Bitcoin Markets Rise On News Of Chinese Bitcoin Exchanges' Response Plan To Bank Accounts Closing
Today at 10:35 local time, OKCoin posted an announcement to their website. The announcement was titled, OKCoin将暂停招商银行卡充值业务及应对预案公告: OKCoin Announces Suspension Of China Merchant Bank Card Recharge And Response Plan. OKCoin revealed that they received oral notification from their bank, the China Merchants Bank, that their deposit services were to be terminated. The Xi'erqi branch of the China Merchants Bank, which had a strong working relationship with OKCoin, revealed that the notification was passed down from upper management within the bank, much like what happened with the Agricultural....
Related News
BTC-e has opened up USD/CNH, BTC/CNH, and LTC/CNH markets today. Withlooming PBOC action that would end Chinese Bitcoin exchange's access to domestic bank accounts, Chinese traders are undoubtedly looking for new exchanges to trade on. Along with Chinese RMB (CNH to BTC-e) trading comes RMB deposits, which are handled through an international bank. An international bank means that Chinese traders wishing to convert fiat to crypto through this route will be subject to the Chinese $50,000 annual limit. In fact, people are starting to realize that the PBOC's still shrouded notice to regional....
PBOC Makes new statement on Bitcoin Exchanges. As usual confusion is surrounding the most recent news out of China. Early Thursday it was reported by multiple media outlets that the PBOC had ordered banks to close the accounts of virtual currency exchanges. At first many thought the news was just another false rumor for the purpose of depressing the market to allow a cheap buy in. It appears, however, that the reports may have been correct (including those at CryptoCoinsNews) and that Chinese domestic banks may no longer do business with websites that trade in digital currencies. According....
The latest Bitcoin news from China is in. A handful of Chinese banks have decided to kick off the week by unilaterally banning Bitcoin-related accounts. Tuesday morning in China, Ping An Bank and China Everbright Bank both posted notices to their website announcing that they would suspend accounts of individuals or organizations caught participating in Bitcoin or Litecoin transactions. Both banks explicitly mentioned the PBOC as the source of this decision. Also, both banks call for the public at large to report any individuals or organizations that might be involved with Bitcoin or....
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....
Huobi Group co-founder Du Jun intends to safeguard all crypto assets for Chinese accounts before permanently closing them down by Dec. 31, 2021. The uncertainties sparked by China’s blanket ban on crypto trading have taken a downturn as homegrown crypto exchanges such as Huobi take proactive measures to protect and return existing investments residing on the mainland. Speaking to Cointelegraph in this regard, Du Jun, co-founder of Huobi Group, said that the crypto exchange wants to ensure the safety of the users’ assets as part of its social responsibility:“Customers will be able to....