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

August 13, 2018 |

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

In recent news pertaining to cryptocurrencies, a Chinese court has rejected an appeal from a trader disputing a previous decision that mandated he repay the value of 5 BTC accidentally credited to his Coinnice account, the CEO of Binance has demonstrated the company’s upcoming decentralized exchange (DEX), and Okex’s head of operations has discussed the company’s recent “socialized clawback”.

Also Read: Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

Chinese Court Backs Exchange in Dispute Over 5 BTC Accidentally Credited to Trader

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEXA Chinese court has rejected an appeal made by a bitcoin trader who was recently mandated to repay the fiat value of 5 BTC accidentally credited to him by an exchange operated by Beijing Grape Technology Co. The 5 BTC had been credited to Li Jianfeng’s account as the result of a system bug on the then-operating Coinnice exchange on the 10th of March 2017.

The court had previously ruled that Mr. Jianfeng had no legal claim to the 5 BTC, and mandated that he return the fiat value corresponding to the BTC at the time of their liquidation. Mr. Jianfeng appealed on the basis of the exchange’s operations being illegal according to China’s “Notice of the People’s Bank of China and other departments on preventing the risk of bitcoin,” however, the court rejected the case due to said notice not being in effect at the time of the incidents in question.

Ultimately, the court ruled that Mr. Jianfeng must adhere to the contractual policies enforced by the platform, determining: “In this case, whether or not Coinnice’s establishment as a bitcoin trading platform has violated relevant rules, does not have any impact on Li’s liability to return the profits he received with no legal basis….As such, the court denies his appeal and the decision is final.”

CZ Demos Upcoming Binance DEX

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEXThe chief executive officer of Binance, CZ, recently uploaded a video to Youtube providing the first demonstration of the company’s upcoming decentralized exchange, Binance Chain. The CEO indicated the company’s plans for the DEX are moving significantly ahead of schedule and that the demo had taken place “one to two months later” than anticipated.

The preview demonstrated the “issuing or creating of a token,” the “listing of the token on the decentralized exchange,” and “trading of the token against another token on the decentralized exchange.”

Despite the demo, CZ stressed that the platform is “very much still in early-stage development,” adding that “there is still a ton of work to be done” before the finalization of the platform.

Okex Head of Operations Discusses Recent “Socialized Clawback”

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEXThe Okex head of operations, Andy Cheung, has discussed the exchange’s recent “socialized clawback” that followed a $ 416 million liquidation that recently took place on the exchange’s futures markets.

Mr. Cheung stated that the liquidation and clawback were resultant from “merely a bad decision of a trader,” asserting that the exchange contacted the trader multiple times requesting that he “partially close the positions to reduce the overall market risks.” Despite such, Mr. Cheung stated that “the client refused to cooperate, which [led] to our decision of freezing the client’s account to prevent further positions [from] increasing. Shortly after this preemptive action, unfortunately, the BTC price tumbled, causing the liquidation of the account.”

Mr. Cheung described the incident as comprising a “valuable lesson” for Okex, asserting that despite the resulting socialized clawback, “From our data, we do not see any signs of the market sentiment being affected by this incident. We also do not see any signs of our customers’ sentiment being greatly affected. We would say this is a valuable lesson for us in improving our trading experience. We always encourage our customers to study the mechanism behind futures trading before joining the game to avoid unexpected losses.”

Although Mr. Cheung defended the company’s policies regarding socialized clawback, describing such as “balanc[ing] the interests between all parties involved” though stabiliz[ing] our platform’s operations” and “ensuring traders’ assets on our platform,” Mr. Cheung stated that Okex is “making efforts to eliminate the risk of large-scale clawback in the future.”

Are you surprised by the Chinese court’s decision to reject Li Jianfeng’s appeal? Share your thoughts in the comments section below!


Image courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEX appeared first on Bitcoin News.

