Digital Currency Exchange OTC Storm


HongKong, China -- (ReleaseWire) -- 08/03/2020 --2013 was a crazy bull market era, because in 2013, China's bitcoin transactions began to enter the golden age, and China monopolized more than 90% of global bitcoin transactions. Mention this one has to bring up a legend——MtGox.Its trading volume once accounted for 80% of the global Bitcoin transaction volume, but it declared bankruptcy within a short period of time. Because it suddenly lost 850,000 Bitcoins in 2014, MtGox was unable to bear the huge debt and eventually went bankrupt.

Today, in the digital currency market, "Huobi", which is known as the four major exchanges, has also been reported the rare crisis of "purchased digital currency being frozen" and "reverse freezing" in the USDT trading zone. As a result, the bank accounts of many OTC merchants, miners, and users were frozen. According to relevant sources, the bank cards of thousands of people were frozen, which was very miserable and caused panic in the digital currency circle. An article called"why Huobi users frequently get theirs bank cards frozen"published in March this year revealed that Huobi's risk control was completely out of control. What's more serious was that hackers used Huobi to launder money. It shows that Huobi's OTC security needs to be strengthened.

Not only that, OKEx was also affected by this "freezing card incident", and a large number of similar incidents occurred on its website. So in a short period of time, OKEx's OTC transactions have added 13 sets of smart risk control strategies which including 24h real-time monitoring, sub-second response speed, with big data decision engine, face recognition system, artificial intelligence model, etc., covering all legal currency orders, and also comprehensively protect the rights and interests of OTC merchants.

Not long ago, the Binance website was hacked, resulting in a large number of users' accounts and passwords?digital currency wallets being hacked. The losses incurred by these users are huge, said to have reached more than 40 million.

Generally, large trading platforms like Huobi, Binance, OKEx, and have strict KYC certification systems. However?many criminals use the method of purchasing a large number of registered accounts to pass KYC certification and launder money. It makes trading platforms difficult to prevent and ultimately suffers from it.

While other exchanges are trying to find ways to strengthen the risk control of registered KYC certification, one of the four major exchanges,, has silently initiated a series of security protection actions. It not only seizes user accounts or merchant accounts involved in money laundering or terrorist financing activities, but also directly freezes suspect accounts after verification and does not unfreeze them! It spared no effort to upgrade the triggering risk control rules, multi-dimensional face detection, reporting functions, business rights protection and digital currency withdrawal strategies. Moreover, 80% of user funds are stored in cold wallets through offline storage, eliminating the risk of being hacked. In this way, the safety of users is guaranteed to the maximum extent. formerly known as CHBTC. It was established in June 2013 and was the earliest of the four major exchanges. Its Chinese name is the famous CHBTC, which belongs to the top-level domain name. Just a few days ago, celebrated its seventh anniversary. In the past, CHBTC was selected by CCN as "one of the largest exchanges in China" in just three years. In the second year, Nasdaq also selected it as the world's largest exchange of bitcoin transactions.

One of the reasons why is recommended by many people is that it has extremely high security and strict seizure of offending accounts. In the past 7 years, has not had any financial security incidents, and its transaction security ranks among the best in the industry. However, after the bull market storm in 2017, chose to act low-key, and the frequent replacement of new and old users in the digital currency circle caused to gradually become less well-known. But this year, compared to the low-key early days,'s operations have obviously undergone tremendous changes in the past year. Not only are there more voices than before, the community has grown exponentially. Under the fierce market competition environment, big players can't be low-key like before.'s future development plan is still in the direction of internationalization. Currently, Indian OTC transactions have been launched to face the vast Indian market. In the future, will gradually break through the OTC market in various countries and truly achieve internationalization. It is believed that this 7-year-old exchange will also make another glorious future.