Like OKEx And Huobi, Another Chinese Exchange Has Been Suspended

[Bitcoinmoon12]

Colin Wu, a Chinese reporter has reported that the founder of CEO Global exchange has been detained by the police in China and withdrawals have been suspended.
Big scam .........in China

https://azcoinnews.com/like-okex-and-huobi-another-chinese-exchange-has-been-suspended-because-the-founder-was-investigated-by-the-police-in-china.html

[shinratensei_]

It seems like that all of chinese exchange sites will be getting the same thing like okex and huobi. I wonder what already interrogated by the Chinese police to the all  CEO of those exchange sites.
From those cases and there's a thing that makes me feel doubt just like why the key to access the funds are always being hold by the founder.

[Yogee]

I don't know if Bitcoinmoon12 is working for azcoinnews but you can check this article if you want another source https://www.coindesk.com/hong-kong-crypto-exchange-founder-taken-amid-chinas-crackdown-on-fraudulent-bank-accounts

Affected by the ongoing national crackdown on fraudulent SIM cards and bank accounts, the bank account of one of our core founders has received illicit money from international fraudsters and scammers,” the company said in a statement. “The founder has been taken away for 15 days for the investigation.

In the same article, it's said that the founder has the private keys for most of the cold wallets so exchange withdrawals were also suspended.

It seems like the owner also sold his bank account and/or sim card to these fraudster so he could also profit hehe.

The State Council, China’s cabinet, announced a national crackdown on fraudulent bank accounts and SIM cards in October.  “Fraudulent SIM cards and bank accounts are among the root causes that have enabled many phone and cyber scams

I expect other people to claim this is another attack on centralized exchanges but it doesn't look like it.

.......

This is not just about "not your keys, not your bitcoin" but also about taking care of your identity.
I've also seen posts here buying sim cards or asking for sim card verification. Be careful with that.

[jahepahit]

Just the same pattern with that of okex. Probably Chinese cex exchanges should be avoided. Any platform that doesn't give you freedom of owning the right to your funds and tokens should not be relied on fully.

[Kupid002]

Colin Wu, a Chinese reporter has reported that the founder of CEO Global exchange has been detained by the police in China and withdrawals have been suspended.
Big scam .........in China

https://azcoinnews.com/like-okex-and-huobi-another-chinese-exchange-has-been-suspended-because-the-founder-was-investigated-by-the-police-in-china.html

If I remember it right the okex widrawal for suspended fund is already resume  source https://www.globenewswire.com/news-release/2020/11/20/2130669/0/en/OKEx-to-resume-withdrawals-after-the-temporary-suspension.html.

No idea about other exchange, the china government seems to be really strict about crypto currency and exchange , maybe because exchanges can be used for money laundering. if they did nothing wrong they should not worry. if I am with them  they should  first register their exchange before they run it so that they do not have any problem with their local government

[jacafbiz]

I read somewhere that there are a lot of money laundering activities in some of these Chinese exchanges I don't know if this is true or not. We know that China has her own way of running things and if they feel these exchanges are threat to their system I bet you the authorities would go after them. I hope people using these exchange would move their funds out until things get better and everything settles down from that part of the world

[sana54210]

I mean if it is a Chinese company and we all know that it is a Chinese company, why even put your money in there?
We all know that china is run by a dictator and they want to control every single thing in that nation, including all the companies. Look at Alibaba which is probably one of the biggest global brands they have and they control even that. If they control something that huge, what makes you think that they would allow crypto exchanges to be any different.

They will jail the CEO and whoever the owner is, they will take their shares, they will make it a Chinese government owned place and keep it running like that if they can, if not take out all the money, they can't allow private ownership to grow too big. Hence never put your money into anything that is Chinese.

[covfefe_]

There are no any prominent exchange running from China. Okex was a hack and now they have enabled withdrawal for users.
Most of the time, they crack on ponzis that claim to be crypto. China on the other hand is cracking overall organized crypto trading. They haven't started blocking and detaining people for P2P transactions but they actively prevent use of bank accounts for directly buying and selling crypto.

