Bitcoin

As per the latest revelations, the top cryptocurrency exchange OkCoin has been accused by US Federal Deposit Insurance Corp (FDIC) claiming that the exchange has produced misleading statements regarding customer protection. As per FDIC’s declaration, OkCoin has been manipulating that its customers are protected by the US banking regulator FDIC.In <a href="https://www.fdic.gov/resources/regulations/laws/section-18a4-of-fdi-act/letters/2023-06-15-okcoin-usa.pdf" rel="noopener noreferrer nofollow">a lette</a>r addressing Hong Fang, the CEO of OkCoin, FDIC posited that the exchange’s statements regarding its customer protection were manipulated and fabricated, denying any such alliance with the company.The regulators mentioned some instances as evidence of the accusation. On OkCoin’s website, it is <a href="https://go.okcoin.com/hash" rel="noopener noreferrer nofollow">noted</a> that the Provenance Blockchain’s HASH token on the exchange “received broad regulatory acceptance” from the regulators including SEC, FED, FDIC, and OCC. In 2020, the website <a href="https://blog.okcoin.com/10-reasons-to-use-okcoin-crypto-exchange/" rel="noopener noreferrer nofollow">updated</a> that OkCoin is “Licensed across the US with FDIC insurance on OKCoin accounts”.Read full article at <a href="https://cryptotale.org/fdic-accuses-okcoin-exchange-misrepresents-customer-protection/" rel="noopener noreferrer nofollow">CryptoTale.</a>

FDIC Accuses OkCoin: Exchange Misrepresents Customer Protection

CryptoTale

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