The AOFEX exchange is under police investigation and has started a countdown to withdraw from the cryptocurrency exchange.

The liquidation of the Korean cryptocurrency exchange has entered the countdown phase. Recently, a China Times reporter reported that some traders said the cryptocurrency exchange called AOFEX was not accessible at the moment and workers felt evacuated. .

On December 14, the reporter learned from the AOFEX official website announcement that on the afternoon of December 10, the police in Xuzhou City, Jiangsu Province, had been led by the leadership of the 'company and experts to help with the investigation, and the situation has not yet been determined. Well. On the evening of December 10, the police blocked access to the user, not all AOFEX users can access the legal website and APP, and the events Access occurs as an error account name or password. On the morning of December 13, the AOFEX server was shut down and the content could not be posted to the official website and APP. The reason for the current cut is unknown. Non-AOFEX disconnects normally.

The reporter found that at present, the official AOFEX website only displays the announcement page, and users can complete the registration by email, but cannot view the information of exchange and other details.

In this regard, Su Xiaorui, senior analyst at Analysys, told a China Times reporter, on the one hand, that even if the exchange rate changes or even floods, it is not, especially in the end. of the financial industry. . . ; On the other hand, due to the lack of clear control over trade benefits, the trade that takes place on the road is "hopeful and fearless". User privacy and account security.

AOFEX exchange in police research

According to the AOFEX announcement, since all AOFEX experts have taken over the police investigations, no one in the company can change the servers and user access rights, and you will have to wait for the experts to cooperate with the police investigation before starting to work. Now he manages the company's wallet, and all key Cold Wallet employees have teamed up with the police to investigate, the user's money is safe. After restarting the server and resuming normal user operation, the removal room is closed. . open and 100% of consumer assets can be redeemed and withdrawn.

The reporter noted that two days before the announcement of the police investigation, AOFEX announced a temporary review and improvement of the system and a delay in coin withdrawals. The report shows that AOFEX has cooperated with city government regulatory authorities and completed the phase-out of all commercial applications in mainland China by November 2021. Now, the company's office staff are cooperating with the public security police to investigate and report and coordinate the location of consumer security.

AOFEX is currently undergoing temporary renovations and upgrades, and has stated that the full review of platform funds, expanded access to existing funds, and access to all refunds will be refunded after a full inspection. When the connection is restored, other functions of the platform can be used normally. During this time, the security of your account assets will not be compromised in any way.

A trader told the China Times reporter that AOFEX had never reported customs before, and when he asked the manager, he was told that a trade was still possible. The reporter said that the current price of coins on the AOFEX platform has fallen due to the inability to access and restrict coin withdrawals.

In this regard, Su Xiaorui said that currency trading is valuing using the C2C model for cross supervision, and it is difficult for investors to monitor and identify small cooperative behaviors. We are aware of this and it is an unregulated, high risk financial crime. Given the current situation, it is often difficult for consumers to trade their rights. This is particularly true if some exchanges are made abroad, which makes it difficult to verify the authenticity of the controller or operator.

Xu Xiaorui said that "traders should pay more attention to protectionism than to protect their rights after the fact," added Xu Xiaorui.

As a legitimate website, AOFEX was established in 2018 with a UK registered address and claims to be the world's first bad choice for wealth exchange, an open exchange for users all over the world and now owns over 100,000 ecological treasures. member.

Cryptocurrency Exchange Retirement Countdown

According to strong home watchdogs, several cryptocurrency exchanges have announced plans to pull out in October 2021. Incomplete data from the China Times shows more than 20 exchanges have been pulled. Exchanges such as Huobi, Binance, MEXC, Kucoin and Bitget have announced that they will complete the withdrawal and removal of Chinese users by December 31.

Chen Jia, a researcher at the Monetary Research Institute of Renmin University, told a China Times reporter that the cryptocurrency industry is currently illegal in China and produces and distributes tokens that are not the human bank of China's digital profits. It's illegal in China. In addition, in order to maintain community safety and prevent financial risks, regulators have increased the strength and precision of financial protection in recent years. In our own way, the cryptocurrency exchange is first kicked out of the gray area.

Chen Jia believes that this illegal behavior has resulted in increased operating costs and short-term behavior for the entire industry. As an investment-intensive business, high investment and short-term employment usually have two advantages, one is the pursuit of short-term returns and the other is the immediate completion of insurance. .

Chen Jia said that at present, most of the exchange servers are located overseas, some are in East Asia, some areas are weak, and some are in the country and region. open to crypto assets or profits. When a currency crisis arises, home traders must cross borders to defend their rights. The problem of constant money exchange prevalent around the world two years ago is examined, and traders have come across weak data on the exchange rate.

"Few people have backed away from the previous money laundering case. The only way to avoid losing gambling is not to engage in gambling," Chen Jia added.

Journalists reported that new services have emerged in the process for consumers to do business in China through exchanges, some companies provide foreign business registration services to mainland users, and even directly provide foreigners to respond to inquiries. consumer needs. .

A customer service representative told our reporters that recently many people have faced foreign trade registration problems. All this to invest in cryptocurrencies by opening banks in exchange. Currently the cost of registering a business in UK is 1,500 RMB / year and you only need to provide your ID card or passport to work.

In this regard, Chen Jia said that due to governance differences, international companies involved in crypto assets or money services have grown rapidly overseas. When intermediary companies provide services to investors in China, they often ignore home care and invest in the cryptocurrency market. . For real estate investors, this type of investment is the first of all crimes, and the second, due to the absence of law, income can only be seen through the law, and it can again enter and out of the country, this has fallen into the category of anti-money laundering, the People's Bank of China has affected the crime of, finally, the practice This investment behavior poses a serious threat to national sovereignty and macro-financial stability. The state has promulgated laws and regulations governing the behavior of private companies, and future monitoring is accurate and effective.

In Chen Jia's view, legalization of cryptocurrency cannot be guaranteed even in North America, where the rules of the cryptocurrency market are also loose and consumers trade from home. It must be the law of unity.

“The forex market is often a new model of neglect. At present, there is no comparative financial model. Investors have been skilled in the business for many years, strong education and potential for growth, the main foundation. of the currency exchange that I have seen is the person It goes way beyond the interests of investors. Chen Jia said.

Editor-in-chief: Xu Yunqian Editor-in-chief: Gong Peijia