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

The month-long withdrawal ban stretches, with no timeframe for regulatory approval.
Posted in: CCN Reveals
Published:
March 8, 2017 1:06 PM UTC

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.

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. A week later, the other big exchange, BTCC, followed suit and halted withdrawals for a month.

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.

An official statement from Huobi adds that it has complied with the requirements of the regulatory authorities so as to not violate anti-money laundering guidelines and foreign exchange laws for the month. Further, the exchange added it is actively developing and upgrading the system to err on the side of regulatory compliance.

Pointedly, today’s announcement to customers (roughly translated) adds:

Once the regulatory authorities approve, you can resume withdrawals. [However, for] the specified time, please pay attention to the official announcement [on Huobi].

Huobi and OkCoin suspended bitcoin and litecoin withdrawals on February 9to comply with relevant laws and regulations.

An identical notice from BTCC confirms that the bitcoin is coming together with its counterparts to “explore industry standards [and] develop self-discipline [self-regulatory] system”.

The BTCC announcement ended with:

We have been trying to make the Bitcoin industry healthy under the premise of compliance.

Last month’s announcement had a telling impact on bitcoin prices, sinking below the $1,000 figure for a week before bitcoin charted a bullish run that has now scaled all-time highs.

At the time of publishing, data from BTCC’s BTC/CNY charts shows the value drop below ¥8000 for the first time in five days, hitting a low of ¥7600. However, bitcoin is already bouncing back at press time, trading at ¥7975.

 

Image from Shutterstock. Charts from Bitcoin Wisdom.

Last modified: July 7, 2020 10:09 PM UTC

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Samburaj Das @sambdas

Samburaj is the Chief Editor of CCN.com, one of the earliest and foremost publications covering blockchain, cryptocurrency, and financial technology news. He has authored over 2,000 articles for CCN.com. Reach him at samburaj@ccn.com. Visit his LinkedIn profile here or his Muck Rack profile here.