Chinese Bitcoin Exchanges OKCoin, BTC38 and FXBTC React to Central Bank Policy Changes
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....
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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....
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....
The last few weeks of March were rife with misinformation out of China regarding a mysterious notice from the PBOC supposedly sent to regional banks and 3rd party payment processors. Original news of the notice was misinterpreted and leaked on 3/21/14 leading many to dismiss all news out of China in subsequent days. On 3/27/14, Chinese reporters from Caixin claimed to have seen the PBOC document and published a synopsis of its contents. The title of the supposed notice is this: 关于进一步加强比特币风险防范工作的通知, or the Notice on Further Strengthening Bitcoin Risk Prevention Measures. In the notice, the....
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....
According to reddit user mkellerman: "It seems btc38.com has not been affected and is able to accept CNY deposits. I just successfully deposited 10CNY to my btc38 account using my Chinese credit card. The money appeared in my account within a minute. One bitcoin currently costs 3152CNY at btc38."Did btc38 not get the memo? Bitcoin is well off the lows trading at $614 on BTC-e. Edit: It seems that there are only two Chinese exchanges NOT accepting deposits. And according to enric on bitcointalk.org there are some large exchanges still transacting in CNY: "Also Huobi:....