Bitcoin Price Shrugs Off BTCC Joining OKCoin, Huobi in Bitcoin, Litecoin Suspension
Bitcoin price has not taken a hit or is not likely to experience further shake up as BTCC announced it is suspending aspects of transactions including the withdrawal of digital currencies traded on its platform. It is joining two other top Bitcoin exchanges - OKCoin and Huobi - which had on Thursday, Feb. 9 announced the suspension of their trading activities. In their separate announcements, the two exchanges cite that the suspension which is as a result of their upgrading of an anti-money laundering AML system in accordance with China’s laws and regulations could last for a month.....
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Bitcoin price has fully recovered since the temporary Bitcoin withdrawal suspension on Huobi and OKCoin traders, having increased from $980 to $1,123 within two weeks. On Jan. 18, Huobi and OKCoin were requested by the People’s Bank of China (PBoC) to overhaul their know your customer, hereinafter KYC, and anti-money laundering, hereinafter AML, regulation. Local publications including the Shanghai Observer reported that the PBoC told the two exchanges they were in violation of local regulations and failed to meet industry-wide standards. Three weeks after the PBoC made its initial request....
Bitcoin’s price fell by more than $100 in minutes around 9 A.M. London time as the People’s Bank of China announced they have opened an “inspection” on BTC China, Huobi and OKCoin, which in combination account for 90% of bitcoin trading volume. According to Reuters: “The probe of bitcoin exchanges, including BTCC, Huobi and OKCoin, was to look into a range of possible rule violations, including market manipulation, money laundering and unauthorized financing, the People’s Bank of China (PBOC) said. It did not say if any violations had been found.” Huobi has been criticized for going....
The Bitcoin price plunged by 9 percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges. The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month. Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market. The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis. In the morning of Jan. 9, almost immediately after a meeting took place....
Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately. Yuan recharge, withdrawals and other services will not be affected, the exchanges said. In public posts that showcase the increasingly coordinated nature of exchange policy in the region, both OKCoin and Huobi said today that the move was a bid to bolster their anti-money laundering (AML) capabilities and prevent "illegal transactions". In the case of OKCoin, only it's OKCoin.cn portal is affected. Both OKCoin and Huobi....
Major Chinese exchange BTCChina has announced the suspension of bitcoin and litecoin withdrawals. In effect, all of China’s ‘big 3’ bitcoin exchanges have now enforced a month-long suspension of cryptocurrency withdrawals. The suspension will last until March 15th as the exchange underlines the move as a compliance measure after the central bank’s crackdown against bitcoin exchanges in the country continues. In an announcement on its homepage, the bitcoin exchange underlines the same reasons offered by the two other major exchanges in OkCoin and Huobi, both of whom suspended withdrawals a....