[masterzino]

I mean if it is a Chinese company and we all know that it is a Chinese company, why even put your money in there?
We all know that china is run by a dictator and they want to control every single thing in that nation, including all the companies. Look at Alibaba which is probably one of the biggest global brands they have and they control even that. If they control something that huge, what makes you think that they would allow crypto exchanges to be any different.

They will jail the CEO and whoever the owner is, they will take their shares, they will make it a Chinese government owned place and keep it running like that if they can, if not take out all the money, they can't allow private ownership to grow too big. Hence never put your money into anything that is Chinese.

For example, I loved OKEx due to their margin trading and futures contract. They were one of the first to announce and support future after Bitmex and Deribit.

But no surprise here. China announced that the only legitimate currency would be the State-owned yuan. I expect all major Chinese companies to move their operations to Hong Kong or Singapore... unless they want to follow OKEx.

[Findingnemo]

Just the same pattern with that of okex. Probably Chinese cex exchanges should be avoided. Any platform that doesn't give you freedom of owning the right to your funds and tokens should not be relied on fully.

No centralized exchanges are doing it because we are holding the trading funds in their wallet which is under complete control of the exchange only. Still people prefer centralized exchanges for better convenience and no perfect alternative to the trading experience we are gaining from centralized exchanges. So be aware all the time and choose the best of the existing exchange to be on safer side.

[malcovi2]

I mean if it is a Chinese company and we all know that it is a Chinese company, why even put your money in there?
We all know that china is run by a dictator and they want to control every single thing in that nation, including all the companies. Look at Alibaba which is probably one of the biggest global brands they have and they control even that. If they control something that huge, what makes you think that they would allow crypto exchanges to be any different.

They will jail the CEO and whoever the owner is, they will take their shares, they will make it a Chinese government owned place and keep it running like that if they can, if not take out all the money, they can't allow private ownership to grow too big. Hence never put your money into anything that is Chinese.

For example, I loved OKEx due to their margin trading and futures contract. They were one of the first to announce and support future after Bitmex and Deribit.

But no surprise here. China announced that the only legitimate currency would be the State-owned yuan. I expect all major Chinese companies to move their operations to Hong Kong or Singapore... unless they want to follow OKEx.

Hongkong is already controlled by the CCP government. The government of China wants to control everything and if they see any industry they cant control they either close it or try to destroy it by any means necessary.

[TastyChillySauce00]

I mean if it is a Chinese company and we all know that it is a Chinese company, why even put your money in there?
We all know that china is run by a dictator and they want to control every single thing in that nation, including all the companies. Look at Alibaba which is probably one of the biggest global brands they have and they control even that. If they control something that huge, what makes you think that they would allow crypto exchanges to be any different.

They will jail the CEO and whoever the owner is, they will take their shares, they will make it a Chinese government owned place and keep it running like that if they can, if not take out all the money, they can't allow private ownership to grow too big. Hence never put your money into anything that is Chinese.

For example, I loved OKEx due to their margin trading and futures contract. They were one of the first to announce and support future after Bitmex and Deribit.

But no surprise here. China announced that the only legitimate currency would be the State-owned yuan. I expect all major Chinese companies to move their operations to Hong Kong or Singapore... unless they want to follow OKEx.

Hongkong is already controlled by the CCP government. The government of China wants to control everything and if they see any industry they cant control they either close it or try to destroy it by any means necessary.

I remember a few years ago china's government stated that they would be banning bitcoin and what's happening right now? The only way for china's government to control crypto through centralized exchange sites.
Okex has been getting raided by the police but it's coming back again. I guess if anyone didn't wanna deal with the possibility for them can't get back their money from the Chinese exchange sites and they should not use it.
 

[MishaSER]

I just checked it and the okex exchange is working in the same way I went to their chat, everything looks fine. Maybe it was already decided and now everything is in order.

[Chathusand]

Whats the wrong with these chinese exchanges?

[asriloni]

Whats the wrong with these chinese exchanges?

