Why Trusting Third Parties Like OkCoin, Huobi Dangerous For Bitcoin
OkCoin and Huobi announced an immediate suspension of withdrawals for one month after receiving a Directive from the PBoC to improve on their AML systems. This singular act caused Bitcoin price to plunge nine percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges. OkCoin and Huobi may have kept their customers in the dark probably to prevent massive withdrawals by customers out of panic, thereby making it difficult for the company to bounce back after the interval. “This is like when a stock exchange halts trading to avoid an irrecoverable collapse,” says....
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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....
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....
Rui Ma is an early-stage investor in technology companies with the global accelerator program and seed fund 500 Startups. Residing in Beijing, she is an active member of China's bitcoin community. Some bitcoiners might still remember when BTC China was the dominant bitcoin exchange in China. Well, those days are long gone. These days, newer exchanges Huobi and OKcoin regularly top the charts for trading volume. Monday, for example, their 24-hour volumes are at 106,942 and 126,973 respectively, third-place CHBTC is at 35,349, while BTC China lags far behind at 4,344. Huobi, in particular,....
OKCoin, one of the two Chinese Bitcoin exchanges, is demonstrating progress in sorting out user fund withdrawals. On Feb. 9, it was requested by the People’s Bank of China (PBoC) to halt Bitcoin and Litecoin withdrawals. On March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch. Earlier in January, the PBoC asked OKCoin and Huobi, two of the largest Bitcoin exchanges in China, to suspend trading until....
Entrepreneur Li Xiaolai speaks at Huobi's birthday event. This weekend has seen two large gala evening events hosted by large Chinese bitcoin exchanges: Huobi's first anniversary celebrations on Saturday and the 'One Night in Beijing with OKCoin' mini-conference on Friday. Both took place at five-star hotels in Beijing, with attendees numbering several hundred for each event. Each event featured an exhibition of Chinese bitcoin companies that included app developers, ATM manufacturers and mining hardware makers. Audience at OKCoin's event on Saturday night. Chinese bitcoin news site Bitell....