Chinese Bitcoin Exchanges Stop Loan-Based Trading, Fees Could Return
Although the halt has been in effect for about a week now, Chinese bitcoin exchanges Huobi and OKCoin have publicly and formally announced the halt of margin trading, as per the requirements of the PBOC, China’s central bank. OKCoin issued its announcement on its website. A loosely translated version reads: According to requirements of the regulators, the company has made the following rectification: Margin trading services will be stopped immediately. There will be no new margin trading transactions. Users will loans that have already taken place will not be forcibly asked to repay the....
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In the long run, suppressing volatility and speculation will be positive for the bitcoin market. Bitcoin trading volume has been plummeting across all major Chinese exchanges. That is not entirely unexpected, considering these platforms have removed most of their margin trading options. Moreover, trading fees have been reinstated across Chinese exchanges, which will heavily impact trading activities. For the time being, this has not impacted the Bitcoin price all that much, though. The one-hour trading volumes across most major Chinese bitcoin exchanges took a big hit. Earlier tonight,....
All things considered, it looks like Chinese Bitcoin exchanges are evolving in the right direction. Chinese Bitcoin exchanges have operated on the promise of not charging trading fees for quite some time now. Instead, most trading platforms made a lot of money from their margin trading opportunities. Now that most exchanges no longer offer high-value margin trading, they also see a large source of revenue disappear. It is likely a lot of these platforms will reintroduce trading fees over the coming weeks. Operating on 0% trading fees was never designed to be a long-term solution for....
Four major Chinese Bitcoin exchanges including BTCC, Huobi, OKCoin and Yunbi have officially begun to charge trading fees to all users, traders and investors, as of Jan. 24, 2017. BTCC, the world’s oldest and largest Bitcoin exchange, first announced its plans to implement trading fees on Jan. 20. OKCoin, Yunbi and Huobi shortly followed BTCC, announcing their official decisions to charge trading fees to Chinese users within 24 hours since the announcement of BTCC. Why did Bitcoin exchanges introduce fees? All three Bitcoin exchanges that were previously inspected by the People’s Bank of....
As the biggest Chinese exchanges announce the implementation of transaction fees, Bitcoin, once again, shows off its inherent capacity to quickly adjust to the ever-changing environment, and to not only recover from adversity but to also get stronger. The latest shock resulting from the imposition of transaction fees by Chinese exchanges caused bitcoin....
There’s a lot of changes happening with Chinese bitcoin exchanges lately in light of the recent central bank inspections. Last week the top three exchanges within the region drastically changed margin lending services. Now more revelations have come to light as these companies plan on charging their customers trading fees starting at the end of January.....