THELOGICALINDIAN - Leading Chinese bitcoin exchanges accept been accused of application applicant funds for the purposes of authoritative highrisk investments Chinese accompaniment media aperture Xinhua aboriginal appear the allegations that Chinese bitcoin exchanges accept been breach chump funds against clandestine abundance administration products
Also Read: A Brief Glimpse Into the Lives of Chinese Bitcoin Miners
Chinese State Media Has Alleged That Chinese Bitcoin Exchanges Have Collectively Invested Approximately $1B Yuan ($150M USD) Into “Wealth-Management Products”
Leading Chinese exchanges accept been accused of application chump funds to accomplish high-risk clandestine investments, Xinhua has reported. Xinhua alleges that Huobi and Okcoin collectively invested about 1b yuan ($150 m USD) into “wealth-management products”, citation contempo investigations fabricated into the activities of cryptocurrency exchanges by the People’s Bank of China.
Okcoin has issued a account agitation the allegations, advertence “we at OKCoin accept a austere action of agreement abandoned applicant funds into lower-risk cyberbanking products. This action is in befitting with accepted practices in the cyberbanking and balance industry, for both the purpose of attention audience funds.” Huobi is yet to affair a account apropos the allegations.
Xinhua has back appear an editorial piece advocating for greater government adjustment in the face of accretion action aural the cryptocurrency sphere. “New things are developing so fast that regulations charge accumulate pace,” Xinhuan states, afore analogue that authorities go to greater lengths to shut bottomward bitcoin exchanges doubtable of “dubious” operations.
Ascertaining the Validity of Xinhua’s Claims Has Become Difficult Due to the Absence of Further Documentation Supporting the Allegations
Ascertaining the authority of Xinhua’s claims has become difficult due to the absence of added affidavit acknowledging the allegations. Western media has been clumsy to admission a key People’s Bank of China address cited in the article, and added capacity apropos the advance articles that hosted audience funds are unavailable.
Quartz has appear that Beijing-based bitcoin barter advisers accept appear that cryptocurrency exchanges accept become accountable to accretion authoritative analysis afterward the People’s Coffer of China’s crackdown on arch cryptocurrency exchanges, included binding advertisement to China’s axial bank.
Do you anticipate that the above Chinese bitcoin exchanges are acceptable to accept been agreeable in high-risk investments application applicant funds? Share your thoughts in the comments area below!
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