OKCoin Receives Lawsuit by Chinese Crypto-investor
A resident investor from China has filed a lawsuit against OKCoin, a cryptocurrency exchange platform, after accusing the exchange of failing to return 38 Bitcoin Cash tokens following the platforms hard fork as reports have stated.
Feng Bin, the accuser, has alleged that the platform refused to permit access for Bin to acquire his BCH generated through the hard fork last year during December. As a result, the exchange then dismissed all accusations and charges filed against the company and stating that Bin was at fault for failing to collect his crypto-coins during the publically set and announced deadline.
After OKCoin contacted Feng Bin, he stated that the exchange had reported that a button for claiming the assets was already part of the program and distributed BCH to each user account involuntarily. He then stated that he was indeed monitoring the announcement by the exchange during the time and that the company made no announcements or statements regarding a deadline on when the funds could be collected.
Additionally, OKCoin stated that the funding program had already been over during the time when he made his submission for Bitcoin Cash. OKCoin had also heavily stressed on the fact that no user will be able to acquire these funds following the expiration date of the program. Adamant about fighting back against Bin, the exchange has noted several modifications to his story in regards to the missing crypto.
Recently, the cryptocurrency exchange based in China has been drawing the attention of the media. In July 2018, the exchange revealed its plans to expand west into the US and operate as providing services to US residents with their respective currency, the USD, and many other major cryptocurrencies.
In another statement, OKCoin announced its full compliance with US law and regulations surrounding crypto and will only be servicing California residents for now.