OK Group Supports China to Fight Money Laundering Through Blockchain
The OK Group will start working with Chinese authorities to fight money laundering, using distributed ledger technology.
OK Group, a Blockchain technology company that was previously behind the OKEx Cryptocurrency Exchange, will start working with Chinese authorities to fight money laundering, using Blockchain technology.
Subsidiaries that focus on company settlements, OKLink, have achieved partnerships with the Nanjing Public Security Research Institute to collaborate on registering Blockchain Tech for anti-money laundering purposes.
The Institute announced that the partnership would include deep cooperation with OKLink to promote Blockchain technology integration to improve public security and social government. As part of the agreement, the parties will establish a research laboratory to explore the strategies and compliance systems that apply data analysis in the chain to combat prohibited financial activities.
According to the announcement, the OKLink and Nanjing Public Security Research Institute also agreed to deepen their cooperation in the Blockchain industry.
Crypto Chinese journalist Colin Wu said that China’s authority was increasingly working with local Cryptocurrency leaders. “To a certain extent, cracking down on a fraud project involving Cryptocurrency can help local police earn income, so they are also very motivated,” he added.
The news happened in the midst of the main crackdown in the cryptocurrency industry in China because local authorities have placed restrictions on cryptocurrency trading activities and suspended operations at the main crypto mining center in the present months.