OKCoin updates trading fees to address customer’s evolving needs

Since launching our U.S. operations last year, OKCoin has become a leading worldwide fiat-to-crypto trading platform. We service global customers 24/7, with staff in San Francisco, Malta, London, Beijing, Hong Kong, Argentina, and the Philippines.

Fiat on-ramps are essential for opening access and encouraging mainstream cryptocurrency adoption. Our strong relationships with institutions like Silvergate, Signature, Bank Frick, and Prime Trust allow us to provide USD and EUR funding options to our users around the world.

This fiat-focus has driven user growth, increased volumes, and created healthier trading markets. In response to our users’ changing needs, we decided to update our fee schedule. After the update, OKCoin’s fees are 50% less expensive than our peers.

Starting the week of October 7th, the fee schedule will be as follows:

Our new fee schedule emphasizes our Premier program (P1 – P7 indicates Premier), available for accounts that trade in excess of $100,000 USD over 30-day periods. Premier users have access to dedicated account managers, faster fiat settlement, and product feature enhancements. For a full description of Premier benefits, please see our Premier page or contact us at [email protected].

The adjustments further incentivize liquidity provision on OKCoin. Accounts trading in excess of $10M USD over 30-day periods receive maker order rebates. As a fiat-focused exchange, we are a leader in this respect. We aim to ensure tight markets and adequate depth for active traders, institutions, and business partners. If you are a professional market maker interested in receiving additional benefits for supporting OKCoin liquidity, please contact us at [email protected].

We appreciate your support as we strive to further crypto adoption around the world.

P.S. We recently launched a new Referral Program! Available rewards include sign-up bonuses and revenue share opportunities for those who refer friends and active traders. 

Jimmy Nguyen explains the Bitcoin vision to OKCoin

On September 3, 2019, OKCoin launched their Let’s Build Bitcoin Together campaign, allowing users to vote on the Bitcoin project they feel should receive development funding. Not only has this been a great chance for the Bitcoin community to support the projects they admire, but it’s also allowed OKCoin to spread awareness about the benefits of each. On September 20, they were joined by Bitcoin Association Founding President Jimmy Nguyen for their podcast OK Let’s Chat, where he explained the philosophy of Bitcoin SV (BSV).

After getting a personal biography out of the way, Nguyen told host Alex Feinberg about how he came to the Bitcoin space through his clients and then nChain, and then came to his current role as President of the Bitcoin Association.

When it comes to the current state of Bitcoin and other cryptocurrencies though, he still views them as a speculative asset for the most part because forks like BTC haven’t followed the original whitepaper. “Bitcoin was born to be a peer-to-peer electronic cash system,” he tells Feinberg. “But because of the scaling restrictions, the artificial crippling of the Bitcoin network that were placed on the block size … the BTC chain has never grown to fulfill [this dream.] It’s not fast, it’s not cheap to transact, and it’s not used as daily cash.”

BSV, due to it’s massive blockchain scaling, is the only asset Nguyen sees as having a chance to carry the world forward with Satoshi’s vision. “I think that is exactly why Bitcoin SV is necessary to restore the original Satoshi vision of a massively-scaled blockchain that allows for fast, instant transactions that are super-cheap to produce so that people can use the system as electronic cash on a daily basis,” he said.

Nguyen notes that the early days of the internet were seen as a type of wild west, with unsavory websites and annoying pop-up adds. Much like that then, Bitcoin needs to evolve past its early routes and embrace a more professional regulatory friendly nature to attain wide adoption, as the internet eventually did. “It is the pursuit by many crypto camps of more anonymity in cryptocurrency that I think is going to most inhibit cryptocurrency’s growth,” Nguyen stated. “That’s why in the Bitcoin SV world, we’re not going for that.”

If you agree with Nguyen, time is running out to show your support for BSV in the Let’s Build Bitcoin Together campaign. Users will have their last chance to vote on their preferred Bitcoin fork on September 27.

