A user of Chinese cryptocurrency exchange Okcoin has sued the platform for allegedly denying him his free allocation of Bitcoin Cash (BCH) in August 2017.
‘No Deadline’
As local news outlet Legalweekly reports August 6, the trader, known by pseudonym Feng Bin, was unable to claim 38 BCH ($26,500) when Okcoin added support for Bitcoin’s hard fork last year.
By the time he had contacted customer support and investigated what appeared to be a technical issue, the exchange refused to award the funds, explaining that a deadline for all customers to claim the funds had passed.
This deadline, Feng alleges, never existed.
“I have been paying attention to the announcement of the OKcoin (BCH) release,” he told the publication.
In all the announcements, there is no declaration of the deadline for receipt and the withdrawal of the program.
BCH Highs Come And Go
Okcoin is now coming under legal pressure because of its reluctance to address the matter. According to officials, a set period for claiming BCH [coin_price coin=bitcoin-cash] came and went, while Feng claims he had no access to the claiming facility due to the absence of a designated feature within his account.
The original legal proceedings began at the beginning of 2018, the complaint also extending to Feng losing the ability to trade BCH at favorable rates due to his allocation being quarantined.
The exchange’s behavior has been “extraordinary,” he added.
Various exchanges had experienced teething problems to greater or lesser extents while processing the Bitcoin Cash phenomenon.
While some operators were initially uninspired to even add support for the airdrop of coins, others, such as Coinbase, only added claim functions months after the initial release. This, users complained at the time, also resulted in unfair disadvantage.
Coinbase has also faced legal threats over alleged insider trading linked to Bitcoin Cash, which conversely could have given certain parties the power to sell at highs.
What do you think about Okcoin’s Bitcoin Cash debacle? Let us know in the comments below!
Images courtesy of Shutterstock
