According to Unhashed, OKEx, the Hong Kong-based crypto exchange has introduced a few policy changes such as a daily withdrawal cap, limited use of an account and a ban on unverified withdrawals. The report also adds that this move was made in light of the recent bans and tighter regulations in China
The new policy was said to be commenced on 28 August as it advised its partner platforms about changes that will be based on a tiered verification KYC (know your customer) system.
Over the past year, the Chinese government has been clamping down and tightening regulations regarding crypto and blockchain. They first banned initial coin offerings (ICOs) and stop Bitcoin trading in renmibi (RMB) ending a lucrative opportunity for the country’s top tech start-ups that had been vigorously using to raise funds for the capital needs. It was a major blow to the developing cryptocurrency market which was reported to have left over 88 Chinese-based exchanges and several domestic projects with no choice but to relocate overseas where regulations are more relaxed.
Last week, Chinese messaging app WeChat banned several prominent crypto news and media outlets that were promoting blockchain, cryptocurrencies, initial coin offerings (ICOs) and crypto trading. Just over the weekend, Baidu, China’s internet giant joined in on the anti-cryptocurrency bandwagon to block crypto-related content. Baidu is said to have already started filtering, banning and deleting any crypo-related publications on its Reddit-like Baidu Tieaba forum platform.
It will not be surprising if other Chinese crypto exchanges follow suit. Ever since the Chinese government began cracking down on crypto-related activities, there has been a surge of crypto companies looking for new opportunities in more welcoming countries. A key example would be Binance who moved to crypto friendly Malta.
Despite the strict regulation clampdown in China, other parts of Asia seem to be flourishing. Some upcoming markets to look out for are Malaysia, Indonesia, Vietnam and Thailand.
Sources: Unhashed, Coincentral