OKCoin's Transition Announcement
On October 30, OKCoin announced it would cease RMB-to-bitcoin trading services effective October 31 at 24:00. Users retain full withdrawal capabilities:
- Fiat withdrawals: Instant transfers to linked bank accounts
- Digital assets: Transferable to external wallets or platforms
This follows similar moves by competitors:
- BTC China discontinued withdrawals on October 30
- Huobi halted RMB-to-crypto trading on October 31
👉 Secure your digital assets with OKCoin's trusted custody
Permanent Custody Commitment
OKCoin distinguishes itself with ongoing asset protection services:
"We provide permanent, free digital asset custody utilizing our proven security infrastructure. Our team assists every user in safeguarding their holdings through advanced technical solutions."
Key assurances:
- Brand continuity with maintained domains and operations
- Compliant international expansion through licensed partnerships
Strategic Pivot to Blockchain
The company unveiled a three-pronged transformation:
- Technology development: Rebranding as a blockchain solutions provider under new domain bihang.com
- Global expansion: Leveraging OKEx.com and local teams for international markets
- Asset integration: Enabling seamless BTG claims through OKEx accounts
👉 Discover OKCoin's blockchain innovations
Competitive Landscape
| Platform | International Arm | Post-Regulation Strategy |
|---|---|---|
| OKCoin | OKEx | Blockchain development + global expansion |
| Huobi | Huobi.Pro | OTC services + dollar-based trading |
| BTC China | BTCC Pool (mining) | Focused mining pool operations |
Industry Context
The shift follows China's intensified crypto regulations:
- September 4: Seven ministries banned ICOs and mandated exchange closures
- September 14-15: Major platforms suspended registrations and RMB deposits
- October 30: Final withdrawal deadlines took effect
Market Adaptation
- OTC trading volume surged to 20% of global bitcoin transactions
- 96.3% of Chinese OTC transactions utilize Alipay transfers
- Mining operations like BTCC Pool continue unaffected
FAQ Section
Q: Can I still access my funds after OKCoin stops trading?
A: Yes, both fiat and crypto withdrawals remain available indefinitely through the platform's custody services.
Q: What happens to OKCoin's existing technology?
A: Their security infrastructure and development team will pivot to blockchain applications under the new bihang.com domain.
Q: How does OKCoin's international expansion work?
A: Through licensed partnerships with local entities, including their existing OKEx platform for global users.
Q: Are mining operations affected by these changes?
A: No, mining pools like BTCC continue normal operations as they fall under different regulatory categories.
Q: What alternatives exist for Chinese traders now?
A: Options include OTC platforms (LocalBitcoins, CoinCola) and international exchanges like Huobi.Pro's dollar-based services.
Q: Why are companies maintaining custody services after shutting trading?
A: Asset security requires specialized infrastructure that exchanges are uniquely positioned to provide, creating ongoing value.