Breaking: PBOC Says On-Site Inspections of Bitcoin Exchanges “Will Continue”
Following findings of “irregularities” in the business and operational processes of the big bitcoin exchanges in the country, China’s central bank (PBOC) has now announced that its on-site inspections of the “Big 3” bitcoin exchanges is set to continue. In a statement today, the Beijing branch of the People’s Bank of China has stated its intention to continue on-site inspections of bitcoin exchanges will continue after the findings of preliminary inspections that took place a week ago. At the time, the PBOC Beijing had announced that OKCoin and Huobi, two Beijing-based bitcoin exchanges....
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In significant news coming out of China, China’s central bank – the People’s Bank of China – has revealed that it carried out on-site checks on major Chinese bitcoin exchanges in Beijing and Shanghai. Bitcoin’s soaring value and trading in China has evidently caught the eye of authorities who are now clamping down on capital outflows that they believe is taking place via bitcoin, while the yuan continues to depreciate. In a public notice, the Shanghai branch of the PBOC revealed it carried out spot checks today (Wednesday) on BTC China. A roughly translated statement reads: The People’s....
China's central bank plans to continue scrutinizing domestic bitcoin exchanges. The People's Bank of China (PBoC) released its latest statement detailing how it would oversee the industry today, a move that comes weeks after it first began publicizing meetings with representatives from BTCC, Huobi and OKCoin. The PBoC went on to say that it would oversee the space more closely, later finding fault with the exchange’s policies on margin trading (though no penalties have been levied). According to the PBoC, that scrutiny will continue via additional on-site inspections. The central bank said....
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,....
Reports coming out of Chinese media today have put the spotlight on irregularities in the operations of major bitcoin exchanges, according to reported claims from the People’s Bank of China (PBOC). These operational irregularities in financial business practices led to abnormal fluctuations in the market, as discovered by the authority’s business management department during the recent on-site checks conducted by the PBOC. According to a report on JF Daily, a preliminary inspection by the Shanghai branch of the PBOC supposedly showed that BTCChina had operated beyond the scope of its....
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....