Chinese Bitcoin Exchanges OKCoin, FXBTC Report New Deposit Freezes
Following on the heels of the news that China-based bitcoin exchange BTC38 would suspend fiat-to-digital currency trading, rival Chinese exchanges OKCoin and FXBTC have received official notices from financial partners notifying them that certain accounts will be terminated. The new announcements are the latest indication that China's central bank, the People's Bank of China (PBOC), may be following through on its decision to more actively enforce prior rulings related to how domestic financial service providers can interact with the bitcoin exchanges. For example, while OKCoin was....
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FXBTC posted an announcement to their website earlier today, 5/2/14. The announcement let FXBTC customers know that FXBTC would be shutting down its site on 5/10/14. Users have until 5/10/14 to withdraw their funds from FXBTC. Unfortunately, withdrawals in Fiat at Chinese banks has been closed, at least to FXBTC customers, for over a month now. Furthermore, FXBTC's volume has been down for weeks now, and I highly doubt that there are many more customers with funds stuck there. FXBTC's announcement comes on the heels of Chinese news claiming that the People's Bank of China (PBOC) is....
New reports indicate that Chinese bitcoin exchange OKCoin and FXBTC have been contacted by financial partners recording the closure of certain accounts used to conduct business. OKCoin was reportedly contacted by a third-party payment processor, whilst FXBTC was contacts by commercial bank account providers, according to CoinDesk. OKCoin confirmed this news with an official statement, noting that deposits via pre-paid cards will be halted. CoinDesk notes that debit card and yuan withdrawals are not affected. FXBTC also posted an official statement noting that banking partners are looking....
The last few weeks of March were rife with misinformation out of China regarding a mysterious notice from the PBOC supposedly sent to regional banks and 3rd party payment processors. Original news of the notice was misinterpreted and leaked on 3/21/14 leading many to dismiss all news out of China in subsequent days. On 3/27/14, Chinese reporters from Caixin claimed to have seen the PBOC document and published a synopsis of its contents. The title of the supposed notice is this: 关于进一步加强比特币风险防范工作的通知, or the Notice on Further Strengthening Bitcoin Risk Prevention Measures. In the notice, the....
American users of OKCoin.com have been informed that they cannot deposit USD, Bitcoin or Litecoin to OKCoin anymore. The Chinese Bitcoin exchange cites regulatory issues and also states that the ban on American deposits is temporary. OKCoin representatives have apologized for the inconvenience and confirmed that the ban is due to regulatory uncertainty. OKCoin is still allowing American users to withdraw their money and trade on their platform; however, there is no timeline for the return of Bitcoin deposits. While some American users have still been able to fund their accounts by using....
Most of the Bitcoin trading volume is changing hands across Chinese bitcoin exchanges. Therefore, Chinese exchanges are feeling pressure to come up with new and innovative features to preserve their dominance and expand bitcoin adoption. OKCoin, one of China’s leading bitcoin exchanges, is attempting to do exactly that. There are a few things all Chinese bitcoin exchanges have in common. For starters, all of these platforms are exchanging bitcoin against the Chinese Yuan (CNY). Furthermore, major Chinese bitcoin exchanges such as OKCoin, BTC China, and Huobi all offer 0% spot fees on the....