Chinese Gold ETF Surges Following PBOC’s Investigation into BTC Exchanges
In the past one week, investments into Chinese Gold ETFs have increased drastically. The renewed interest is attributed to a shift from Bitcoin to other alternatives following PBOC's inspection of Bitcoin exchanges. The recent inspection of Chinese Bitcoin exchanges by the People’s Bank of China (PBOC) has got many investors moving towards the next best thing. In the past few days, the Chinese market is seeing an increase in adoption of Gold Exchange Traded Funds (Gold ETFs). Few reports suggest that the increased inflow is not only limited to the domestic market, but also across....
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The People’s Bank of China (PBOC) issued a statement on Thursday regarding a meeting it held the previous day with nine Chinese bitcoin exchanges. When the news of the meeting broke, the price of bitcoin dropped almost six percent but quickly regained its high only hours later, and has continued to rise. PBOC’s Meeting with Nine Bitcoin Exchanges. The....
India’s Directorate of Enforcement (ED) has reportedly sent a notice to Wazirx, one of the largest cryptocurrency exchanges in India, under the Foreign Exchange Management Act, 1999, (FEMA). The investigation was initiated “on the basis of the ongoing money-laundering investigation into Chinese owned illegal online betting applications,” the ED detailed. ED’s FEMA Investigation of Wazirx India’s Directorate of Enforcement (ED) reportedly said Friday that it has issued a Show Cause Notice (SCN) to Wazirx, CEO Nischal Shetty, and co-founder Sameer Hanuman....
Last week’s warning from the PBOC to its citizens about the risk of investing in bitcoin and the following on-site investigations at China’s three largest bitcoin exchanges, OKCoin, Huobi and BTCC, spooked bitcoin investors and pushed the price down to its current trading price in the low $800s from recent highs above the $1,000 mark. Margin Trading Halted at Chinese Exchanges. The first result of the PBOC’s on-site checks at the exchanges, which were conducted to look into possible market manipulation, unauthorized financing and money laundering, was that all three exchanges initially....
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....
The three biggest global bitcoin exchanges, BTCC, OKCoin and Huobi, currently under “inspection” by the Chinese authorities, have stopped margin trading. We can further confirm that OKCoin no longer offers futures trading to Chinese citizens. Non-Chinese citizens can continue to use the international version (OKCoin.com) which appears to continue providing 3x margins and up to 20x futures. We have not received any response in time for publishing, therefore cannot confirm why they have taken such move, but it is most likely in response to probable PBOC orders. The Chinese authorities met....