Chinese Bitcoin Exchange Huobi Strictly Using Business Bank Account, Dumps Personal Account
According to a post today on Reddit, it would appear as if Chinese bitcoin exchange Huobi has made a modification to their account funding process. Previously, the exchange allowed consumers to fund their accounts with one of two options: Use Huobi CEO Thus Li Lin's personal bank account with China Merchants Bank (which allowed for ATM deposits and third-party transfers). Use Huobi's business bank account with China Construction Bank (does not support ATM deposits of third-party transfers). The aforementioned post indicates that the first option has been removed, stopping any interaction....
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Just yesterday we wrote a post explaining the recent Bitcoin price jump which was caused by big demand on the Chinese Bitcoin trading platform Huobi. They have been using their CEO's personal bank accounts in multiple banks to manage deposits and withdrawals. This has ended today. As the reddit user yqfpmz tells us he has checked Huobi's funding option for the past week. There have been two options to fund your Huobi account: RMB transfer to Li Lin's personal bank account at China Merchants Bank, registered in Shangdi, Beijing, account number 6214 8501 0139 6403 (supported ATM deposits,....
Read the original Chinese article on btc38 and btckan, a prominent Chinese Bitcoin exchange and website, respectively. BTC China's CEO Bobby Lee has introduced a new method for Bitcoiners in China to "recharge" their RMB balances on Chinese Bitcoin Exchanges: BTC China vouchers. Within a week, Chinese Bitcoin Exchanges led by BTC China, have found a solution for getting RMB deposits into Chinese Bitcoin Exchanges in compliance with ever-changing interpretations of Chinese law. Alternatively, Huobi's CEO has been using his personal bank account to provide RMB liquidity for all of his....
As the bitcoin/digital currency landscape in the People's Republic of China continues its evolution, major exchanges are looking for ways to expand their business models to, well, stay in business. Such is the case with the Huobi exchange. At the BTCChina 3rd anniversary celebration that took place this weekend, Huobi CEO Leon Li announced a new platform dubbed BitVc. It's a derivatives-based platform that includes margin trading, though as of current, it's very much still in beta. In fact, Leon Li handed out a few invitations to beta test the service, which launches to the public on the....
Commonwealth Bank in Australia has closed the personal accounts of the co-founders of bitcoin wallet CoinJar after freezing the company's business account. On Friday (August 9th), the bank stopped processing the company's automatic payouts. Asher Tan, co-founder of CoinJar, contacted Commonwealth Bank numerous times and received "mixed messages", with one customer service member revealing the account was being closed, while another claimed there was simply a lock on the payout facility. Tan tried to close the account on Wednesday, but was told this wouldn't be possible. He then found his....
Do you wonder why the Bitcoin price suddenly have increased this weekend? Take a look at the graph below of the Huobi trading volume. They have an insane trading volume now with more than 200 Bitcoins being traded every minute. They beat both Mt. Gox, Bitstamp and BTC China. So why has Huobi surpassed BTC China in trading volume? It has been said that current exchanges in China have used their CEO's personal bank accounts to start it off. BTC China's CEO Bobby Lee has been able to put up corporate bank accounts because of the risk involving his own personal bank account.While Thus Li Lin,....