According to Chinese Media, PBOC Investigations Reveal Illegal Operations in Major Bitcoin Exchanges Affecting the Price of Bitcoin
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....
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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....
Caixin is a respected Chinese financial news source. Bitcoin prices have dropped nearly 10% across all Bitcoin exchanges, with the bulk of the action understandably located on Chinese Bitcoin Exchanges. A few hours ago, Caixin published a Chinese article claiming that the PBOC has met with commercial banks and third party payment processors, in particular those that do, or have done, business with Chinese Bitcoin Exchanges to remind them of the PBOC's stance. This Caixin article is written by a different author than the last Caixin article that was commented on in Western media (which....
The price of Bitcoin has been growing steadily in what seems to be a recovery from the setback it suffered on Wednesday, January 18 following reported allegation of irregularities in the operations of major exchanges in China by the People’s Bank of China (PBOC). Officials of the Bank had met with key exchanges – BTCC, OKCoin and Huobi – on January 11 to remind them of their responsibility to conduct their activities according to the laws of the country. The news of the meeting dipped the price of Bitcoin from the $916 range to as low as $761 due to panic selling which emanated from fears....
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....
An official from the People's Bank of China (PBOC) took to social media to voice his doubts and skepticism about bitcoin, according to a Wall Street Journal report. The official, Zhang Niannian, posted on Sina Weibo on Friday, comparing bitcoin exchanges to casinos and asking questions like "Aren't you afraid that a bitcoin platform will leave with your money?" and "Do you think the court would protect you?" Niannian's comments come in the midst of a rumor swirl in which Chinese media is reporting that the People's Bank of China will be barring banks and third-party payment processors from....