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26 November 2020

At OKEx Everything Seems A-OK for now - Decrypt

At OKEx Everything Seems A-OK for now - Decrypt


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That he’s been released is great news both for OKEx, the exchange he founded,  and for the thousands of users whose funds were recently frozen by it , due to its apparent central point of failure—Xu himself.

After Xu was out of custody, he made a WeChat announcement on November 20 that his adventure with the police had nothing to do with money laundering, which many had suspected was the most plausible explanation.

The company, of course, has nothing to do with crypto but mainly deals with construction and waste management.

Subsequently, to appear more friendly to Chinese regulators, Xu made himself available in major government meetings that focused on blockchain and pledged to invest millions in China’s new “blockchain-not-crypto” island, Hainan.

Leap Holdings, the construction company turned into a technology company, rebranded itself as OKC Holdings Corp., with Xu as its CEO; he  “resigned” as CEO of OKEx and claimed that the word decentralization is incongruent with the Party and the country’s image.

Many have argued that this case could trigger OKEx to follow Binance’s lead and “decentralize” itself and continue its crypto exchange operations offshore.

Binance lost many customers to Huobi and OKEx after its exodus from China in 2017 and is believed to be struggling to win them back.

Finally, the Chinese community, to a larger extent the global crypto community, just can’t be bothered with another fork.

OKEx isn’t the only Chinese crypto exchange that was invited for tea with the Chinese regulators?

A record number of Bitcoin flowing from Huobi to Binance, an exchange that’s known for its decentralized structure and uncertain physical location.

In 2019 when Binance experienced a brief down time, lots of Bitcoin flowed from Binance to Huobi.

The reason is that as OKEx and Huobi both face issues from the regulators, Binance seems to be a safer heaven since it’s been operating outside of the regulatory zone.

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