Chinese Bitcoin Exchange FXBTC to Close Citing Central Bank Pressure
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....
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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....
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.....
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....
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....
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....