Amid China’s tightening crackdown on cryptocurrency business, OKCoin, a related entity of China’s leading crypto exchange OKEx, has announced the closure and liquidation of its main company. OKEx founder Mingxing “Star” Xu has also filed for cancellation of the OKCoin business registration in Beijing.
OKEx is one of the so-called “Big Three” crypto exchanges popular among Chinese traders and investors; the other two are Binance and Huobi. Spot trading volume on OKEx recorded $3.3 billion in the past 24 hours, with the futures trading volume reaching $17.3 billion.
In 2017, Star Xu divided his company into separate entities: OKCoin in Beijing for domestic Chinese users, and OKEx based in Malta —with a Hong Kong headquarters— serving overseas customers.
Beijing Business News reported that Xu has applied to the company registry for cancellation of the business registration of Beijing Lekuda Network Technology Co. Ltd, OKCoin’s main company in Beijing.
OKCoin told Sina Finance that the move is a “normal change” for the relocation of the group’s subsidiaries.
Last October, Xu had been taken and detained by Chinese police, and resurfaced after a month. He had been cooperating with an investigation relating to an equity merger that OK Group had finalized years prior.
OKCoin’s Beijing company liquidation came after BTCChina, China’s longest-running cryptocurrency exchange, announced it is leaving the crypto trading business in response to the country’s latest Bitcoin crackdown.
Chainalysis: Indians Invest $40B in Crypto
Additionally, crypto exchange Huobi also prohibits Chinese residents from trading derivatives, according to an updated user agreement. Chinese users will still be able to access the exchange and use it for spot trading.
India, the second populous country in the world, has seen an increasing adoption of cryptocurrency —in particular Bitcoin. According to Chainalysis, investments in crypto by Indians grew from $200 million to nearly $40 billion in the past year.
The narrative that Bitcoin is equivalent to digital gold is winning the hearts of the world’s biggest holders of gold.
“[Indians] find it far easier to invest in crypto than gold because the process is very simple,” said Sandeep Goenka, who co-founded Indian crypto exchange ZebPay. The increasing crypto adoption in India mainly comes from the younger 18-35 year old generation.
More than 15 million Indians are now trading crypto, many more than the U.K.’s 2.3 million. India’s four largest crypto exchanges saw daily trading jump to $102 million from $10.6 million a year ago.
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