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China Bitcoin exchanges to allow withdrawal in June

10th May, Beijing-According to a report by Caixin, the “Big Three” Bitcoin exchanges in China: BTCChina, OKCoin and Huobi will be facing a penalty with unknown amount. Two important regulatory documents: Management guideline for Bitcoin Exchange and AML guideline of Bitcoin Exchanges, are expected to be released in June.

The news comes with the ATH price of Bitcoin. Last night, the BTC price in China has passed 10,000 CNY , or a five digit number, for the first time in history. Many bitcoiners posted screenshot on their Wechat moment to honor that moment.

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10,000 CNY milestone reached on 10th May on OKCoin.

The report contributes the rise of bitcoin to Japan’s legalization and merchants adoption and overseas market Booming like Korea.

The rise was led by overseas markets. Bitcoin on Bitfinex rise 5.4%, reached 1,779 USD or 12,287.9 yuan. Japan exchange BitFlyer soared to 2.214 million yen, equivalent of 13,004 yuan. South Korea exchange Bithumb reaches 2,318,000 won, or RMB 14,082 yuan.

According to the study of Huobi, Japan has become the world’s largest bitcoin trading market, accounting for 46.4% of the global volume. United States accounted for 26.4% while China’s trading volume fell to 10%, ranking the third.

China used to take 90% of the global trade volume thanks to 0 fee policy and high-frequency traders, or trading bots. But the PBOC-led regulation made the exchanges to impose transaction fee this February and HFT were left with no profits.
At present, the on-site inspection is nearing its end. According to the inspection findings, the relevant administrative penalty resolution has been drafted and the paper is being reviewed. Two key issues must be corrected: one is the fiat and BTC loaning business and the second is the flawed AML system. The rectification requirements finally were compiled into the upcoming regulatory documents: the management guideline of Bitcoin exchanges and the AML guideline of Bitcoin Exchanges. According to the news, these two documents are expected to be released in June and bitcoin withdrawal suspension could be removed subsequently.
It’s generally interpreted as good news as fears of shutting down the exchanges are now cleared and the withdrawal is definitely what the users are waiting for.

COMMENTS(27)

  • 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

  • unvocal_username
    6 months ago unvocal_username

    So we got another excuse to pump

  • BitcoinCitadel
    6 months ago BitcoinCitadel

    Or dump

  • nextblast
    6 months ago nextblast

    Although we want that badly, the title of this post is misleading. Caixin did not say that (resume withdraws in June). They said that official regulations on bitcoin trading platforms and AML may be released in June.

    https://twitter.com/cnLedger/status/862137626635063296

  • classna
    6 months ago classna

    “This is actually good news”

  • BugeaterX
    6 months ago BugeaterX

    I’ll believe it when I see it. I have a bad feeling they’ll never be able to withdraw bitcoin.

    (At least the guys buying phantom bitcoin have made a great profit lately)

  • pointbiz
    6 months ago pointbiz

    1 month ™

  • sreaka
    6 months ago sreaka

    I really see the regulation as a blessing in disguise, it’s allowed more “free” markets to take the lead, like Japan.

  • hl5460
    5 months ago hl5460

    btc38 trading above $2000, or 13850 CNYDidn’t expect this happen so soon.https://twitter.com/redtheminer/status/865490661042118656

  • unamis76
    5 months ago unamis76

    Not that strange. Despite having issues with lockdowns (which I’m unsure of what’s really happening at the moment, as I don’t really keep track of that) the markets would eventually have to keep up with growth…

  • X68N
    5 months ago X68N

    Thank you 2 for the answers.Do you have a link for the reopening in june? (i cant find good infos on google)

  • Snorek
    5 months ago Snorek

    I still think that the main force behind recent bitcoin’s price surge is debate within the bitcoin community about the future of scaling.We might agree that risk of the creation of two separate cryptocurrencies is gone at this point – SegWit will be probably activated this summer.Another reason is that global economic situation and uncertainty is driving BTC as perfect safe haven asset.

  • btc_angela
    5 months ago btc_angela

    Quote from: BrewMaster on Today at 05:02:38 PM

    Quote from: X68N on Today at 04:07:25 PM
    Thank you 2 for the answers.Do you have a link for the reopening in june? (i cant find good infos on google)

    here you go: http://news.8btc.com/china-bitcoin-exchanges-to-allow-withdrawal-in-junethey are about to face some serious fines first though. but since they have said before that as soon as regulations are in place they will start their withdrawals there is a high possibility that they will start it in June.

    I think the fines has been paid already. PBoC is just drafting a tighter regulations not only lockdown, but totally shutting it down if they again found guilty of fraudulent activity. That’s why the withdrawals will only start in June. But yeah, as soon as the it is allowed, expect a massive withdrawal from the Chinese investors.

  • X68N
    5 months ago X68N

    ok but the chinese exchanges seem locked, i cant deposit on BTC38 and i cant withdraw on Jubi :/i dont know why,  there where some bad news about goverment shit in march 2017 bat that is 2 months ago.Do you have other information?

