OK Group to Work With Nanjing Police on Anti-Money Laundering Blockchain

Despite a crackdown on crypto mining, Chinese authorities are still bullish on blockchain technology.

AccessTimeIconJul 12, 2021 at 11:29 a.m. UTC
Updated Sep 14, 2021 at 1:23 p.m. UTC

OK Group said it will work with police authorities in Nanjing to research the use of blockchain in anti-money laundering operations.

The company's OKLink subsidiary will work on "public security and social governance" blockchain applications, according to a company press release. An OKLink representative told CoinDesk the partnership aims to tackle money laundering, not everyday policing.

Despite China's crackdown on crypto mining and trading in the past year, blockchain technology remains a government favorite. Blockchain was declared a strategic technology in China's latest Five Year Plan, issued in March.

OKLink and Nanjing's Public Security Bureau will set up a research and development lab focused on on-chain data analysis, risk control and talent training, the statement said.

The lab takes its name from Oklink's flagship security product, Chaintelligence, a tool that can help track down illegally obtained crypto. The company says that Chaintelligence has already helped police in five Chinese provinces crack "dozens" of cases, successfully recovering 10 billion yuan ($1.5 billion) of assets.

Chinese police authorities are "very motivated" to bust crypto scams and track illegally obtained funds because they can make money for their departments, Chinese reporter Colin Wu noted on Twitter.

Founded in 2013 by OKEx founder Mingxing "Star" Xu, OK Group owns crypto exchange Okcoin, one of the largest in China. Last month, Xu filed to close Okcoin's Beijing company.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.