More Chinese Exchanges Impose Bitcoin Withdrawal Delays
Following the lead of two of the market's more prominent exchanges, at least six other China-based bitcoin exchanges have announced updates to withdrawal policies as part of a bid to tighten AML oversight. Announced today, BitBays, BTC100, BTCTrade, CHBTC, HaoBTC and Yunbi have all enacted changes to their withdrawal capabilities, a move that comes days after the exchanges were called to meet with the Beijing office of the People's Bank of China (PBoC), China's central bank. Notably, the policies issued differ from the more stringent halt of bitcoin and litecoin withdrawals imposed by....
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While these issues affect centralized exchanges, peer-to-peer trading continues to soar. It appears as if Chinese bitcoin exchanges are dealing with more withdrawal delays right now. A recent post on Reddit shows an email sent out by BTCC explaining they are upgrading their verification system. Bitcoin and Litecoin withdrawals have been suspended until March 15. That is quite surprising, although it highlights a bigger problem for the exchange. Changing from a 10-day delay to a full month is rather disconcerting. Most people are aware of how BTCC imposed a 10-day delay on cryptocurrency....
Click here to fill in our brief poll. Once the biggest exchange by market share, Mt. Gox looms over the bitcoin economy. But the Tokyo-based exchange has lost its dominant position and complaints about its service from customers are growing louder. Although delays in routine transactions like withdrawals are to be expected of any fast growing startup, the number of complaints about withdrawal delays at Mt. Gox have been mounting. The thread dedicated to the topic at Bitcoin Talk, for example, has accumulated more than 3,300 posts. Forum members have complained about withdrawals taking....
U.S. President-elect Donald Trump has pledged to declare China a currency manipulator on day one of his presidency. During his campaign, he also repeatedly pledged to impose a 45% tariff on Chinese goods. His promises risk creating a trade war between the U.S. and China which could weaken the yuan and accelerate Chinese capital outflows. When the yuan....
The trading vacuum created by the stringent measures and close scrutiny by the People Bank of China’s (PBoC) upon the country’s bitcoin exchanges has led to traders flocking to alternative platforms. According to Coin.Dance, bitcoin trading volumes on prominent peer-to-peer (P2P) exchange platform LocalBitcoins reached an all-time high during the past week. The same week that saw two of the biggest Chinese bitcoin exchanges., OkCoin and Huobi, freeze withdrawals for up to a month. Other smaller exchanges have since followed, with the likes ofYunbi, BTC100 and BTCTrade strengthening....
The price of bitcoin has substantially decreased over the past few days after it reached a multi-month high of US$740 on major exchanges. Experts unanimously agree that the price has fallen due to the inaccurate reporting of “capital controls” the Chinese government is supposedly planning to impose on bitcoin. Currently, 95% of bitcoin trades are handled and processed by Chinese exchanges in its local market. Major Chinese bitcoin exchange BTCC alone handles a daily trading volume of 1.9 million bitcoin, which is larger than cumulative trading volume of Japan and US-based exchanges. Since....