China has launched 13 cryptocurrency-trading apps, including OKX.

what’s new: Financial and internet regulators in China have removed 13 mobile apps related to cryptocurrency trading from app stores in mainland China, including OKX, a Beijing court said in an announcement on Saturday.

The authorities launched an investigation after a court report earlier this year revealed that people on the mainland could trade more than 100 cryptocurrencies using the OKX web and mobile app without providing a virtual private network (VPN) service that allows users to access restricted websites there. The ad said.

Formerly known as OKEx and Okcoin, OKX was launched in 2015. It is a crypto exchange founded in China in 2012 by Xu Mingxing. In October 2021, the company announced its withdrawal from the main market and said it had removed the app from all app stores there.

Background: Several government agencies are involved in the investigation, including the People’s Bank of China, the Ministry of Industry and Information Technology, and local financial and internet regulators.

Domestic regulators in Beijing, led by the central bank, have taken action against 227 companies suspected of illegal crypto-related businesses and blocked 23 media websites and 440 social media accounts linked to cryptocurrencies, the announcement said.

The Beijing office of the China Banking and Insurance Regulatory Commission is also instructing six banks to monitor two suspected bank accounts under the supervision of doctors.

China’s blanket ban and Slaughter It was led last year on trading and mining cryptocurrencies High-profile exits Crypto exchanges from the main market such as Huobi Global and Binance.

Quick Takes are versions of China-related stories for breaking news that you can use. Click to read the full story in Chinese over here.

Contact the reporter Zhang Yu ([email protected]) and editor Bertrand Teo ([email protected])

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