OKCoin has been flagged for making false representations of its coverage
As contained in the letter shared by the FDIC with OKCoin CEO Hong Fang, the company has been falsely representing itself as being covered by a regulator known for insuring financial institutions operating in the U.S.
The FDIC highlighted three instances where the exchange has made such false claims, including when it noted on its website that the Provenance Blockchain's HASH token on OKCoin had"received broad regulatory acceptance from the SEC, OCC, FED, and the FDIC." Additionally, the FDIC flagged an instance in 2020, where OKCoin said on its website that it is"Licensed across the US with FDIC insurance on OKCoin accounts.
The FDIC also referred to a Twitter post from the company in which it told its followers that"if you are in the US we offer FDIC insurance on USD deposits." The regulator is now categorically stating that OKCoin is not insured and that its broad coverage is offered to banking institutions operating in the country and not for crypto trading platforms.
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