Tag: OKCoin

Crypto Exchange OKX Quietly Settled ‘Failings’ Related to Okcoin With Malta Financial Services Authority (MFSA)

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“On 22 January 2024 the MFSA agreed to settle pending matters with the Company after demonstration of goodwill by the Company,” the regulator said. “Additionally, the Company and the MFSA have also agreed on a number of measures, including the appointment of an independent third-party service provider, to inter alia, review the adequacy of the Company’s governance arrangements.” Source

FDIC cracks down on misleading insurance claims by OKCoin

The US Federal Deposit Insurance Corp. (FDIC) issued a cease and desist letter to crypto exchange OKCoin over misleading statements regarding the exchange’s insurance status. In a letter dated June 15, the FDIC accused OKCoin and its senior executives of making false representations that certain crypto-related products were FDIC-insured. The agency has ordered OKCoin to remove these misleading claims from its website, social media accounts, marketing materials, mobile app, and other customer-facing publications within 15 business days. Moreover, OKCoin must provide written confirmation assuring the FDIC of their prompt compliance.…

OKX-Affiliated OKCoin Accused by FDIC of Making False Claims About Customer Protections

The agency cited three examples of “false and misleading representations,” including a mention on its website that the Provenance Blockchain’s HASH token on OKCoin had “received broad regulatory acceptance from the SEC, OCC, FED, and the FDIC” and a  2020 posting to the company’s website, where it advertised itself as “Licensed across the US with FDIC insurance on OKCoin accounts.” It also cited a company official’s Twitter post that “if you are in the US we offer FDIC insurance on USD deposits.” Source

Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits – Bitcoin News

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Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for New Banking Partners in the United States Circle Financial has announced a new banking partner following the depegging of its stablecoin, usd coin (USDC), from the U.S. dollar over the weekend. CEO Jeremy Allaire said…

Okcoin suspends USD deposits in wake of Signature Bank closure

According to a March 13 tweet by Okcoin CEO Hong Fang, the U.S. affiliate of cryptocurrency exchange OKX had no exposure to defunct U.S. tech bank Silicon Valley Bank (SVB). However, Fong stated that Okcoin’s U.S. dollar wire and ACH deposits have been “immediately paused” due to the regulatory intervention in Signature Bank, Okcoin’s primary partner for customer transactions in dollars.  On March 12, New York state regulators closed Signature Bank, a major financial institution for fiat-crypto on-ramping, citing a “systemic risk exception” in the wake of SVB’s collapse. In addition…

Okcoin launches $165M collective investment to push Bitcoin adoption

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Cryptocurrency exchange Okcoin, along with the Stacks Accelerator and Stacks Foundation, announced on Thursday the start of the “Bitcoin Odyssey,” a one-year commitment among investment firms to invest $165 million in inventive solutions to help drive Bitcoin (BTC) adoption. The Bitcoin Odyssey is funded by Digital Currency Group, GBV Capital, White Star Capital and GSR, among other organizations, to respond to the rise in interest in decentralized finance (DeFi) and new technological capabilities made possible with Stacks. Alex Chizhik, head of listings at Okcoin, and Kyle Ellicott, partner at Stacks…

Okcoin hires former Facebook spokesperson Randi Zuckerberg to grow female user base

Cryptocurrency exchange Okcoin has announced Randi Zuckerberg — the sister of Meta CEO Mark Zuckerberg — will be joining the platform’s brand advisory council in its aim to bring more women into crypto. In a Thursday announcement, Okcoin said that in addition to hiring Zuckerberg, the exchange would be committing $1 million in an attempt to reach a 50% female user base by 2025. Zuckerberg was the former director of market development and a spokesperson for Facebook until she resigned in 2011, moving on to start her own social media…