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BTC38 reveals key operation statistics and compliance measures

27 April, Shenzhen-BTC 38, a major altcoin exchange in China, releases a statement , revealing the Company’s measures for regulatory compliance. As the only exchange that still processes Bitcoin withdrawal request (pending for 7-15 days), BTC38 seems to survive the regulatory storm that impacts other major Bitcoin exchanges. The article also presents some key operational statistics of BTC38 for the first time. However, the situation may face a change due to the recent rumor that a regulation storm may hit altcoin exchanges in Southern China .
BTC38 claim that eID agreement with the Ministry of Public Security play a key role in their KYC/AML system.

In addition, BTC38 has signed an eID agreement with the Third Department of Ministry of Public Security. User’s identities are verified through the Citizen Identity Network of the Ministry of Public Security. Suspicious identity will be reported immediately. Also the system is compatible with remote identity authentication while protecting personal privacy.

In terms of funds custody, all deposits and withdrawals doesn’t go through the company’s account and has always been handled by Chanpay, a third-party payment processor.

It’s a smart move for BTC38 to handle funds this way. The platform only manages the cryptocurrencies and left all money throughput handled by third parties.

In terms of legal compliance policy, BTC38 has rejected all business that involves fiat loaning or Bitcoin loaning. Also BTC38 has never cancelled transaction fee for all categories of users.

One may find it odd that no derivatives could be found on btc38 since its founding in 2013. Even in 2014-2015 when the whole cyrpotcurrency ecosystem was in stress and most exchanges struggled to develop new products like futures, margin trade etc.
BTC38 reveals some key statistics of the platform for the first time:

BTC38 has around 200,000 registered users, with average daily IP of 50,000 to 60,000 and 1.65 million PV a day. 61 servers are deployed to support exchange operation.

BTC38 has been operating safely for 1387 days and currently relying on Baidu and Tencent to defend over 30,000 attacks on daily average.

In terms of bitcoin security, BTC 38 says:

Meanwhile, multi-signature and cold storage are employed for wallet security.

The statement is more like a disclosure on the exchange’s compliance measures for the upcoming regulation.

COMMENTS(1)

  • BitcoinAllBot
    6 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

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