OKCoin announces “Let’s Build Bitcoin Together!” — a pledge to donate up to 1,000 BTC to the Bitcoin community

Leading fiat-focused exchange launches a voting-driven initiative to invest up to 1,000 BTC into the development of Bitcoin, Bitcoin Cash, and Bitcoin SV

SAN FRANCISCO — September 3, 2019OKCoin, a leading fiat-focused digital asset exchange, announced a vote-driven initiative that pledges to donate up to 1,000 BTC (approximately USD 9.5 million) to the developers of Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin Satoshi’s Vision (BSV). Starting today, crypto enthusiasts can come to the OKCoin platform and vote for which project they would like to receive a donation. For every vote received, OKCoin will send 0.02 BTC (or the BCH or BSV equivalent) on the voter’s behalf to the selected project. At the end of the campaign, the amount raised per project will be divided and evenly distributed amongst the developers and organizations listed below. 

Visit our “Let’s Build Bitcoin Together!” webpage for more details and voting qualifications: https://www.okcoin.com/1000btc

Donations will go towards organizations and/or developers for the advancement of their associated cryptocurrency projects. The donation recipients are:

Bitcoin (BTC)

Luke Dashjr, Bitcoin Core developer
Ben Woosley, Bitcoin Core developer
fanquake (Michael Ford), Bitcoin Core developer
Sjors Provoost, Bitcoin Core developer
Jonas Schnelli, Bitcoin Core developer
Jimmy Song, developer of bitcoin coding programs

Bitcoin Cash (BCH)

Bitcoin ABC, full node implementation of the Bitcoin Cash protocol
BCHD, full node implementation of the Bitcoin Cash protocol•
Bitcoin Unlimited, full node implementation for the bitcoin and Bitcoin Cash networks

Bitcoin Satoshi’s Vision (BSV)

Bitcoin Association, development organization run by Jimmy Nguyen
CambrianSV, BSV proof-of-work boot camp headed by Ella Qiang

OKCoin’s mission is to make digital assets accessible to the world, and to achieve its mission, OKCoin has been focusing on ecosystem growth. The “Let’s Build Bitcoin Together!” campaign aims to bring together three well-known players in the Bitcoin community. The intention is not to put one project against the other. Instead, the initiative aims to highlight the shared history, the different approaches and positions taken, and to garner community support towards those focused on building and moving the projects forward. 

While OKCoin understands that many developers and organizations contribute to the growth and success of each project, the company’s final list of donation recipients includes verified individuals or organizations who fulfilled the specifications of the initiative. 

“As one of the first exchanges, we have been invested in the development of the ecosystem,” said Tim Byun, OKCoin CEO. “There is no question that the past few years have been a roller coaster for the whole community, so we’ve decided to step up and give back to the developers who keep moving us forward. The ‘Let’s Build Bitcoin Together!’ initiative, which we believe is the first exchange-led community investment of this scale, is our way of showing our commitment and dedication to the Bitcoin community.” Developers are, and will continue to be, key to improving the accessibility of digital assets, which is the heart of the OKCoin mission. That being said, we hope to give the full 1,000 BTC away, but we need people to get out there and vote!”

The “Let’s Build Bitcoin Together!” webpage includes the most up-to-date information, including details about the projects, the recipients, as well as the voting progress and amount raised for each project. 

Disclaimer: OKCoin is supporting development work for the chosen developers and organizations, not the personal, political or religious viewpoints of any recipient. The donation to each project and recipient is intended only for the use of furthering the development of the respective project and overall ecosystem. However, OKCoin does not impose any restrictions or monitoring of how the donations are spent.

