BKEX Has Ceased Operations, Fiat OTC Tutorials Unavailable
The original title pointed to the "BKEX BKEX exchange Fiat OTC Trading Tutorial," but public records show that BKEX is no longer an operational trading platform. On May 29, 2023, BKEX announced that some user funds were suspected of involvement in money laundering, and the platform cooperated with police evidence collection while suspending all withdrawal services; subsequently, its official website was shut down and operations came to a standstill. Currently, the exchange has no reliable active trading channels, and therefore no fiat OTC operation tutorial is available for current readers.
Judicial Characterization: Futures Trading Classified as Gambling
In January 2025, the People's Court of Pingjiang County, Hunan Province, released multiple criminal judgments classifying futures trading on the BKEX platform as gambling, and pursued criminal liability against related employees and agents under the crime of establishing a casino. Public reports indicate that multiple platform employees and agents were identified as accomplices. This characterization means that BKEX-related trading activities are not ordinary digital asset buying and selling under the Chinese judicial context, but fall within the scope of criminal evaluation.
Historical Controversies and Shutdown Background
BKEX was founded in Chengdu in 2018 by Ji Jiaming, also known as Ji Jingyan or Lion Ji. Between 2020 and 2021, the platform experienced user rights protection disputes involving price volatility after project listings, account freezes, and inability to withdraw funds. In November 2021, after Chinese financial regulatory authorities issued a notice clarifying that virtual currency-related business activities constitute illegal financial activities, BKEX was still reported by media to be operating in the Chinese market and soliciting customers. Following the suspension of withdrawals in May 2023, the platform further lost user trust.
Case Data: Historical Scale for Reference Only
Public reports disclose that by the time the case broke, BKEX had approximately 270,000 futures trading users, of whom over 60,000 were active; the platform's accumulated net profit was approximately 54.798 million USDT. CoinMarketCap archive data shows that in May 2023, BKEX recorded a 24-hour global trading volume of approximately $447.58 million. The above data represents historical conditions only, which may have become obsolete with the platform's shutdown, and cannot be used to judge its current status.
Compliance Reminder for Readers
Regulatory requirements regarding virtual currency spot, futures, fiat on/off ramps, and agent promotion vary significantly across different countries and regions. The BKEX case demonstrates that platform shutdowns, withdrawal freezes, criminal characterization, and agent accountability can occur simultaneously. Readers should not seek alternative paths to bypass regulation, but rather confirm whether relevant transactions are permitted in their jurisdiction, and independently verify platform qualifications, asset security, and legal risks.
