China: PBoC Says Exchanges ‘Violated Rules,’ Repeats Investor Warnings
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,....
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The People’s Bank of China (PBOC) renewed its efforts to regulate bitcoin exchanges this week. Zhou Xuedong, Director of the Bank’s Department of Business Management, which carried out inspections of bitcoin exchanges, outlined some new rules which exchanges must follow. PBOC Adopting a ‘Forgiving Attitude’. Zhou, who is also a deputy to the NPC....
In the long run, this news will be positive for the bitcoin ecosystem as a whole. The bitcoin world was rather shocked to find out the PBOC had another meeting with exchange operators. Although that had been announced weeks in advance, the market responded in a rather negative manner. As it turns out, this meeting took place to inform domestic exchanges about the AML and forex rules affecting all Chinese companies. Not adhering to these rules can result in the exchanges being shut down, albeit no one is violating the rules right now. It is not surprising to learn AML and foreign exchange....
The People's Bank of China (PBOC) has once again privately warned banks and payment companies to restrict customers' access to bitcoin exchanges, reports indicate. The news is likely to have affected the international bitcoin price, which dropped by around $40 in the space of a few hours this morning. CoinDesk sources said that PBOC officials held closed meetings this week with major banks and payment processors to reiterate their desire for all interaction with bitcoin companies to cease. While there have been no big policy shifts since last December's initial statements, at various....
Upbeat Bobby Lee? I managed to catch Bobby Lee, CEO of BTC China, on the phone yesterday to talk about Bitcoin's situation in China. What is the situation with the PBOC (People's Bank of China) and Bitcoin in China? The PBOC secretly ordered payment processors and banks to dissociate themselves from Bitcoin exchanges. There was nothing in writing, just pressure exerted on them. As the number 1 exchange in China, we are examining our options. There are many available. Do you plan on moving BTC China abroad? I cannot tell you what our next move is, but we are not ruling anything out. You do....
Yesterday, Caixin reported that the PBOC, led by the Payment and Clearing Organization of China, has been having meetings and interviews with commercial banks, third party payment processors, and Bitcoin exchanges within China. PBOC officials made it very clear that they wished to completely cut off the funding line of Chinese RMB into Bitcoin trading platforms around the country. The renewed interest in Bitcoin by the PBOC has led to funding shuffles from every Chinese Bitcoin exchange. Cryptocurrency exchange rates across the board have suffered since the first rumors of renewed the....