Chinese Bitcoin Exchange Inspections Cause Price Drop and FUD
News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing each companies operations. Per usual on negative rumors from China the price of bitcoin took a dive during the early hours of January 11 dropping....
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Following inspections from People’s Bank of China, the Big Three Chinese exchanges have halted margin and zero-fee cryptocurrency trading. The End of the Beginning? Bitcoin’s surge in price at the beginning of 2017 caught the attention of the Chinese government, which has been fighting tooth and nails against capital flight in the country, restricting foreign investments and gold importations. Given that an overwhelming majority of the Bitcoin trading volume comes from China, the government has now turned its eye towards the cryptocurrency industry. The warnings and subsequent inspections....
Bitcoin started dropping in price once again Wednesday after Chinese authorities stated exchanges “were violating rules.” PBoC: Rules ‘Violated’, AML Measures ‘Not Sound’. Inspections conducted on Huobi and Okcoin by a joint group of overseers including the People’s Bank of China (PBoC) revealed what a statement calls “margin trading which violated rules, resulting in abnormal price fluctuations on the market.” “During the inspection, it has also been discovered that these platforms had not established [a] sound [anti-money laundering] system according to regulations,” the statement,....
The sudden announcement of inspections of major Bitcoin operators by the Chinese Central Bank caused panic and a significant drop in Bitcoin price within just a day. In the past few days, Bitcoin has been shedding most of the gains of the end of 2016 and early 2017. These gains were attributed mostly to activities of Chinese traders who did huge volumes in the market, thereby singlehandedly increasing the global demand for Bitcoin. Government impact. One characteristic that the users of Bitcoin have always boasted about is the fact that the government cannot control or determine what....
Following findings of “irregularities” in the business and operational processes of the big bitcoin exchanges in the country, China’s central bank (PBOC) has now announced that its on-site inspections of the “Big 3” bitcoin exchanges is set to continue. In a statement today, the Beijing branch of the People’s Bank of China has stated its intention to continue on-site inspections of bitcoin exchanges will continue after the findings of preliminary inspections that took place a week ago. At the time, the PBOC Beijing had announced that OKCoin and Huobi, two Beijing-based bitcoin exchanges....
In a surprise turn of events, the two largest Chinese Bitcoin exchanges have suspended Bitcoin and Litecoin withdrawals for one month. The news follows China’s central bank inspections at nine smaller Bitcoin exchanges this week. China’s Central Bank Continues to Shake Up the Bitcoin Market. Over the past few weeks, Bitcoin spectators have been closely....