2016/08/13 11:01 PM
A Chinese civil court has awarded damages against the parent company of popular bitcoin exchange OKCoin, saying the business is improperly registered and facilitates criminal money-laundering.
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It is the first major court ruling against a bitcoin exchange in China, which could have ramifications for other Bitcoin businesses in the country.
The decision was actually published online in China on July 29, but did not become widely-known until today. It pertains only to OKCoin’s China-based entity OKCoin.cn, and not its Singapore-registered international exchange OKCoin.com, which is a separate business.
The case is reportedly an appeal stemming from a 2014 case that OKCoin’s parent company Lekuda also lost. The defendant, Huachen Commercial and Trading Co. Ltd., claimed a criminal had defrauded it of 12 million RMB ($1.8 million USD)…