About OKCoin 

OKCoin is one of the largest and most trusted fiat-to-crypto trading platforms in the world. Founded in 2013, OKCoin offers advanced features for crypto beginners and high-volume traders alike, enabling users in 184 countries worldwide to exchange US dollars and the euro for Bitcoin, Tethers, USDK, Bitcoin Cash, Ethereum, Ethereum Classic, Decred, EOS, Litecoin, XRP, Cardano, 0x, Stellar, Zcash, TRX, and other digital assets. As a registered Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and a Virtual Financial Asset Act (VFAA) exchange with a transitory provision permissioned by the Malta Financial Services Authority, OKCoin is on a mission to make digital assets accessible to the world while complying with the highest of regulatory standards. For more information, visit www.okcoin.com.

OKCoin’s Let’s Build Bitcoin Together campaign lets you support BSV

If you want to help the development of Bitcoin, OKCoin has an exciting new campaign that can make a big difference to Bitcoin SV (BSV) applications. As announced in their recent press release, the OKCoin “Let’s Build Bitcoin Together” pledge could mean an additional 1,000 SegWitCoin (BTC) worth of funding for BSV development.

Starting on September 3, 2019 at 6:00am PT, OKCoin users will be asked to vote for the selected developers they want to support. Every vote towards a group will contribute 0.02 BTC to that cause until all 1,000 BTC have been donated. Users have until September 27 to cast their vote, or until the 1,000 BTC have all been donated.

Participating in the campaign for BSV, the only Bitcoin to follow Satoshi’s original vision with massive blockchain scaling and a stable protocol, are the Bitcoin Association and Cambrian SV. They will be competing against the BTC’s Bitcoin Core development team and Bitcoin Cash’s ABC dev team, BCHD and Bitcoin Unlimited.

This is tremendous opportunity for the BSV community to make a huge contribution to BSV development with minimal effort or cost. At current BTC prices, every OKCoin user could make an approximate $200 difference to BSVs future.

If you don’t have an OKCoin account, the process is simple. Just make an account, pass KYC (Know your Customer) Level 2, and deposit both am minimum of $100 USD and $100 in crypto, having both in your account at the same time. That’s it! You keep the funds, and your vote can mean a healthy contribution to BSV development.

If you already have an account and have ever met this criteria, you can already vote.

Tim Byun, OKCoin’s CEO, noted that this is their attempt to re-invest in the ecosystem. “There is no question that the past few years have been a roller coaster for the whole community, so we’ve decided to step up and give back to the developers who keep moving us forward,” he noted in the press release. “The ‘Let’s Build Bitcoin Together!’ initiative, which we believe is the first exchange-led community investment of this scale, is our way of showing our commitment and dedication to the Bitcoin community.”

So if your looking to give back to BSV, this is the perfect chance to do so. Get over to OKCoin, and do what you need to do to vote for Bitcoin SV.

BTC trading crackdown prompts Chinese exchanges to reinvent

November marks the end of an era in China: BTC trading on domestic exchanges is now banned in the country.

The Beijing government announced in September that they will prohibit cryptocurrency trading in the country over growing concerns that the digital currencies have become the top choice for criminal activities like money laundering, drug trafficking, smuggling and illegal fundraising.

Most exchanges ceased their operations at the end of September, although two of China’s largest exchanges—OKCoin and Huobi—have been allowed to offer yuan-denominated trading until October 31, after which BTC trading is officially history in China.

There have been reports that cryptocurrency trading may resume in the country in the coming months, but the People’s Bank of China has yet to make an official announcement. Until then, many exchanges are reinventing themselves to survive.

OKCoin announced that it will rebrand as Bihang.com, and will offer customers a free online wallet for all types of digital assets. The company’s Beijing team will become a service provider for blockchain applications and development, while Hong Kong-based branch OKEx, which remains unaffected by the Beijing crackdown, plans to open a peer-to-peer (P2P) platform.

Also looking to open a P2P platform is Huobi via Huobi Pro, a Singapore-based digital asset trading platform for professional traders. Huobi Pro currently offers trading in nearly 10 digital asset classes and P2P investment services. Huobi is also setting up an exchange platform in South Korea to compete with marketplaces like Bithumb.

