Chinese Bitcoin Exchanges Adapt: Huobi Resumes Recharge Cards And OKCoin Reveals ATM Partner
Huobi made an announcement to their website on 4/17/14. Dear Valued Huobi customers: In order to resolve the current issues with recharges during off hours, and as a result of Huobi negotiations with recharge card dealers, today at 17:00 we will be resuming our recharge card services. It's supported at all major banks, and is fully functional 24/7. We welcome you to come experience our coins. Bitcoin in China is all business as usual, with individual Chinese Bitcoin Exchanges adapting quickly to changing regulatory environments. What we are seeing is one Exchange experimenting with a new....
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Today, in an announcement to their site, OKCoin has implemented the immediate suspension of recharge activities via their Chinese Merchant's Bank account. Instead, OKCoin has moved onto a recharge code system with 0 fees, the same as BTC China. These recharge codes can vary in value from 100 yuan to 100,000,000 Yuan. OKCoin recharge codes are split into two portions: sections A and B. There is an intentional parallel to Bitcoin private and public keys in this new fiat recharge/withdrawal method. The first portion of the code, section A, can be used by anybody to query the amount of fiat....
The Bitcoin price plunged by 9 percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges. The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month. Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market. The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis. In the morning of Jan. 9, almost immediately after a meeting took place....
Most of the Bitcoin trading volume is changing hands across Chinese bitcoin exchanges. Therefore, Chinese exchanges are feeling pressure to come up with new and innovative features to preserve their dominance and expand bitcoin adoption. OKCoin, one of China’s leading bitcoin exchanges, is attempting to do exactly that. There are a few things all Chinese bitcoin exchanges have in common. For starters, all of these platforms are exchanging bitcoin against the Chinese Yuan (CNY). Furthermore, major Chinese bitcoin exchanges such as OKCoin, BTC China, and Huobi all offer 0% spot fees on the....
Two leading Chinese Bitcoin Platforms, Huobi and OKCoin have stopped users from withdrawing their bitcoin deposits. Bitcoin is a decentralized currency, but most Bitcoin exchanges aren’t. The drawbacks of such a model are now being witnessed firsthand by the Chinese cryptocurrency community. The leading Bitcoin exchanges in the region, OKCoin and Huobi are planning to stop their customers from withdrawing bitcoin from their respective accounts. The new measures implemented by two of the country’s big three exchanges follows the increased scrutiny of the Chinese Central Bank to prevent....
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....