China's 'Big Three' Bitcoin Exchanges End No-Fee Policy
China's 'Big Three' bitcoin exchange businesses are taking new steps to "curb speculation" and "prevent volatility" in the nascent digital currency market. Announced this weekend, BTCC, Huobi and OKCoin – the country's largest bitcoin trading platforms by volume – jointly revealed their intention to end their years-long practice of offering no-fee bitcoin trades, introducing a 0.2% fixed-rate fee on all buy and sell orders for bitcoin and the alternative digital currency litecoin beginning 24th January. The announcement is the latest that finds China's major bitcoin trading platforms....
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BTC China announced to its English-speaking users via Twitter today that it has suspended yuan (RMB) deposits from the Bank of China. In its second such announcement since 26th April the exchange said in a (since-removed) tweet: Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: [email protected]. - BTC China (@btcchina) May 6, 2014. Chinese exchanges have suffered major setbacks recently after banks finally responded to repeated directives from the People's Bank of China (PBOC) - China's central bank - and shuttered all....
Popular bitcoin exchange BTC China (which by surprise happens to be the world's largest BTC exchange) is now requiring users to prove their identity when creating or utilizing a trading account, according to CoinDesk. The message provided to users upon logging in: "In response to a recent policy shift, BTC China now requires users to submit identification or a passport number. Existing users will need to provide this information upon login. We apologise for any inconvenience." Users outside of China are seemingly not affected by the policy change. Some who submitted passport numbers are....
The decision by China's bitcoin exchanges to freeze withdrawals is impacting the country's over-the-counter (OTC) markets. As reported by CoinDesk last week, two of China's 'Big Three' bitcoin exchanges abruptly suspended bitcoin withdrawals in response to new pressures from the People's Bank of China, a move that was followed by similar, though less restrictive, policy updates from exchanges across the country. But while the price was not significantly impacted, traders are reporting that they have had to shift strategies, as they believe exchanges no longer act as a reliable price....
The rumored deadline for China's banks to cut off bitcoin exchanges from deposits has arrived, with no official word from the authorities that such a policy even exists. Chinese exchange BTC China claims it has no intention of changing the way it does business. The story has contributed to turbulence in the bitcoin markets since it first began circulating as a rumor last month. Bitcoin saw its value fall beneath $400 briefly for the first time since November 2013. This is despite the People's Bank of China (PBOC) itself insisting it had no intention to ban digital currencies. Some....
China's major bitcoin exchanges halted, or otherwise updated, their lending-based bitcoin trading services today. First reported by China-based bitcoin traders and market observers this morning, BTCC, Huobi and OKCoin appear to have quietly adjusted their terms, though only BTCC had moved to issue a formal comment confirming the changes. Bobby Lee, CEO of BTCC, acknowledged that changes to the exchange's service were being made in response to interactions with the People's Bank of China, the country’s central bank, though he stopped short of saying that the service had been terminated or....