Chinese Bitcoin Exchange FXBTC Is Closing 5/10 Because Of Unprecedented Pressure From People's Bank Of China
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....
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China-based bitcoin exchange FXBTC has announced that it will shut down on 10th May. In its announcement, FXBTC cited "unprecedented pressure" from the People's Bank of China (PBOC) as well as restrictions on its banking services that have resulted from the central bank's policies as deciding factors. FXBTC said that long-term financial losses stemming from what it termed a "blockade" by the PBOC resulted in the management team deciding to end the service. According to a translated statement from CryptoCoinsNews, the management team was unable to envision a successful future due to growing....
Some former customers of the now-defunct China-based digital currency exchange FXBTC are reporting that its operators are still holding customer funds, and that their attempts to retrieve their holdings have been unsuccessful. Reports suggest these customers did not receive word that the exchange was shutting down, and as a result, did not withdraw funds before a deadline set by FXBTC. The exchange announced it would close due to pressure from the country's central bank on 2nd May, informing customers at the time that they would have until 10th May to withdraw funds from the exchange.....
Despite optimism that the recent struggles of China's bitcoin ecosystem had been put behind the industry, the situation took what many in the West believed may have been a more grave turn last week when bitcoin exchange FXBTC announced it would cease operations due to what it called "unprecedented pressure" from the People's Bank of China. In a statement released on its website, the China-based exchange made the case that it was a successful operation buoyed by community support, but that it could simply not compete given actions by the country's central bank that caused it to suffer....
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....
The Agricultural Bank of China, one of the Big Four Chinese Banks, has begun notifying its Bitcoin Exchange clients of upcoming changes to policy. The other 3 “Big Four” banks in China are: The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China. By market capitalization, the Industrial and Commercial Bank of China is the largest bank in the entire world, according to Relbanks 2013 statistics on largest banks in the world. The Agricultural Bank of China is the 6th largest bank in the world by the same measure, outstripping all American Banks besides Wells....