Chinese Bitcoin Exchanges Adapt: Huobi Resumes Recharge Cards And OKCoin Reveals ATM Partner

Journalist:
Caleb Chen @bitxbitxbitcoin
April 17, 2014

[dropcap size=small]H[/dropcap]uobi made an announcement to their website on 4/17/14.

尊敬的火币网用户:

为了解决非工作时间充值到账较慢的问题,火币网经过和点卡代理商协商后,我们将于今日17:00恢复点卡充值服务,支持所有主流银行充值,7*24小时即时到账。欢迎各位币友体验。

Dear Valued Huobi customers:
In order to resolve the current issues with recharges during off hours, and as a result of Huobi negotiations with recharge card dealers, today at 17:00 we will be resuming our recharge card services. It’s supported at all major banks, and is fully functional 24/7. We welcome you to come experience our coins.

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Bitcoin in China is all business as usual, with individual Chinese Bitcoin Exchanges adapting quickly to changing regulatory environments.  What we are seeing is one Exchange experimenting with a new type of recharge method, and weeks later (after old methods are closed) other Exchanges launch the exact same recharge method.  Currently, most Chinese exchanges are on recharge cards which can still be filled up with RMB at most major banks.  OKCoin is experimenting with codes with two parts similar to a public and private key and BTC China’s Picasso Web App could potentially function just like Mycelium’s Local Trader App, which I recommend to Chinese users.

OKCoin Dropped By China Construction Bank

OKCoin received oral notice from their local branch of the China Construction Bank that their services were to be suspended.  OKCoin published the news in Chinese, but OKCOIN Rep also took to /r/Bitcoin to post an English translation, much to everyone’s delight.

Bank recharge suspension details:

On 4/18 at 10:00 OKcoin will formally stop using our Construction Bank Shangdi(a neighborhood of Beijing) account to recharge users’ account. Recharging at other banks is not a problem, they have not been affected. As always, withdrawals are working without issue and aren’t affected. If we receive any new information we will be the first to let you know.

OKCoin has earned those who invest on our site’s trust as we are a very professional exchange. We have been proactive in responding to these events and are always taking precautions for anything that might occur. We know that this notice will undoubtedly come under criticism; but as a platform we can only be impartial, timely, and efficient. We know that policy adjustments(the bank changed it’s policy, not the government) will have an effect on the domestic BTC market, but we also know that Bitcoin includes the entire globe. Today we are all Bitcoiners(literally people of bitcoin).

Our current emergency(i wouldn’t consider this an emergency, it’s more of a language problem, 应急 means urgent needs, but translates as emergency) plans are as follows:

  1. OKCoin is currently linking up with other financial service providers and creating more avenues for recharging accounts.
  2. Our recharge code details are to be announced soon.
  3. Our foreign management team is currently working on finishing the foreign/english/global website.
  4. We are currently working with Bitocean for the upcoming production of our ATMs.

On a side note, I’m in the office right now and nothing has changed, nobodies freaking out, everything is fine. We have many other ways for users to recharge their accounts and most importantly withdrawals have in no way been affected.

More OKCoin ATM Details Revealed

OKCoin Rep also invited Redditors to PM him for clarification on any Chinese news.  Like BTC China, OKCoin is working to develop a Bitcoin ATM to somewhat circumvent any future or ongoing PBOC actions.  We must remember, the other regulatory bodies in the Chinese government haven’t yet brought their weight to bear. Unlike BTC China, OKCoin’s ATM has not yet been revealed to the world. The OKCoin ATM will be revealed at the Bitcoin Summit in Beijing on 5/10/14.  OKCoin has revealed their ATM partner as Bitocean (BTCOCEAN).  From the design it is kind of obvious that the OKCoin Bitcoin “ATM” will be unidirectional, I welcome a correction though.

Other Chinese Bitcoin Exchange Actions on 4/17/14

Coindesk is reporting the entirety of a phone conversation between small Chinese Bitcoin Exchange CHBTC and their banking partner.

Last modified (UTC): April 24, 2014 06:03

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.