Okay Group aids China battle blockchain cash laundering

Okay Group will get started functioning with Chinese authorities to fight cash laundering employing distributed ledger technological innovation.

Okay Group, a blockchain technological innovation enterprise previously behind the OKEx cryptocurrency exchange, will get started functioning with Chinese authorities to fight cash laundering employing blockchain technological innovation.

The settlement-targeted firm’s subsidiary, OKLink, has partnered with the Nanjing Institute of Public Security to jointly apply blockchain technological innovation for anti-cash laundering functions.

The Institute announced that the partnership will involve in-depth cooperation with OKLink to market the integration of blockchain technological innovation to boost public safety and social governance. As portion of the agreement, the events will create a analysis laboratory to take a look at compliance methods and methods to complete on-chain information analytics to fight illicit monetary exercise.

According to the announcement, OKLink and Nanjing Institute of Public Security have also agreed to more deepen cooperation in the blockchain sector.

Chinese cryptocurrency reporter Colin Wu says Chinese authorities are more and more collaborating with nearby crypto leaders.

“To some extent, cracking down on crypto-related fraudulent projects can help the local police with revenue, so they are also highly motivated.”

The information comes amid a significant crackdown on the cryptocurrency sector in China as nearby authorities have launched restrictions on cryptocurrency trading and suspended operations in cryptocurrency exchanges, the country’s principal crypto mining center in latest months.

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