Abstract: Within six months, it has become one of the world's largest virtual currency exchanges, and the rapid rise of Coin An has been accompanied by various doubts. On the early morning of January 17th, "Coin Circle Sister" He Yi gave an exclusive response to the media's recent questioning of Coin An to All Weather Technology. She said: Coin An did not print money, did not hype up Bochang coins, did not provide over-the-counter transactions, and the company's employees were very wealthy but still ate boxed meals every day.

Article | All weather technology Gong Zheng

The Coin On Exchange was officially launched on July 14, 2017. In more than half a year, Coin On has become one of the world's largest virtual currency exchanges at a rocket like speed, with a market value of 14.3 billion yuan for its ICO tokens.

In terms of user volume, on December 19, 2017, Coin An announced that its user base exceeded 2 million, and in less than a month thereafter, this number jumped to 5 million. At the same time, according to media reports, 250000 new users continuously flock to the platform of Coin An every day.

The outside world, especially the media, is also closely questioning Coin An. According to Sina Finance, Coin An uses coin trading to evade regulation. At the same time, they hype the price of coins by issuing tokens and regularly destroying them, and use marketing activities to manipulate the prices of other ICO currencies; Some financial bloggers have also revealed that the daily handling fee income of Coin An exceeds the sum of the Shanghai Stock Exchange and Shenzhen Stock Exchange.

At around 2 a.m. on January 17, 2017, He Yi, the co founder of Coin An, who had just flown overseas, gave an exclusive response to recent media inquiries about Coin An to All Weather Technology. She said: Coin An did not print money, did not hype up Bochang coins, did not provide off exchange transactions, and company employees ate boxed lunch every day.

The myth of overnight wealth is played out every day in the coin industry, and marketing methods for promoting tokens emerge endlessly. In the face of the challenge of sending luxury cars to TRX, one of the most popular currencies issued under Coin An, He Yi replied: "Which one of OK (OKCoin), Huobi, Lbank, Kucoin didn't send luxury cars?"

More than 5 million global users, but not a Chinese company?

On January 12th, Zhao Changpeng, the founder of Binance Coin, stated in an interview with Bloomberg that Binance has recently added millions of users per week. Within one hour of January 10th this year alone, 240000 people registered, and the platform had to close the registration channel to ensure service quality.

According to Coinmarketcap's records, the trading volume of Coin On reached $6.1 billion the day before the report was released.

With the trend of digital currency and blockchain, the number of user registrations on multiple digital currency exchanges has set records. According to Daily News, Coinbase has 100000 new users registered every day, Kraken has 50000 new users registered every day, and Coinan accepts up to 250000 new users every day.

On January 10th, Coin On announced that its global registered users exceeded 5 million, making it one of the world's largest exchanges.

They claim that the platform's users are mainly from Europe and America, with Chinese users accounting for less than 4% of its user base, far lower than countries such as Japan and South Korea, which are also in Asia.

Among the more than 5 million users now, only 3% are Chinese users, "said He Yiyi, co-founder of Coin An, a 24/7 technology platform." Coin An is an international blockchain asset trading platform, with more Indian users than Chinese users, just because the founder is of Chinese descent, providing Chinese services is often regarded as a Chinese company.

According to a report by 36 Krypton, data publicly disclosed by Coin An in September 2017 showed that at that time, the proportion of Chinese users was as high as 20%.

He Yi announced his joining of Coin An in August last year, serving as its CMO and co founder. She previously served as Vice President of Technology. In the coin industry, her more well-known identity is the co founder of OKCoin Coin. It is said that during the OKCoin period, she led the exchange to gain 60% market share, earning her the nickname "Coin Circle Sister".

On September 1st last year, on the eve of China's regulatory authorities' crackdown on ICO, Coin An announced the acquisition of millions of dollars in angel round financing from Pan City Capital and Black Hole Capital, founded by Chen Weixing, the founder of Free Fast Taxi.

Rapid rise without relying on over-the-counter trading?

Most mainstream exchanges adopt the trading method of buying and selling digital currencies in fiat currency. After the advent of regulation, most transactions between fiat and digital currencies have shifted to off the exchange.

Due to not accepting any legal currency recharge and only supporting users to complete the exchange between virtual currency and virtual currency, and the servers are set up overseas, Coin Security has not been directly impacted by regulatory policies.

According to some analysts, while domestic exchanges are busy with coin refunds and clearance, Coin Security, which only provides coin trading services to avoid regulation, has gained opportunities for rapid development.

We have never provided over-the-counter trading, "He Yongyi emphasized." Although we are not a Chinese company, we also comply with the laws and regulatory measures of various countries

At the same time, Coin An began to enter the international market with a high profile. During the regulatory rectification process, Coin An once issued a statement on its website stating that it will block transactions from Chinese IPs.

If you want to ask the reason for the rapid growth of Coin An, it is because our technology has leading advantages, and the handling fees are low, so we give the profits to the users as much as possible. "He Yi said," When Chinese users clear and return, we can paste tens of millions of yuan. The wrong coin industry defaults to not finding it, and we will help users find it. If they are scammed, we will help them find ways one by one, and users are not blind

Coin An has a market value of 14.3 billion yuan, but has not printed any money?

Coin On also issued its own ICO token, Coin On Coin (BNB), and went online on the exchange. The total issuance of this token remains constant at 200 million, with 100 million publicly issued and never increasing.