“Huozhuo China (huobi.cn) will transform itself into a comprehensive integrated information and research service platform in the vertical area of the blockchain, focusing on providing professional, in-depth and frontier blockchain technology research and development and application for users in mainland China,” said Lin Li, CEO of Huobi, in a statement.

BTC China, which shut down its domestic trading platform in September, has since rebranded as BTCC and shifted its resources to its mining pool, international market and wallet software Moby.

After shutting down the exchanges, the Beijing government has now turned its attention to the cryptocurrency over-the-counter (OTC) market, which has seen a spike in trading after regulators halted domestic on-exchange trading.

According to a new report from the National Committee of Experts on Internet Financial Security Technology, yuan trading volumes on OTC exchanges like LocalBitcoins, Paxful, CoinCola and Bitcoinworld have significantly increased after the government cracked down on domestic exchanges.

After analyzing the BTC-CNY transaction data of LocalBitcoins, Paxful and CoinCola, the government agency found that “the transaction volume of the three platforms totaled 680 million yuan (US$103 million).

“With the deepening development of BTC, OTC trading has been increasingly active. OTC opponents both anonymity, transaction payment channels, and there may be fraud trading risks. [The] National Internet Financial Risk analysis technology platform will continue to monitor.”

BTC trading crackdown prompts Chinese exchanges to reinvent

November marks the end of an era in China: BTC trading on domestic exchanges is now banned in the country.

The Beijing government announced in September that they will prohibit cryptocurrency trading in the country over growing concerns that the digital currencies have become the top choice for criminal activities like money laundering, drug trafficking, smuggling and illegal fundraising.

Most exchanges ceased their operations at the end of September, although two of China’s largest exchanges—OKCoin and Huobi—have been allowed to offer yuan-denominated trading until October 31, after which BTC trading is officially history in China.

There have been reports that cryptocurrency trading may resume in the country in the coming months, but the People’s Bank of China has yet to make an official announcement. Until then, many exchanges are reinventing themselves to survive.

OKCoin announced that it will rebrand as Bihang.com, and will offer customers a free online wallet for all types of digital assets. The company’s Beijing team will become a service provider for blockchain applications and development, while Hong Kong-based branch OKEx, which remains unaffected by the Beijing crackdown, plans to open a peer-to-peer (P2P) platform.

Also looking to open a P2P platform is Huobi via Huobi Pro, a Singapore-based digital asset trading platform for professional traders. Huobi Pro currently offers trading in nearly 10 digital asset classes and P2P investment services. Huobi is also setting up an exchange platform in South Korea to compete with marketplaces like Bithumb.

“Huozhuo China (huobi.cn) will transform itself into a comprehensive integrated information and research service platform in the vertical area of the blockchain, focusing on providing professional, in-depth and frontier blockchain technology research and development and application for users in mainland China,” said Lin Li, CEO of Huobi, in a statement.

BTC China, which shut down its domestic trading platform in September, has since rebranded as BTCC and shifted its resources to its mining pool, international market and wallet software Moby.

After shutting down the exchanges, the Beijing government has now turned its attention to the cryptocurrency over-the-counter (OTC) market, which has seen a spike in trading after regulators halted domestic on-exchange trading.

According to a new report from the National Committee of Experts on Internet Financial Security Technology, yuan trading volumes on OTC exchanges like LocalBitcoins, Paxful, CoinCola and Bitcoinworld have significantly increased after the government cracked down on domestic exchanges.

After analyzing the BTC-CNY transaction data of LocalBitcoins, Paxful and CoinCola, the government agency found that “the transaction volume of the three platforms totaled 680 million yuan (US$103 million).

“With the deepening development of BTC, OTC trading has been increasingly active. OTC opponents both anonymity, transaction payment channels, and there may be fraud trading risks. [The] National Internet Financial Risk analysis technology platform will continue to monitor.”