas-qinghai-province-order-miners-to-halt-operations\">Qinghai<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/xinjiang-residents-of-one-of-the-largest-mining-hubs-ordered-to-halt-operations\">Xinjiang<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/sichuan-miners-ordered-to-halt-operations-by-june-20\">Sichuan<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/inner-mongolia-authorities-launch-crackdown-on-illegal-cryptocurrency-mining\">Inner Mongolia<\/a>.<\/p>\n<p>Read ForkLog\u2019s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange OKCoin liquidated Beijing Lekuda Network Technology Co., Ltd., a Beijing-based company. This was reported by journalist Colin Wu.<\/p>\n","protected":false},"author":1,"featured_media":45102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[166,133,231],"class_list":["post-45101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-btcc","tag-china","tag-okcoin"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=45101"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45101\/revisions"}],"predecessor-version":[{"id":45103,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45101\/revisions\/45103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/45102"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=45101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=45101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=45101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}