It should not be the Chinese exchange site but the correct question should be redirected to china's government. The government was not giving a clear answer about how they are doing it.
So many times china's government was always interrogating the exchange site's founder. This looks very suspicious IMO.

It looks like the government wanna try to get something from the exchange site. Maybe china seeks for the personal data from the exchange sites.

[sunsilk]

Whats the wrong with these chinese exchanges?

It should not be the Chinese exchange site but the correct question should be redirected to china's government. The government was not giving a clear answer about how they are doing it.
So many times china's government was always interrogating the exchange site's founder. This looks very suspicious IMO.

It looks like the government wanna try to get something from the exchange site. Maybe china seeks for the personal data from the exchange sites.

The Chinese government has always been too strict for protocols regarding businesses like this. There's no exact reason why they're detaining people like the CEO of that exchange unless there's a connection to illegal matters that guy has been part of. Coordination and cooperation is also one reason why they want to put him in arrest to ask him what the government wants from him directly.

There is censorship in China and most businesses should cooperate with the Chinese government. I think that's one reason why they're arresting and investigating CEOs, businesses and people that are not willing to cooperate with what their law says.

[Anonylz]

Colin Wu, a Chinese reporter has reported that the founder of CEO Global exchange has been detained by the police in China and withdrawals have been suspended.
Big scam .........in China

https://azcoinnews.com/like-okex-and-huobi-another-chinese-exchange-has-been-suspended-because-the-founder-was-investigated-by-the-police-in-china.html

I don't understand what you mean by suspended im houbi in particular because I just made a withdrawal in houbi and it went smoothly except that's not what it means,
Well this are one of major reason why it highly risky to leave your funds in a centralise exchange,  ones anything happens to the exchange, you can lose your funds.

[Chathusand]

Whats the wrong with these chinese exchanges?

It should not be the Chinese exchange site but the correct question should be redirected to china's government. The government was not giving a clear answer about how they are doing it.
So many times china's government was always interrogating the exchange site's founder. This looks very suspicious IMO.

It looks like the government wanna try to get something from the exchange site. Maybe china seeks for the personal data from the exchange sites.

So if the government has strict rules about crypto why should they leave people to start exchanges in there?

[shoreno]

I don't understand what you mean by suspended im houbi in particular because I just made a withdrawal in houbi and it went smoothly except that's not what it means,

i did a quick research if its true that big exchange such as houbi and exchange are suspended but its the okex is the exchange that is suspended the most but it resumes now while houbi is said to be operating normally based on the source that i read but that was an old news , its date was back at october . we dont know if the issue were totally fixed now but after checking the link of the op this qoute out

COO of Huobi Robin Zhu also was under investigation by the Chinese police.

coo of houbi was under investigated . does that mean the issue is revived again ? but it was only under investigation , that could be the reason why exchange is still operating till now but this serves as warning to prepare if whats going to happened next or in the future .

[stomachgrowls]

I don't understand what you mean by suspended im houbi in particular because I just made a withdrawal in houbi and it went smoothly except that's not what it means,

i did a quick research if its true that big exchange such as houbi and exchange are suspended but its the okex is the exchange that is suspended the most but it resumes now while houbi is said to be operating normally based on the source that i read but that was an old news , its date was back at october . we dont know if the issue were totally fixed now but after checking the link of the op this qoute out

COO of Huobi Robin Zhu also was under investigation by the Chinese police.

coo of houbi was under investigated . does that mean the issue is revived again ? but it was only under investigation , that could be the reason why exchange is still operating till now but this serves as warning to prepare if whats going to happened next or in the future .

Both Okex and Huobi are still operation and i dont have any problems on accessing both platforms.These news were bit old but doesnt mean that they we're already get resolved.

We dont know if its been arranged or fixed up but if there are still some under investigation situation then that should really be enough into its users on taking caution on using this one out.

One day there might be some sudden locking of funds when there are various decisions or declarations had been made which would really result into total prohibition of transactions.

This had been always the possibility of issues when using up centralized exchanges.