Huobi, OKCoin Celebrate Chinese Bitcoin Industry at Weekend Galas
Entrepreneur Li Xiaolai speaks at Huobi's birthday event. This weekend has seen two large gala evening events hosted by large Chinese bitcoin exchanges: Huobi's first anniversary celebrations on Saturday and the 'One Night in Beijing with OKCoin' mini-conference on Friday. Both took place at five-star hotels in Beijing, with attendees numbering several hundred for each event. Each event featured an exhibition of Chinese bitcoin companies that included app developers, ATM manufacturers and mining hardware makers. Audience at OKCoin's event on Saturday night. Chinese bitcoin news site Bitell....
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The Bitcoin price plunged by 9 percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges. The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month. Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market. The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis. In the morning of Jan. 9, almost immediately after a meeting took place....
Bitcoin price has fully recovered since the temporary Bitcoin withdrawal suspension on Huobi and OKCoin traders, having increased from $980 to $1,123 within two weeks. On Jan. 18, Huobi and OKCoin were requested by the People’s Bank of China (PBoC) to overhaul their know your customer, hereinafter KYC, and anti-money laundering, hereinafter AML, regulation. Local publications including the Shanghai Observer reported that the PBoC told the two exchanges they were in violation of local regulations and failed to meet industry-wide standards. Three weeks after the PBoC made its initial request....
OKCoin, one of the two Chinese Bitcoin exchanges, is demonstrating progress in sorting out user fund withdrawals. On Feb. 9, it was requested by the People’s Bank of China (PBoC) to halt Bitcoin and Litecoin withdrawals. On March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch. Earlier in January, the PBoC asked OKCoin and Huobi, two of the largest Bitcoin exchanges in China, to suspend trading until....
Two leading Chinese Bitcoin Platforms, Huobi and OKCoin have stopped users from withdrawing their bitcoin deposits. Bitcoin is a decentralized currency, but most Bitcoin exchanges aren’t. The drawbacks of such a model are now being witnessed firsthand by the Chinese cryptocurrency community. The leading Bitcoin exchanges in the region, OKCoin and Huobi are planning to stop their customers from withdrawing bitcoin from their respective accounts. The new measures implemented by two of the country’s big three exchanges follows the increased scrutiny of the Chinese Central Bank to prevent....
CEOs of five major Chinese bitcoin exchanges have withdrawn from this weekend's Global Bitcoin Summit in Beijing, after banks forced most of them to close accounts related to bitcoin activity. The five exchanges: OKCoin, Huobi, BTC China, BtcTrade and CHBTC, made a lengthy joint statement on Weibo late Tuesday that they would no longer participate in large bitcoin meetings or gatherings. The statement continued that the companies agreed to: Curb excessive speculation and protect investors, comply with all state policies and regulations, promote transparency in exchange processes, pay a....