Bitcoin News

Hippo Kills Chinese Tourist Taking Photos at Kenya Lake

August 13, 2018 |

A Chinese tourist was fatally bitten by a hippo while taking photos of it on a lake in Kenya over the weekend. Per BBC , the 66-year-old, identified as, Chang Ming Chuang, was trying to get a glimpse of the giant mammal at a wildlife resort outside Nairobi when it attacked….
Newser

Chinese Banks Rev up Lending to Buoy Economy in U.S. Trade Fight

August 12, 2018 |

China is opening the lending spigots as it seeks to shore up its economy for what could be a long trade fight with the U.S.
WSJ.com: What’s News Asia

CNN

CNN’s rare view of contested Chinese islands

August 10, 2018 |

High above one of the most hotly contested regions in the world, CNN’s Ivan Watson was given a rare look at the Chinese government’s rapidly expanding militarization of the South China Sea from a US reconnaissance plane.
CNN.com – RSS Channel – World

Germany Vetoes Chinese Purchase of Business Citing Security Grounds

August 6, 2018 |

The German government has decided to ban for the first time the sale of a German company, Leifeld Metal Spinning, to a Chinese suitor on security grounds.
WSJ.com: What’s News Europe

Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH

August 6, 2018 |

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCH

A cryptocurrency investor has brought a lawsuit against cryptocurrency exchange Okcoin regarding 38.748 BCH. The plaintiff accuses the exchange of failing to allow him to claim the Bitcoin Cash that were created following last year’s fork, to which the exchange allegedly responded that he had failed to claim the coins within an apparently undisclosed deadline.

Also Read: P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume

First Chinese Lawsuit Pertaining to Bitcoin Fork Filed Against Okcoin

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHA Chinese bitcoin investor has filed a lawsuit against Okcoin in what Legalweekly has described as the first Chinese suit pertaining to last year’s bitcoin fork.

According to the publication, the plaintiff, who is known by the pseudonym Feng Bin, alleges that “at the beginning of December 2017,” upon attempting to withdraw the 38.748 BCH corresponding to his BTC balance held with the exchange at the time of the fork, Feng Bin “found that there was no ‘button’ to extract the [BCH] that the platform promised.”

Plaintiff Claims No Deadline Was Given for Okcoin Users to Claim BCH

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHFeng Bin claims that after contacting the company to report the issue, Okcoin responded by stating that “The claim ‘button’ was a program that automatically executed BCH input to user’s account. You cannot claim BCH anymore as the program has been removed from our platform. If you didn’t withdraw it at that time, it will be impossible to make later withdrawal,” despite the company’s announcement on August 1st, 2017, stating: “If you hold bitcoins on the platform, the platform will give users Bitcoin cash equal ownership in accordance with the user.”

“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,” Feng stated.

Plaintiff Seeks Reparations for Inability to Sell BCH During Price Peak

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHMr. Feng is also seeking reparations for the “losses” caused as a result of being unable to sell his BCH at peak prices. As such, the plaintiff is seeking 169,969.22 yuan (approximately $ 25,000 USD in total).

Okcoin has reportedly questioned the legitimacy of Mr. Feng’s claim to the holdings, purportedly describing the lack of trading activity conducted by the account during 2017 as “not normal” given the market conditions of last year.

What is your response to the lawsuit against Okcoin? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH appeared first on Bitcoin News.

Bitcoin News

Chinese Surveillance Expands to Muslims Making Mecca Pilgrimage

August 2, 2018 |

China’s close monitoring of its Islamic minority is being extended abroad, as Muslims from some Chinese regions make the Hajj pilgrimage wearing state-issued tracking devices.
WSJ.com: What’s News Asia

Trump threatens to double tariffs on Chinese imports, but stops short of actually doing it

August 1, 2018 |

President Trump on Wednesday tried to increase pressure on China to change its trade practices by directing administration officials to consider more than doubling the size of proposed tariffs he has already threatened to slap on $ 200 billion in imports.

But the administration stopped short of…


L.A. Times – Business

Malaysia Suspects Chinese Cash Paid 1MDB Debt

August 1, 2018 |

Malaysian officials here are investigating whether the government of former Prime Minister Najib Razak used funds from a China-backed infrastructure program to help pay debts owed by 1MDB, the state investment fund at the center of one of the world’s biggest graft scandals.
WSJ.com: What’s News Asia

CNN

Trump could raise tariffs on $200 billion in Chinese goods

August 1, 2018 |

The Trump administration plans to raise pending tariffs on $ 200 billion in Chinese goods to 25% from 10%, a source familiar with discussions confirmed to CNN.
CNN.com – RSS Channel – World