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China Boots Out 13 Cryptocurrency-Trading Apps, OKX Included


What’s new: Financial and internet watchdogs in China have removed 13 mobile apps related to cryptocurrency trading, including the leading platform OKX, from app stores on the Chinese mainland, a court in Beijing said in an announcement Saturday.

Authorities had launched a probe after a report by the court earlier this year that people on the mainland could trade more than 100 cryptocurrencies using the web and mobile app of OKX without virtual private network (VPN) services that allow users to access sites blocked there, the announcement said.

Formerly known as OKEx and Okcoin, OKX is a crypto exchange founded by Xu Mingxing in China in 2012. In October 2021, the firm announced its retreat from the mainland market and claimed it had removed its app from all app stores there.

The background: Multiple government entities were involved in the investigation including the People’s Bank of China, the Ministry of Industry and Information Technology, as well as local financial and internet regulators.

Under the guidance of the central bank, local regulators in Beijing have looked into and taken actions on 227 companies suspected of crypto-related illegal businesses, and have shut down 23 media websites and 440 social media accounts related to cryptocurrencies, according to the announcement.

The Beijing office of the China Banking and Insurance Regulatory Commission is also instructing six banks to examine and control the bank accounts of two suspected over-the-counter cryptocurrency traders.

China’s blanket ban and crackdown on trading and mining of cryptocurrencies last year had led to the high-profile exits of crypto exchanges such as Huobi Global and Binance from the mainland market.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)

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Read More: China Boots Out 13 Cryptocurrency-Trading Apps, OKX Included

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