Major Bitcoin Exchanges in China Announce Postponed Resumption of Retreats.
Today, the three main Chinese exchanges – OKCoin, Huobi and BTCC – announced that they will postpone the resumption of bitcoin withdrawals. All three have been inspected recently by the Central Bank of China (PBoC).
In nearly identical ads, exchanges indicated that they have been actively developing and updating their systems over the past month, including statements that they are trying to “investigate relevant policy details and learn from regulatory experience in other countries and discuss with The industry counterparts to explore the development of these new industry standards.”
In the three announcements, the exchanges indicated that “once approved by the regulatory departments, we will resume bitcoin withdrawal services”. Huobi also emphasized that “they have been making efforts to ensure the healthy development of cryptocurrences, under the premise of compliance.”
The CHBTC exchange also announced the same content as OKCoin, Huobi and BTCChina to its customers. Here is how Huobi’s announcement was drafted;
“Dear Users: According to the regulatory departments, “Bitcoin’s trading platforms should not violate AML’s national laws, foreign currency management and payment settlement laws and regulations,” Huobi has been actively developing and updating our system In this month, in accordance with relevant details of the policy and learn from the regulatory experience of other countries, and discuss with industry counterparts to explore the development of industry standards. Once approved by the regulatory departments, we will resume the bitcoin withdrawal service. Please pay attention to the official announcement of our website. “
This news follows earlier announcements of exchanges in China regarding new forms of verification and new rules on futures and margins.
Meanwhile, a small Chinese exchange called Coinnice announced it will resume withdrawals shortly, apparently trying to win more business as the “big three” bleed.
The “Lianghui” takes place in China from 9 to 16 March and is one of the most important political events in China. It is well known that the Chinese government prefers to ensure maximum “social stability” during this event. Therefore, bitcoin withdrawals are unlikely to return at any time before the end of those meetings.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.