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OKEx Denies Investigation of Founder Star Xu Is Related to Money Laundering
OKEx has denied the ongoing investigation of its founder is related to an anti-money laundering investigation.
By David Pan
Updated Sep 14, 2021, 10:10 a.m. Published Oct 16, 2020, 1:57 p.m.
OKEx is denying the ongoing inquiry of its founder is related to an anti-money laundering (AML) investigation in China.
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“We are not at liberty to discuss any matters that are under investigation but can reveal that it is not related in any way to AML or to OKEx,” a spokesperson from the exchange told CoinDesk.
The exchange informed its users it would suspend crypto withdrawals at 03:00 UTC on Friday and claimed a key holder, later revealed to be OKEx founder "Star" Xu, was out of touch and cooperating with the police for a personal issue.
The exchange might have violated anti-money laundering regulations with more than 800 accounts and large amounts of money involved in the case, state media Security Times reported, citing unnamed sources.
“As a Malta-based company, OKEx constantly strives to meet compliance in all jurisdictions in which we operate,” the exchange's spokesperson said.
In January, the People’s Bank of China announced a sweeping inspection on money laundering activities from non-banking institutions soliciting transaction data once they are found to have violated related regulations.
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