Chinese Crypto Investor Sues OKCoin for not Releasing Bitcoin Cash

 In Altcoins, Bitcoin, Exchanges, Governments and Regulations

A Chinese cryptocurrency trader is suing OKCoin for allegedly refusing him access to his Bitcoin Cash.

A Chinese cryptocurrency investor has filed formal charges against digital currency exchange OKCoin for allegedly preventing access to at least 38.748 Bitcoin Cash (BCH), the available balance during the fork on his account, Market Exclusive reported.

The investor, who goes by the name Feng Bin accused the cryptocurrency exchange of stopping him from getting access BCH created after the fork in 2017 at the start of December.

In retaliation, the Chinese exchange dismissed the charges against the firm, defending itself that it prevented the trader access to his Bitcoin Cash because he failed to claim his coins within the prescribed deadline. The report said the OKCoin was unable to inform traders about the timeline.

When contacted, Bin claimed the Chinese exchange reportedly informed him that the claim button was part of a program that involuntarily carried out the execution of Bitcoin Cash to the user’s account.

“I have been paying attention to the announcement of the OKcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program,” Bin was quoted as saying.

In its defense, OKCoin claimed the program had already expired at the time Bin submitted a claim to extract his BCH. The company insisted it would be impossible for any claimant to retrieve their Bitcoin Cash at a later stage once the program has expired.

Related Article:  Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEX

In addition, the digital currency exchange cited inconsistencies between Bin’s records of account balances and his story as it vowed to challenge the claim of the trader.

OKCoin expands in the US

The China-based virtual exchange has been making the news lately. Last month OKCoin announced its expansion to the US by offering transactions involving US dollars and several significant cryptocurrencies.

The company said in a blog post the new service is“fully compliant with applicable US regulations,” and is available to California users only, but  added, “other US states [are] coming soon.”

Early this year, the exchange started offering its services in South Korea.

Source link: Click here. Disclaimer:  This is a third-party article. The information on the Verified topics are provided on a strictly "as is," "where is" and "where available" basis. Verified topics expressly disclaim any implied warranties. Note Verified topics do not give any financial advice, for more information see our Acceptance of terms.


Start typing and press Enter to search