OkCoin fined for assisting with money laundering

posted almost 6 years ago
It became known today that Chinese Bitcoin exchange OkCoin was ordered to pay 40% retribution on the losses to the Huachen Commercial and Trading Co. Ltd. by the Heilongjiang Province court. Huachen Commercial lost money after some of OkCoin customers were accused of money laundering. This news only broke today, while the court ruling dates July 14th, reportedly because OkCoin withheld this information intentionally.

The ruling is a also the result of an appeal by OkCoin, which initially was order to pay 80% of the losses to Huachen Commercial and Trading Co. Ltd in 2014.
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