User Rating: 5 / 5

Star ActiveStar ActiveStar ActiveStar ActiveStar Active
 

Chinese bitcoin exchanges halt withdrawals after central bank talk

Chinese bitcoin exchanges halt withdrawals after central bank talk

Huobi and OKCoin announced last Thursday that it is completely stopping bitcoin and litecoin withdrawals for one month, effective immediately. In a post, the two Chinese digital currency exchanges said halting the withdrawal feature was part of the decision to improve their anti-money laundering capabilities and prevent “illegal transactions.”

OKCoin said only its OKCoin.cn portal is affected by the suspension.

During the one-month period, OKCoin and Huobi would go through an “upgrade” to fight “money laundering, exchange, pyramid schemes and other illegal activities.” BTC China also announced that it is subjecting all bitcoin withdrawals to a 72-hour review as it upgrades its internal systems.

The announcement is the latest in the string of changes that the so-called China’s “Big 3” bitcoin exchanges have implemented since catching the ire of the People’s Bank of China (PBoC) early this year.

In January, PBoC investigators discovered “irregularities” in the operations of the three companies, including offering a loan feature called margin trade, which the central bank said not only violates the country’s rules but has also caused bitcoin’s recent volatility. BTC China was also found to have been offering loans, which the central bank said is beyond the scope of its business as a bitcoin exchange.

The crackdown prompted Huobi, OKCoin and BTC China to officially begin charging 0.2 percent trading fees per transaction to all of their users, triggering a decline in volume at these three exchanges.

PBoC, meanwhile, began a wider scrutiny of cryptocurrency trading. This week, the central bank called in several Chinese digital currency exchanges for closed door meetings, warning them to enforce anti-money laundering and foreign exchange regulations.

“If the exchanges violated the above requirements, and if the circumstances were serious, the inspection team may ask the relevant departments to close down the exchanges according to law,” the central bank said in a statement.

Current bitcoin price

The price of bitcoin dropped to $969.08 early Friday morning after the Chinese exchanges halted withdrawals.

Related articles

Deposits and Withdrawals of Online Casinos
Welcome to our Casino payouts and withdrawals page here at our website. gambling is fun, and any wagering you do should always be for entertainment. Playing online casino games for cash is all about...
Craziest and Fanniest Casino Gambling Stories
The gambling world can sometimes produce really off-the-wall stories. Every month there are plenty of cases of individuals going to extreme lengths to pay back debts, or of simply bizarre behavior at...
21 Exciting Gambling Tattoos
Save a bit of your gambling money to enjoy life at its fullest with a tattoo. You could be attracted by these exciting gambling tattoos!
90 Playing Casino Tattoos – Lucky Ideas, part 1/3
To stylishly flaunt a gambler’s paradise, ink connoisseurs are experiencing a masterful metamorphosis via playing card tattoos. These dashing emblems can turn you into the sexiest walking...
90 Playing Casino Tattoos – Lucky Ideas, part 3/3
The tradition of ornamenting the body with symbols came to us from ancient times. Tattoos protected, told everybody about the fate of their hosts and attracted luck. Each ornament had its destiny and...
90 Playing Casino Tattoos – Lucky Ideas, part 2/3
To spice up your playing card ink, you can add some alluring visual elements. Many tattoo lovers enjoy the magnetism of a poker deck on fire. Furthermore, the Ace of Spades has some occult oomph to...