The official release indicates that, after 10th May, users will be able to return the extensions to the Platform before the date of their scheduled date or expiry date, while new users will be unable to access this service.
Foreign Operations Okaykane manager Jeane Techkit told CEO Dasak that this move took part in the planned process before upgrading its PP margin trading system and the hall was necessary to influence this change.
Probably, a part of the process proposes that OKCoin is taking it seriously that it is currently in conformity with the existing People's Bank of China (PBOC), a strictly unbiased restriction that is transformed by the central bank of the country.
"Once finished, our customers will be able to sign a contract acknowledging the risks associated with using a margin trading system, which will allow them access to this service," said Techtet:
"We are afraid that new users can not get enough sense of risk and how to safely use margin trading and this can damage their fund."
On May 6th, Okkane four major China-based exchanges, promoted greater transparency in the practice of its business.
However, this announcement was likely announced that Okkane CEO Star Xu will cancel a planned presence at the Global Bitcoin Summit this weekend.
How OKCoin's margin trading works?
OKCoin provides a leverage to its peer-to-peer margin trading service, depending on the user's location - VIP subscribers are allowed to access more advanced service capabilities than regular service users.
Those who borrow the service, prefer their preferred interest rate, accept the minimum requested amount. For example, a lender who wanted to lend at a rate of interest of 5%, but it was found that the minimum loan amount was 2%, the amount of debt would be set at the level.
Market rate automatically sells a borrower's quote and ensures the loan provider's original investment OKCoin also keeps a risk management system in case of sudden market change.
Increase risk awareness
OKCoin's decision to increase investor awareness as part of the service stop is being implemented in a Chinese-based exchange, which has suffered losses of original banking partners in recent weeks.
In addition to reaffirming its commitment to investor awareness, Okkon also paid a flat fee for high-frequency transactions, to spare additional panic and to protect investors, and the commitment to report authority's latest industry development.
Huawei, BTC China, BTTTrad and CHBTC have signed this pledge.
For more details on the announcement and its impact on the Chinese market