OKCoin Disputes Bitcoin Use in Capital Flight as PBOC Mulls Regulations
Star Xu, OKCoin’s CEO, one of the biggest bitcoin exchange with around 37% of total trading volume, has disputed bitcoin was used for capital flight, publicly stating today according to a translation: “Constant price difference between China and the west over a long time tells us capital flight with Bitcoin is purely imaginary.” OKCoin’s and Huobi’s price was almost $200 higher than in western exchanges at one point, providing a unique opportunity for arbitrage in a somewhat risk free manner. However, the fact that few, if any, took advantage suggests that moving money from a Chinese bank....
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Bitcoin price has fully recovered since the temporary Bitcoin withdrawal suspension on Huobi and OKCoin traders, having increased from $980 to $1,123 within two weeks. On Jan. 18, Huobi and OKCoin were requested by the People’s Bank of China (PBoC) to overhaul their know your customer, hereinafter KYC, and anti-money laundering, hereinafter AML, regulation. Local publications including the Shanghai Observer reported that the PBoC told the two exchanges they were in violation of local regulations and failed to meet industry-wide standards. Three weeks after the PBoC made its initial request....
OKCoin, one of the two Chinese Bitcoin exchanges, is demonstrating progress in sorting out user fund withdrawals. On Feb. 9, it was requested by the People’s Bank of China (PBoC) to halt Bitcoin and Litecoin withdrawals. On March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch. Earlier in January, the PBoC asked OKCoin and Huobi, two of the largest Bitcoin exchanges in China, to suspend trading until....
The People’s Bank of China (PBOC) initiated meetings this week with leading bitcoin exchanges in both Beijing and Shanghai. PBOC representatives in Beijing met with OKCoin and Huobi while PBOC representatives in Shanghai met with BTCC. On the evening of Friday, January 6 in China, the PBOC offices in Beijing and Shanghai both issued statements on the meetings, noting that the “recent bitcoin price is highly volatile” and that the bank encourages the exchanges to “operate strictly in accordance with the laws and regulations of China and to conduct self-examination based on related laws and....
The People’s Bank of China has been investigating major Bitcoin exchanges in the country including BTCC, Huobi and OKcoin. We have covered the initiation of the investigations and now it has come to light that violations were indeed found by the Chinese Central Bank. The China News Service citing a Beijing Youth Daily report says that the Shanghai Head Office of the People’s Bank of China has found after an initial investigation that BTCC was engaged in illegal operations and financing activities. The newspaper also reported that funds and capital on the platform were not guaranteed by....
China-based bitcoin exchange BTCC has publicly commented on statements issued by the country’s central bank. The People’s Bank of China (PBoC) released twin statements this morning, outlining that it had met this week with representatives from BTCC, as well as Huobi and OKCoin – exchanges which host the majority of global bitcoin trading today – and warned them about remaining in compliance with state laws and regulations. The digital currency’s price also fell below the $900 mark amid the news. BTCC said that its representatives “work closely” with officials from the PBoC “to ensure that....