Home / news / China is Moving Closer to Bitcoin Rules As Exchanges Keep On Halting Withdrawals – CoinSpeaker

China is Moving Closer to Bitcoin Rules As Exchanges Keep On Halting Withdrawals – CoinSpeaker

collected by :Molly Tony

The PBOC told nine bitcoin exchanges during a meeting in Beijing last month that it will close exchanges that violate rules on foreign exchange management, money laundering, payments and settlement.
China’s three largest bitcoin exchanges have extended a self-imposed moratorium on all coin withdrawals for an indefinite period, as they seek regulatory approval for a crypto-currency that’s gained popularity with local investors as an alternative to the yuan.
The three temporarily halted withdrawals last month, citing central bank requirements to re-tool such systems.
People’s Bank of China official Zhou Xuedong told Bloomberg News on Tuesday that bitcoin regulation introduced previously wasn’t temporary.
BTC China, Huobi and OKCoin said in separate statements Wednesday that the suspension will lift only after regulators approve internal compliance upgrades.

as declared in

Unrelenting Chinese Government Forces Exchanges to Extend Bitcoin Withdrawal Ban

The Chinese cryptocurrency exchanges have further extended the Bitcoin withdrawal ban, no timeline available yet.
Three main bitcoin exchanges — BTCC, Huobi, and OKCoin simultaneously announced the extension of withdrawal ban in the country.
The regulatory oversight in the Chinese Bitcoin market came into effect after numerous reports suggested an increased usage of Bitcoin among the population to skirt capital controls.
The Chinese regulatory agencies have adopted a hardline stance against the country’s cryptocurrency exchanges.
Now, with no definite timeline, the Chinese cryptocurrency market is going through uncertain times.

Unrelenting Chinese Government Forces Exchanges to Extend Bitcoin Withdrawal Ban*/

as declared in

Bitcoin Withdrawals Postponed, to Resume After Regulatory Approval: Chinese Exchanges*/

In separate but entirely identical statements today, all three bitcoin exchanges have stated that bitcoin withdrawals will remain closed – with no timeframe – until approval from regulators.
China’s ‘big three’ bitcoin exchanges have all released statements confirming that bitcoin withdrawals will only resume following approval by regulators, as the platforms reinforce their infrastructure to comply with AML and regulatory requirements.
A week later, the other big exchange, BTCC, followed suit and halted withdrawals for a month.
The BTCC announcement ended with:We have been trying to make the Bitcoin industry healthy under the premise of compliance.
It was a month ago when OkCoin and Huobi, two of China’s ‘big three’ exchanges paused withdrawals of bitcoin in the face of regulatory pressure from the People’s Bank of China.

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