Chinese Bitcoin Exchanges Prepare to Move Operations Overseas
Major China-based bitcoin exchanges Huobi and OKCoin are reporting that they have received word from banking partners indicating that certain deposit services would be terminated by 14th April. The news follows the 10th April statements issued by BTCTrade, BTC100 and Huobi confirming that they had bank accounts terminated by financial partners. OKCoin was previously contacted by a third-party payment processor, which prompted it to stop servicing deposits via prepaid voucher with this partner on 2nd April. While the two new announcements brought news of more account freezes, they were....
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Per Bloomberg, cryptocurrency exchange Huobi began blocking its Chinese customers from being able to access some of their services. When China banned crypto exchanges back in 2017, Huobi moved its operations overseas to Hong Kong, Singapore, and South Korea, among others. Despite the ban, however, the trading platform was able to maintain its large Chinese […]
What exactly is bitcoin’s price? $1,174 as Coinbase is currently reporting, $1,211 as Bitfinex is saying or $1,028 as the Chinese exchanges are claiming? Normally, the arbitrage opportunity created gives us an answer within a day or two, but in this case, there may not be such easy answer as, although free money is up for grabs – some $40 per coin between Bifinex and Coinbase, while there’s a massive $200 opportunity between western and Chinese exchanges – no one is taking it. That suggests money can’t quite move. For Chinese exchanges, we know PBoC has forced them to halt withdrawals,....
China has been known for its strict control over capital outflow; the government has introduced regulations that limits capital outflow to 50,000 yuan per year per individual. However, the Chinese have been innovative at finding different ways to move money out of the mainland to invest in overseas assets. In the wake of the recent devaluation of yuan, the Chinese government has woken up and tightened the screws around illegal overseas transactions. As the Chinese government is trying to stabilize the economy by devaluing the currency and liquidating its foreign exchange reserves,....
The occasional price spread between Chinese and other bitcoin exchanges can allow users to gain insight into ‘real’ USD/CNY exchange rates over official ones, BTCC CEO and Bitcoin Foundation Board Member Bobby Lee told Bitcoin.com Since the Chinese yuan (aka renminbi or CNY) is a controlled currency, its value is fixed to the USD at around 6.5 and is not....
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....