OK Group Helps China Fight Money Laundering With Blockchain

OK Group, a blockchain technology company that used to be behind the OKEx cryptocurrency exchange, will work with Chinese authorities to use blockchain technology to combat money laundering.

Company billing-focused subsidiary OKLink has partnered with the Nanjing Institute of Public Security to jointly apply blockchain technology to fight money laundering.

The institute announced that the partnership will include an in-depth collaboration with OKLink to advance blockchain technology integration to improve public safety and social governance. As part of the agreement, the parties will set up a research laboratory to examine compliance strategies and systems for performing on-chain data analytics to combat illegal financial activity.

According to the announcement, OKLink and the Nanjing Institute of Public Security also agreed to further deepen their collaboration in the blockchain industry.

Connected: Chinese government agency issues blockchain development roadmap

The Chinese crypto journalist Colin Wu speak that the Chinese authorities have increasingly collaborated with local crypto leaders. “To some extent cracking down on crypto-related fraudulent projects can help the local police force generate some income so they are very motivated,” he added.

The news comes amid massive crackdown on the crypto industry in China, as local authorities put restrictions on cryptocurrency trading and ceased operations on crypto exchanges in recent months.