Warning: Huobi has closed their personal bank accounts system
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,....
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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,....
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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There is continued uncertainty for bitcoin exchanges in China tonight as some large-volume exchanges reported verbal closure notices from banking partners today. Exchanges OKCoin and Huobi said they had bank accounts closed as of Friday afternoon China time, posting the news on their respective sites. China has still not 'banned bitcoin', despite certain rumors. The implied restrictions refer only to the way bitcoin exchange accounts are funded by their users, and there is no word that withdrawals from exchanges or any other bitcoin transactions are affected. That said, what follows is a....