Founded in 2013, OKCoin is a Chinese trading platform providing fiat trading with major digital assets, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. By 2019 the company had joint ventures, branches, and operation centers in more than ten countries and regions, including Beijing, San Francisco, Tokyo, Seoul, Luxembourg, Hong Kong, and Malta.
It successfully raised $10m of Series A funding in 2014. The investment round was led by Ceyuan, one of China’s earliest venture capital firms, Mandra Capital, VenturesLab, and numerous high-profile angel investors.
OKCoin is aimed at basic consumers and is under the umbrella of the OK Group, which also operates OKEx a digital asset futures trading exchange aimed specifically at institutional traders. Other companies in the group include OK Blockchain Capital, and the OK Blockchain Research Center.
In 2015, Bitcoin investor Roger Ver sued the exchange for $570,000 alleging that OKCoin violated the terms of a contract for work on the website Bitcoin.com. Ver claimed that the exchange forged a version of the contract and changed the terms and conditions.
OKCoin weathered another controversy in November 2017 when the exchange briefly listed Bitcoin at a price of around $15,000 per BTC, compared to most other exchanges that priced it at around $7,000 per coin. The erratic readings from OKCoin's system may have been linked to a brief outage in the exchange when compliance and sanction controls for the exchange were malfunctioning.
In 2018, the company was subject to a second lawsuit from a Chinese investor who accused the exchange of blocking access to 38.748 BCH following a fork. OKCoin responded that the investor had failed to claim the coins within an apparently undisclosed deadline.
Founder Mingxing Xu, also known as Star Xu, is the founder of OKCoin.com and OKEx. He previously worked as a development engineer at Yahoo, then as Chief Technical Officer at Docin. In January 2019, he became the largest individual shareholder of a public company listed in Hong Kong via the $60 million acquisition of LEAP Holdings Group, the construction engineering firm.Read More