China's Bitcoin Exchanges Move Broadly to Impose New Fees
The era of no-fee trading in China appears to be over. Following in the footsteps of China's 'Big Three' exchanges, smaller competitors BTC Trade, BTC100, CHBTC, Dahonghuo, Yuanbao and BitBays all moved to impose or increase trading fees yesterday in the wake of a meeting with the People's Bank of China, China's central bank. Both BTC Trade and CHBTC said that the fees would come into force on 13th February, whereas the other exchanges did not identify a starting date. Further, with the exception of BTC 100 and BitBays, the exchanges all moved to add 0.2% maker and taker fees. BitBays is....
Related News
Markets have factored in the fee imposition by Chinese exchanges so we are entering a period of Bitcoin price stability. Chinese exchanges started levying a fee for investors and traders starting Jan. 24, 2017. This followed the decision of the People’s Bank of China to conduct on-site inspections. The decision of the Chinese exchanges to impose fees was clearly a move to stay in business and compliant with the demands of the central bank. While these exchanges may now be on the ‘right side of the law’ in China, the long-term effects of this move will be felt for some time to come. Trading....
The director of the People’s Bank of China has said regulators will adopt a “forgiving attitude” to Bitcoin exchanges in the future. In a translated report reproduced by local news resource cnLedger on Twitter, Zhou Xuedong said that the PBoC would choose an observation period in which exchanges would be monitored. He also suggested regulation in China may follow, giving the example of a licensing scheme - something expected and supported by exchanges and the wider community. The update comes after a relatively quiet period in China as exchanges prepare to comply with recommendations from....
The world’s largest bitcoin market saw a steep fall in trading volumes on the day in which exchanges began charging trading fees at a flat 0.2 percent from midday (Beijing time). In a 1-hour trading period after bitcoin exchanges introduced trading fees, trading volume at BTC China fell over 80%. Huobi and OkCoin, the two other exchanges that were investigated and saw discussions held with the People’s Bank of China saw declines of over 90 percent and 80 percent respectively. The drop in trading volume can be attributed to the lack of automated bitcoin trading, previously making up for a....
Hong Kong-based bitcoin exchange BitVC announced an update to its trading fee policies today. Following news from last week that the exchange would add 0.2% to both sides of domestic bitcoin trades, BitVC said it will enact the same pricing for international users as other major bitcoin exchanges including BTCC, Huobi and OKCoin. All three exchanges previously offered both services without trading fees. Fees on BitVC, the exchange said, will be calculated daily at 13:00 local time, and it detailed how fees would be exacted from customers and in which digital and fiat currencies. Founded in....
Several bitcoin exchanges in China have - as of today - halted trading fees in what could be called an epic battle for bitcoin volume. The exchanges include the ever-so-popular BTC China, OkCoin, BTCKan, and BtcTrade. It's all the more reason for the Chinese to get involved with the market - especially since developing an account-funding workaround by offering cash-for-vouchers (BTC China) in light of recently events that have money transmitters in China staying far, far away from bitcoin exchanges. Will it be the start of a new bubble? It's unclear, but we're in for an exciting ride in....