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OKCoin to relaunch in China, pending PBoC's approval

Thursday 2 March 2017 | 11:28 AM CET

OKCoin, a Chinese Bitcoin exchange, has announced relaunching activities, demonstrating progress in sorting out user fund withdrawals.

In January 2017, People’s Bank of China (PBoC) asked OKCoin to suspend trading until their Know Your Customer (KYC) and Anti-Money Laundering (AML) systems are revised. Next month, the bank requested the exchange to halt Bitcoin and Litecoin withdrawals.

However, on March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch.

Furthermore, OKCoin announcement has coincided with the Chinese government’s decision to initiate quantitative easing or printing cash to inject into their economy, according to CoinTelegraph.

Financial analysts including Reuters have reported that the PBoC is eying a 12% increase in money supply in 2017, which means that the government intends to increase its money supply by trillions of yuan throughout this year.

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