BTCC CEO: Chinese Bitcoin Capital Flight ‘Simply Not The Case’
BTCC exchange CEO Bobby Lee has become the latest Bitcoin figure to refute claims the cryptocurrency is being used for Chinese capital flight. Lee: Bitcoin Capital Flight ‘Simply Not The Case’. In a post published Wednesday, Lee said that “from everything I’ve seen on the ground here, running one of the largest Bitcoin exchanges in China, this is simply not the case.” His comments follow those made late last year by Bitquoints CEO Joseph Wang, who described Bitcoin as “useless” for moving money out of China. “The talking point is that many Chinese people are now using Bitcoin as a means to....
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Though details are currently scarce, Chinese regulators are reportedly looking into the use of bitcoin to avoid capital controls. According to Tencent Finance, the State Administration of Foreign Exchange (SAFE) is exploring how bitcoin can be used to circumvent capital flight. The news website cited unnamed sources close to regulators, and Tencent’s report was later cited by Bloomberg. The report emerges in the wake of statements from China's central bank, which said today that it had met with domestic bitcoin exchanges this week, warning them about adhering to state regulations. It also....
Star Xu, OKCoin’s CEO, one of the biggest bitcoin exchange with around 37% of total trading volume, has disputed bitcoin was used for capital flight, publicly stating today according to a translation: “Constant price difference between China and the west over a long time tells us capital flight with Bitcoin is purely imaginary.” OKCoin’s and Huobi’s price was almost $200 higher than in western exchanges at one point, providing a unique opportunity for arbitrage in a somewhat risk free manner. However, the fact that few, if any, took advantage suggests that moving money from a Chinese bank....
Following the much-publicized meetings between China’s central bank and the country’s major bitcoin exchanges, the head of BTCC has claimed that it’ll be a few years yet before the bitcoin is regulated in the country. The opinion comes alongside the notable revelation that the People’s Bank of China – the central bank – has not explicitly demanded that BTCC check capital outflows from the country. Bobby Lee, the chief executive of BTCC made the revelations in an interview with Reuters. In response to a question if BTCC had received any direct pressure by the PBOC to curb the exit of....
BTCC, a major Chinese Bitcoin exchange, recently launched a new USD-to-Bitcoin exchange. Upon its successful US debut, the company announced its support for Ethereum Classic over ETH. On July 26, the Ethereum development team completed its hard fork to protect investors against the DAO attack. Almost immediately after the hard fork execution, Ethereum Classic emerged, to maintain the original governance model of Ethereum. Leading Bitcoin exchanges, including Kraken and Bitfinex, have supported both Ethereum Classic and Ethereum since, considering large market caps of both ETC and ETH.....
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....