China National Radio's (CNR) "Phonation of People's republic of china" plan has declared that the crypto exchange OKEx is illegally working in China with Chinese clients, CNR reports Thursday, May 3. Chinese crypto exchanges have been banned from operating in the country by the government concluding fall.

As of press time, OKEx is the tertiary ranked substitution by 24 hour trading volume on Coinmarketcap, with around $1.8 bln reported in trades over the past 24 hours.

The Phonation of Communist china study is function of a series that aims to "reveal the secret backside digital currencies." The commodity quotes reported OKEx investor Yang, who believes that OKEx still operates the visitor in Beijing for Chinese users. He alleges that the exchange has moved its headquarters to Belize and the team to Hong Kong in proper name just.

Yang says that OKEx is actually conducting crypto hereafter transactions that utilise leverage to multiply trade results, even though OKEx calls them "contract transactions." The Voice of China report as well notes that OKEx has a "point to bespeak" transaction that lets consumers pay with their Alipay or Wechat accounts, despite China's ban on transacting between crypto and fiat.

Phonation of China adds that Yang and other OKEx investors reported the crypto exchange to the public security, manufacture and commerce departments, merely were told that the Financial Bureau was handling it.

OKEx had not responded to Cointelegraph'south request for annotate by press fourth dimension.

In February of this yr, China blocked foreign crypto exchanges on top of the domestic exchange ban, citing "financial risks." However, Cointelegraph reported in March that despite China's crypto crackdown, crypto and blockchain development are still growing in the country.