OKEx Denies Investigation of Founder Star Xu Is Related to Money Laundering

OKEx has denied the ongoing investigation of its founder is related to an anti-money laundering investigation.

Oct 16, 2020 at 1:57 p.m. UTC
Updated Sep 14, 2021 at 10:10 a.m. UTC

OKEx is denying the ongoing inquiry of its founder is related to an anti-money laundering (AML) investigation in China.  

“We are not at liberty to discuss any matters that are under investigation but can reveal that it is not related in any way to AML or to OKEx,” a spokesperson from the exchange told CoinDesk. 

The exchange informed its users it would suspend crypto withdrawals at 03:00 UTC on Friday and claimed a key holder, later revealed to be OKEx founder "Star" Xu, was out of touch and cooperating with the police for a personal issue. 

The exchange might have violated anti-money laundering regulations with more than 800 accounts and large amounts of money involved in the case, state media Security Times reported, citing unnamed sources. 

“As a Malta-based company, OKEx constantly strives to meet compliance in all jurisdictions in which we operate,” the exchange's spokesperson said. 

In January, the People’s Bank of China announced a sweeping inspection on money laundering activities from non-banking institutions soliciting transaction data once they are found to have violated related regulations.


Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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.

Trending

1
CoinDesk - Unknown
Crypto News Roundup for May 24, 2022

With bitcoin and ether trading down as Tron’s TRX trades in the green, plus a look at what to expect in crypto with rising interest rates, CoinDesk’s "Markets Daily" is back with the latest news roundup.

With bitcoin and ether trading down as Tron’s TRX trades in the green, plus a look at what to expect in crypto with rising interest rates, CoinDesk’s "Markets Daily" is back with the latest news roundup.

CoinDesk - Unknown
2
CoinDesk - Unknown
Miladys NFT Prices Tumble After Creator Doxxes Self as Person Behind Controversial 'Miya'

The collection amassed huge popularity in crypto circles but its creator has now acknowledged being the person behind a pseudonymous account allegedly linked to an online cult.

The collection amassed huge popularity in crypto circles but its creator has now acknowledged being the person behind a pseudonymous account allegedly linked to an online cult.

CoinDesk - Unknown
3
CoinDesk - Unknown
How to Transfer NFTs Between Wallets

As an NFT collector or investor, you'll want to learn how to transfer your collectibles in and out of crypto wallets.

As an NFT collector or investor, you'll want to learn how to transfer your collectibles in and out of crypto wallets.

CoinDesk - Unknown
4
CoinDesk - Unknown
South Korean Authorities Look to More Closely Scrutinize Exchanges Following Terra Meltdown: Report

Around 280,000 South Koreans are believed to have been victims of the abrupt plunge in UST and LUNA.

Around 280,000 South Koreans are believed to have been victims of the abrupt plunge in UST and LUNA.

CoinDesk - Unknown