  • BrewMaster
    5 months ago BrewMaster

    Quote from: X68N on Today at 03:41:55 PM
    ok but the chinese exchanges seem locked, i cant deposit on BTC38 and i cant withdraw on Jubi :/i dont know why,  there where some bad news about goverment shit in march 2017 bat that is 2 months ago.Do you have other information?

    a while back (a week or so ago) they announced that the Chinese exchanges will be opening up again, and start their operations in June. so that may be the cause of the price rise in these exchanges.and although nobody can move in or out, their accounts still work and they have money in there like any traders would.

  • $kripter
    5 months ago $kripter

    Thanks BrewMaster & Unamis76 for the answers. 

  • BrewMaster
    5 months ago BrewMaster

    Quote from: X68N on Today at 04:07:25 PM
    Thank you 2 for the answers.Do you have a link for the reopening in june? (i cant find good infos on google)

    here you go: http://news.8btc.com/china-bitcoin-exchanges-to-allow-withdrawal-in-junethey are about to face some serious fines first though. but since they have said before that as soon as regulations are in place they will start their withdrawals there is a high possibility that they will start it in June.

  • davidmccoy
    5 months ago davidmccoy

    The abrupt change in any currency can change the course abruptly as well. But we are witnessing BTC catching up gradually. So it is a good news.

  • bitart
    5 months ago bitart

    You should not forget Japan as well, the news of the Japanese acceptance has moved the price as well. After the announcement, BTC holders and newcomers are more confident to invest into bitcoin, so they’re on long position now, and waiting for the price to rise further. At the beginning of the year we were around $1000 but now it’s doubled. Do you know any gambler/trader or anybody, who could resist this opportunity? The question is as always, where is the top, and when…

  • RoommateAgreement
    5 months ago RoommateAgreement

    the Chinese seem to be catching up to the rest of the world now. i think it is even possible that because of what Japan did, their Public bank started to speed up the process of regulation of these exchanges so that they can come back faster.and don’t forget that Chinese were never out of the game. the volume coming from China from OTC trading has been pretty high ever since their exchanges closed down.

  • Kakmakr
    5 months ago Kakmakr

    I am just curious on what is going to happen when these Chinese exchanges are unlocked. Will people withdraw and move to other platforms or would this frighten them in leaving permanently? The Chinese exchanges once had a huge influence on the price, but now they are a shadow in the dark. I expect a little price correction when they are fully unlocked. ^hmmmm^

  • BitcoinPanther
    5 months ago BitcoinPanther

    Quote from: RoommateAgreement on Today at 03:27:32 AM
    the Chinese seem to be catching up to the rest of the world now. i think it is even possible that because of what Japan did, their Public bank started to speed up the process of regulation of these exchanges so that they can come back faster.and don’t forget that Chinese were never out of the game. the volume coming from China from OTC trading has been pretty high ever since their exchanges closed down.

    Aside from Chinese people, South Korea is also competing with Bitcoin price, the last time I read news about bitcoin price, South Korea and Japan have the same $2350  per bitcoin.  It looks like South Korea is aggressively involving itself to bitcoin trades.  I read not much of news  about South Korea and bitcoin so I was kinda surprised when I read about it.

  • minime
    5 months ago minime

    one btc still worth one btc…. so whats the fuz?

  • BrewMaster
    5 months ago BrewMaster

    Quote from: minime on Today at 05:43:04 AM
    one btc still worth one btc…. so whats the fuz?

    the “fuz” is about the fact that 10,000 bitcoin could buy 1 pizza not so long ago and now we are getting closer to a point where 1 bitcoin can buy 10,000 pizzas. (50 to 100 pizzas today and who knows how many more tomorrow)the 1BTC=1BTC notion has no meaning for bitcoin, that is a term Doge meme lovers use

  • jonald_fyookball
    5 months ago jonald_fyookball

    Quote from: Winner on Today at 01:06:07 AM
    That’s nice. Bitcoin is going to be really expensive if the coin is actually held by a larger number of people that are holding it right now. I am sure that the price that we’re looking at right now is not close to what it’s going to be in the near future.Transaction fees may be much more expensive as well unless there is something like a person or a company that allows a third-party transaction fee helper to push transactions much faster than the rate it’s going right now.

    Fees won’t be helped by third party services.  We simply need more capacity (bigger blocks)

  • Winner
    5 months ago Winner

    That’s nice. Bitcoin is going to be really expensive if the coin is actually held by a larger number of people that are holding it right now. I am sure that the price that we’re looking at right now is not close to what it’s going to be in the near future.Transaction fees may be much more expensive as well unless there is something like a person or a company that allows a third-party transaction fee helper to push transactions much faster than the rate it’s going right now.

  • Rahar02
    5 months ago Rahar02

    Quote from: X68N on May 22, 2017, 03:41:55 PM
    ok but the chinese exchanges seem locked, i cant deposit on BTC38 and i cant withdraw on Jubi :/i dont know why,  there where some bad news about goverment shit in march 2017 bat that is 2 months ago.Do you have other information?
    Despite the fact that Chinese exchanges still halt deposit or withdrawal, but why the price of bitcoin on those exchanges could reach same point with other exchanges and even just exceed some famous exchanges such as coindeak, bitfinex or coinbase right now? Just check their exchange rate at $2,612.

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