According to its official explanation, if users participating in the transaction hold a full amount of BNB, the system will discount the required transaction fees and convert the equivalent amount of BNB based on the market value at that time, using BNB to complete the payment of the transaction fees.

In addition, Coin An has set up a repurchase mechanism for BNB: 20% of the net profit of Coin An platform for the current quarter is used to repurchase BNB every quarter, and the repurchased BNB is directly destroyed. Coin An repurchased and destroyed 986000 BNBs based on a profit of $7.5 million in the first quarter last year.

According to previous reports from Sina Finance, Coin An "forcibly bound the use value of BNB" and destroyed "artificially created concepts and scarcity to facilitate speculation". According to the report, "At the current price of 143 yuan per BNB coin, Coin An already has assets of 14.3 billion yuan, and the cost is only the printed Coin An coin

It is not uncommon for exchanges to issue their own ICOs, including Bigone, BIG, and the option trading platform JEX, which have all issued similar tokens.

He Yi refutes the media's claim that Coin An "prints money on its own", stating that BNB is equivalent to a 50% discount on Coin An's stored value card. Regarding the reason for the increase in BNB's value, she stated that due to the limited total quantity, the more users there are, the higher the handling fees, and therefore the higher the price of BNB.

BNB has already cleared Chinese users in September (2017), and at that time, we also repurchased these cleared users at an early rate of 5-10 times. We are expanding our seed users globally, and today our seed users have received relatively good profits. "He Yi sued 24x7 Technology, stating that if" selling 50% off limited value stored cards "is a mandatory value giving, then the Express Platinum card is also a mandatory value giving.

Is luxury car marketing equivalent to manipulating wave currency transactions?

He Yi also denied the media's questioning of the interest relationship between TRX and Coin An. On August 22, last year, the Coin On Exchange launched 500 million wave field coins, which were sold out in 53 seconds. After the central bank began cracking down on ICO activities in September, Sun Yuchen, the founder of Bochang TRON, went to the United States.

Afterwards, Bochang Coin began to be launched on multiple overseas exchanges one after another. On December 19, 2017, Coin An held a series of marketing activities targeting TRX trading volume, with prizes including Maserati and Mercedes Benz sedans. Subsequently, the trading activity and price of wave currency rapidly increased in the short term.

"Who hasn't given away luxury cars from ok (OKCoin), Huobi, lbank, and Kucoin? TRX is just one of our countless token partners. They have also done activities on other platforms, and the prices of some projects have also fallen" He Yi said that she didn't think that the rise in prices is necessarily related to activities, and denied that money security drives the price of TRX.

Does the handling fee income exceed the total of the Shanghai and Shenzhen exchanges? The team is very wealthy, but they are still eating boxed lunch

Previously, a financial blogger named "Historical Journey to the City" claimed that Coin An had achieved a daily transaction of 40 billion yuan and a fee income of 40 million yuan. Compared to the daily trading volume of 100 billion yuan on the Shanghai Stock Exchange and 50 billion yuan on the Shenzhen Stock Exchange, the two exchanges together earned only 36.75 million yuan in one trading day.

The official service fee description of Coin An shows that its transaction rate is 0.1%, and it is deducted based on the BNB held by the user. The withdrawal fee will be adjusted regularly based on the actual situation of the block.

He Yi stated that the handling fee for Coin An is currently around 3/10000, which is lower than other platforms. In an interview in November last year, He Yi stated that the fee collection rule for Coin An is a two-way fee of 0.025%. She did not disclose the revenue situation of Coin An Company to 24x7 Technology, but only stated that "exceeding the revenue of two exchanges is not objective".

Our team members, even if they are nominally wealthy, still eat boxed lunch today, "He Yi said

Escape from China

On January 16th, according to 21st Century Economic Report, regulatory authorities recently released a signal in a special report on the rectification of internet financial risks that they will continue to strictly rectify activities such as "going overseas" and "over-the-counter trading" on digital asset token platforms such as Bitcoin and Ethereum (hereinafter referred to as tokens); For individuals and institutions registered in mainland China that provide market making services for over-the-counter exchanges, "wallet" service providers, and centralized trading, the above work briefing requires resolute ban; For platforms registered overseas that provide transaction services for domestic users, they will be legally blocked and their mobile apps will be closed; For those who provide payment services for "offshore" and "off site" platforms, strict punishment is required for the corresponding payment institutions.

The increasing craze has also prompted regulatory agencies in other countries to take action. Last week, officials from the South Korean tax bureau raided the office of Coinone, one of the largest Bitcoin exchanges in the area, this week, demanding that the exchange disclose documents and cryptocurrency trading information.

Local media reported that the Digital Currency Task Force established by the Bank of Korea will actively cooperate with eight government departments, including those responsible for financial stability and monetary policy, to focus on studying the impact of digital currency on the financial system.

According to a Reuters report, Joachim Wuermeling, a member of the Deutsche Bank's board of directors, stated that regulating virtual currencies such as Bitcoin requires global unified action, as regulations formulated by a country or region are difficult to implement in virtual, borderless communities.

Before the introduction of domestic regulatory policies, Coin An had already moved from China to Japan. In an interview with the media earlier, Zhao Changpeng stated that the company has opened up markets in Japan, the United States, South Korea, and the UK, which is claimed to have the highest trading volume.