Is Yiouoky a legal software?

The legality of okx in China is very doubtful, but it is not explicitly prohibited because China’s laws and regulations on virtual currency transactions are not complete and clear.

Ouyi (okx) was initially headquartered in Beijing, China. Later, Chinese regulatory authorities completely banned virtual currency trading, and the exchange launched in October 2021 On the 13th, the "Notice on Supervisory Policies in Mainland China" was issued, announcing that it would continue to maintain the policy of "exiting the mainland Chinese market" and not set up offices and teams in the region. However, according to Caixin.com, although Ouyi officially announced that it will no longer set up offices in mainland China, there are still R&D personnel, including a large number of engineers, working in the region. They continue to contract with third-party outsourcing companies. Work for the agency.

Ouyi (okx)’s domestic operations are subject to strict supervision and restrictions, mainly in the following aspects:

• Network blockade: In June 2021, “Coin Keywords such as "An", "Huobi", "OUYi" and "OKEx" are blocked by mainland China Internet platforms such as Baidu and Weibo. In March 2022, when visiting "okx.com", you will be redirected to the "National Anti-Fraud Center" page. In June 2022, "okx.com" was attacked by a man-in-the-middle and SNI was reset.
• App removal: The official APP of okx has been removed from many application markets or cannot be searched. Users can only download it through the browser or scan the QR code to install it.
• Payment obstacles: Okx’s RMB transactions are subject to risk control and monitoring by the payment platform. Users cannot note any information when transferring money, otherwise it will be rejected or frozen.
• Legal risk: okx’s transactions may be suspected of violating China’s foreign exchange management, anti-money laundering, anti-terrorist financing and other laws and regulations, and users may face administrative penalties or criminal prosecution.

How legal is okx in China? Does it violate Chinese laws and regulations?

The legality of okx in China is a controversial issue because China’s laws and regulations on virtual currency transactions are not complete and clear. According to the relevant regulations currently available for reference, the legality of okx in the country can be analyzed from the following perspectives:

• From the perspective of virtual currency itself, China does not explicitly prohibit virtual currency existence and circulation, but it is not recognized as legal currency or property. In December 2013, the People's Bank of China and five other ministries and commissions issued the "Notice on Preventing Bitcoin Risks", stating that virtual currencies do not have the same legal status as currency and cannot be used equivalently to legal tender. In September 2018, the Supreme People's Court and the Supreme People's Procuratorate issued the "Interpretation on Several Issues Concerning the Application of Laws in Handling Illegal Business Cases", stating that virtual currencies do not belong to the "currency" stipulated in Article 225 of the Criminal Law of the People's Republic of China. ", but can be protected as property rights. Therefore, in China, virtual currency has certain attributes and value, but it is not a legal means of payment or investment target.
• From the perspective of virtual currency trading, China has clearly prohibited any form of virtual currency trading activities. In September 2017, seven ministries and commissions including the People's Bank of China issued the "Announcement on Preventing Token Issuance and Financing Risks", stating that token issuance and financing (ICO) and its derivatives are illegal financial activities, and required various institutions and individuals to stop engaging in such activities. Related Business. In September 2021, ten ministries and commissions including the People's Bank of China issued the "Notice on Further Preventing and Dealing with Speculation Risks in Virtual Currency Transactions", pointing out that even if overseas virtual currency exchanges provide services to residents in my country through the Internet, they knowingly or should have known It engages in virtual currency-related businesses and still provides marketing, payment and settlement, and technical support, which are also illegal financial activities. Therefore, in China, any form of virtual currency trading is prohibited and cracked down, whether conducted through domestic or foreign platforms.
• Judging from the registration place and operating entity of okx, although okx is not registered in China and its operating entity is in Hong Kong, this does not exempt it from legal liability in China. According to Article 8 of the Criminal Law of the People's Republic of China, this law applies to all criminal acts within the territory of the People's Republic of China. According to Article 2 of the "Cybersecurity Law of the People's Republic of China", this law applies to the construction, operation, maintenance and use of networks within the territory of the People's Republic of China, as well as the supervision and management of network security. According to Article 3 of the Anti-Money Laundering Law of the People's Republic of China, this law applies to anti-money laundering activities within the territory of the People's Republic of China. Therefore, if okx provides virtual currency trading services to Chinese residents through the Internet, it may be suspected of violating China's criminal law, network security law, anti-money laundering law and other relevant laws and regulations, and will be subject to China's jurisdiction.

To sum up, the legality of okx in China is very doubtful. It may have violated Chinese laws and regulations and faces serious legal risks.

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