The cryptocurrency landscape in China has undergone a seismic transformation in recent months, culminating in a series of strategic pivots by major domestic platforms. Among them, OKCoin has emerged as a key player adapting to the new regulatory environment by shifting its focus from domestic trading to global blockchain innovation and long-term digital asset custody.
On October 30, OKCoin announced that starting October 31 at 24:00, its Chinese platform—OKCoin.cn—would cease all RMB-to-Bitcoin trading services. This move aligns with broader regulatory directives issued by Chinese authorities in September 2017, which mandated the shutdown of local cryptocurrency exchanges and initial coin offering (ICO) platforms.
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Despite stepping back from active trading in China, OKCoin emphasized that it remains fully committed to user security and long-term value. The company confirmed that it will permanently offer free digital asset custody services, ensuring users can securely store their holdings without fees. This service leverages years of technical expertise in blockchain infrastructure and cybersecurity.
"OKCoin.cn will continue to assist every user with operations to ensure your assets remain safe. Given the technical complexity of securing digital assets, we are proud to offer this permanent, no-cost托管 solution."
Notably, the OKCoin brand and website will remain active, not as a trading venue but as a trusted gateway for asset protection and future blockchain initiatives.
Strategic Rebranding and International Expansion
In a bold step forward, OKCoin has rebranded its international ambitions under a new domain: bihang.com—a name derived from the Chinese term for "digital currency hangar." This repositioning signals the company's transformation into a full-fledged blockchain technology developer and service provider, focusing on enterprise-grade applications, decentralized systems, and cross-border financial solutions.
Crucially, OKCoin is not exiting the market—it’s expanding globally. The company revealed it has already secured digital asset trading licenses in multiple countries through investments and partnerships. Its overseas operations, including OKEx.com, are now managed by independent local entities compliant with regional regulations.
OKEx, OKCoin’s international arm, continues to support a full suite of trading services, including spot, futures, and derivatives markets. In a recent example, OKEx enabled users to claim newly forked assets such as Bitcoin Gold (BTG) directly through their accounts. Users were instructed to log into OKEx via their existing OKCoin credentials and claim BTG under the "Funds Management" section.
This seamless integration between OKCoin and OKEx allows users to transition smoothly into global markets while maintaining access to their digital wealth.
The Rise of Peer-to-Peer and OTC Trading
As centralized exchanges in China shut down, peer-to-peer (P2P) and over-the-counter (OTC) trading have surged in popularity. According to a report by the National Internet Finance Safety Technical Committee released on October 27, BTC-CNY OTC trading volume on platforms like LocalBitcoins and Paxful increased from around 5% to nearly 20% of total Bitcoin OTC activity following the September crackdown.
The report also found that 96.3% of CNY-based OTC transactions occurred via Alipay transfers, highlighting how users adapted quickly to informal channels despite regulatory pressure.
Other platforms like Huobi.pro, the international counterpart of Huobi.cn, are preparing to launch dedicated OTC marketplaces supporting global fiat currencies. These platforms allow buyers and sellers to post orders and negotiate directly, facilitating cross-border access to digital assets outside traditional exchange frameworks.
Huobi’s founder, Li Lin, stated that after completing the exit from mainland China’s retail market, Huobi Global USD Station would focus on serving qualified international investors with dollar-denominated trading pairs.
Meanwhile, Huobi China will pivot toward becoming a blockchain research and media hub, providing news, analysis, and educational content focused on distributed ledger technologies.
Core Keywords and Market Positioning
The evolving strategies of OKCoin and its peers reflect a broader industry shift driven by regulation and innovation. Key themes shaping this transition include:
- Digital asset custody
- Blockchain technology development
- Global crypto exchange expansion
- OTC and peer-to-peer trading
- Cryptocurrency regulation compliance
- Secure wallet solutions
- International licensing
- Decentralized finance infrastructure
These keywords represent not only current market trends but also long-term growth vectors in the post-exchange era of digital finance.
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Frequently Asked Questions (FAQ)
Q: Is OKCoin still operational in China?
A: While OKCoin.cn no longer supports RMB or Bitcoin trading, the platform remains active for free digital asset custody. Users can store their cryptocurrencies securely without fees.
Q: Can I still access my assets if I used OKCoin.cn?
A: Yes. Users can withdraw their digital assets to external wallets or transfer them to OKEx for continued trading. OKCoin provides step-by-step guidance for claiming forked coins like BTG.
Q: What is the difference between OKCoin and OKEx?
A: OKCoin was primarily focused on the Chinese market, whereas OKEx is its international exchange offering advanced trading features. Both platforms share login credentials for user convenience.
Q: Why did Chinese crypto exchanges shut down?
A: On September 4, 2017, seven Chinese regulatory bodies issued a joint statement banning ICOs and ordering the closure of domestic cryptocurrency exchanges to mitigate financial risks and investor protection concerns.
Q: Are there alternatives for buying crypto in China now?
A: Direct exchange trading is no longer available, but users can engage in OTC trading via platforms like LocalBitcoins, Paxful, or emerging P2P services integrated into global exchanges.
Q: Will OKCoin ever resume trading in China?
A: There are no current plans to restart trading on OKCoin.cn. The platform’s future lies in blockchain innovation and global expansion through licensed international entities.
A New Chapter in Blockchain Innovation
With its domestic exchange operations concluded, OKCoin is redirecting resources toward building scalable, compliant blockchain solutions for a global audience. By maintaining its brand presence and offering free custody, it strengthens trust among former users while laying the foundation for next-generation financial tools.
The broader ecosystem is following similar paths: pivoting from speculative trading to foundational technology development, regulatory compliance, and user empowerment through self-sovereign asset management.
As blockchain matures beyond its early hype cycles, companies like OKCoin are proving that resilience lies not in resisting change—but in leading it.
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