BTC China Puts a Stop to RMB Deposits
Growing tired of the China situation? I've long since lost my marbles when it comes to the situation, but some news coming from BTC China on Saturday is making its rounds throughout the crypto-sphere. The exchange, which saw monumental levels of trading activity last year (and still does today, although not as much), announced that they have stopped accepting CN¥ (also referred to as the RMB, Renminbi) deposits to trading accounts. The announcement came in the form of post on the exchange's Weibo page (Weibo is a Chinese social network). Translated provided by bitcoin news website....
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BTC China has announced the launch of USD and HKD deposits and withdrawals, joining OKCoin in an effort to extend services to the international community. Launching USD and HKD deposits and withdrawals, BTC China is now the first Chinese exchange to support three fiat currencies. The launch began after an invite-only period. During this trial stage, BTC China collected several million USD worth of deposits. This service will be processed via its registered Hong Kong affiliate.
The day has come, about an hour ago BTC China tweeted "Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: [email protected]." The news came as no surprise to most, as speculators have been claiming this day would come since China's first announcement in December. Some users on reddit even embraced the news, claiming that news from China would no longer cause large price fluctuations. FXBTC also announced Friday on their website that the site would stop operating and the site would be open until May 10th, 2014. Bitcoin....
The story of BTC China has been an interesting one. This exchange went from nobody's talking point to the largest bitcoin exchange in the People's Republic of China in a matter of weeks. That is, until, they stopped accepting bank deposits. Many were convinced it was the end of BTC China's short, short history. Unlikely. The exchange has once again begun accepting bank deposits with its corporate bank account, according to a number of user reports and confirmation from the company's head honcho. "Previously, we judged doing this as not being viable, however, we have since changed our....
BTC China told CoinDesk it is expecting to reinstate deposits in RMB soon. Bobby Lee said he is now working with another third party payment company to try and reinstate RMB pricing, and is hoping to make an announcement on the Weibo account in the next few hours. This will now be the firm's third payment provider relationship inside a week. Lee brushed off worries that the new relationship could also be placed in jeopardy by PBOC's most recent move. "If this keeps happening, ten times later, will I keep going? I don't know. I can't predict the future. But for now we're going to try one....
At the Inside Bitcoins conference in Las Vegas, the CEO of the world's largest bitcoin exchange, BTC China, dished out some impressive figures with regard to his exchange's growth. "Trading volume has risen from $5 million to $50 million," said head honcho Bobby Lee. Malcom CasSelle from Timeline Labs said "[BTC China is] transacting 150,000 BTC per day." On the topic of when the recent news that China was warning financial institutions from toying with bitcoin, CasSelle said that "BTC China as a business will not have problems with deposits and withdrawals", referring to the very banks....