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Compliance Disclosure

PURPOSE OF OUR PROGRAM (“OKCoin”) has established and implemented an Anti-Money Laundering, Anti-Terrorist Financing and Trade & Economic Sanctions Program (“AML/ATF/Sanctions Program” or “Program”) to ensure a robust, compliant, and value-adding digital asset trading platform. We want to promote legal, transparent business activities and maintain a strong reputation among our customers, regulators and the digital asset industry.
We are a global digital asset trading platform or marketplace, where traders come as buyers and sellers or commonly referred as market-makers and market-takers. For clarity, buyers and sellers trade with each other and not with us as counterparties. Our Services are available through, associated application program interface and/or mobile applications (Site) and through operating entities, such as OKB Technology Company Limited (incorporated in Hong Kong) and OKCoin USA Inc. (incorporated in the US).
Disclosure: Trading is risky. The risk of loss in trading or holding digital assets can be substantial. You should therefore carefully consider whether trading is suitable for you in light of your financial condition.
We understand that regulatory bodies have taken a diverse approach to the laws and regulations regarding digital assets, including some characterizing or defining digital assets as virtual currency, crypto-currency or digital currency based on the context of certain business activities. As a trading platform or marketplace, we believe that bitcoin and litecoin (as well as other alternative-coins) are digital assets that are emerging as an innovative alternative asset class; and therefore, digital assets should not be called money or currency.
Disclosure: Digital assets are not money nor fiat currency. While digital assets may have significant value, OKCoin does not view digital assets as money or fiat currency. Digital assets such as bitcoin and litecoin are NOT backed by any government or central bank. Nevertheless, since we provide a valuable feature to our customers who wish to trade and settle in fiat currency (such as US Dollars), we believe it is imperative to maintain a robust AML/ATF/Sanctions program as we connect with the fiat currency financial system. We may at times have opinions of the different regulatory approaches taken by various government bodies; however, at all times, we will fully abide by rules and regulations of the respective countries. We regularly outreach to regulators and industry on the best approach to regulating digital asset businesses.
Disclosure: We cooperate with governments. While we may not welcome costly regulations in itself, we respect regulations and comply with applicable regulations. As good corporate citizens, we may be asked for information from law enforcement authorities and will assist if permissible by law. What this also means is that our platform is intended for law abiding customers. We welcome the opportunity to earn your business, and in return we require that you act legally and properly on our platform. Furthermore, to promote a robust ecosystem, we have screened our customers (including beneficial owners) against the entities/persons on The Government of the Hong Kong SAR Gazette, United States Office of Foreign Assets Control (OFAC) Sanctions Lists, and the United Nation Security Council Sanctions List, among other sanction lists. We also may screen against other lists on a discretionary basis to protect our reputation and customers.
Disclosure: We do not accept certain customers. Our operating entities such as OKB Technology Company Limited and OKCoin USA Inc. comply with applicable local and foreign laws and regulations. To maintain our strong reputation in the market and to abide by certain jurisdictions that have unique regulatory requirements on our operating entities, we have decided to not seek nor accept customers from certain jurisdictions including Cuba, Iran, North Korea, Crimea, Sudan, Syria, Malaysia, Bangladesh, Bolivia, Ecuador, and Kyrgyzstan. The latter four countries have presently banned activities involving digital assets. We simply do not wish to run afoul with various countries’ regulations. Additionally, within US, we currently only provide our Service to users in California; more eligible states will come soon.
We have designed our Program to reasonably prevent money laundering and terrorist financing through a risk-based, multi-layer control system. The first layer includes a stringent customer identification program, including verifying the identity of our customers, whether individuals or entities. In addition to obtaining identification documents, we obtain for non-natural persons their entities’ beneficial owners/natural persons consistent to international standards such as the Financial Action Task Force (FATF). The second layer includes a risk-based system to warrant additional customer due diligence. The third layer includes ongoing monitoring for suspicious activity. If our Program suspects or has reason to suspect suspicious activities have occurred on OKCoin USA Inc., we will file suspicious activities reports with the US Department of the Treasury Financial Crimes Enforcement Network (FinCEN). If our Program suspects or has reason to suspect suspicious activities have occurred on OKB Technology Company Limited, we will file suspicious activities reports with local regulators at our discretion. A suspicious transaction is often inconsistent with a customer’s known and legitimate business, or personal activities.
These are the primary components of our compliance program; however, the most important glue or connection to these layers are our leadership team and staff, including AML/Risk personnel that execute training, oversight and a sound compliance culture. If you have questions or require assistance with our customer due diligence controls, please do not hesitate to reach out to our 24/7 customer service representatives by phone, chat or email at [email protected]
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