Chinese Media Criticizes OKEx for Illegal Advertisements as Bitcoin Surges Above $30K

On June 27th, the Chinese media outlet Beijing Business Daily published an article titled “Bitcoin’s Soaring Market Triggers Illegal Speculation Activities, OKX Resorts to ‘Indirect’ Marketing.”

Beijing Business Daily reporters noticed a resurgence in speculative activities related to virtual currency trading, following Bitcoin price climbing above the $30,000 mark.

The reporters observed that platforms such as OKX were running advertisements on certain cryptocurrency websites, offering “free Bitcoin upon registration.” Upon investigating further, the reporters found that clicking on the ad would redirect them to Okex’s trading platform. Users could register an account and undergo identity verification to proceed with purchasing cryptocurrencies such as Bitcoin. However, as of the time of reporting, the advertisement had been taken down.

Apart from illicit marketing activities by exchanges, scams and illegal fundraising schemes disguised as virtual currency ventures continue to proliferate. In response to this, the People’s Bank of China recently issued warnings titled “Beware of Risks Related to NFTs and Metaverse Speculation” and “Say No to Illegal Financial Activities in Virtual Currency (crypto or digital asset) Trading Speculation.” Analysts believe that consumers must remain vigilant, enhance risk prevention awareness, and actively steer clear of speculative activities such as virtual currency trading to avoid falling into related illegal and criminal traps.