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China’s major Exchanges officially begin to Charge 0.2% Transaction fees

The long-anticipated move of charging transaction fees for China’s BTCC, OKcoin and Huobi as the responses to PBOC’s requirement to eliminate margin trading service has been officially confirmed by the exchanges today.

The official site of Okcoin:okcoin

 

Dear clients:

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.

Details:

  1. Service fees of transaction will be based a certain rate. RMB will be charged when selling while Bitcoin or Litecoin will be charged will buying.
  2. Service fees apply for both voluntary and passive transactions.
  3. The rate is 0.2% of the trading volume.

Tips: trading methods may need to be adjusted for API users.

OKcoin

January 22th 2017.

The offical site of Huobi:huobi

Dear users:

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.

Details:

  1. Service fees of transaction will be based a certain rate. RMB will be charged when selling while Bitcoin or Litecoin will be charged will buying.
  2. Service fees apply for 2-direction transactions
  3. The rate is 0.2% of the trading volume.

Huobi

January 22th 2017.

The official site of BTCC: btcc

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017 Beijing time.

Details:

  1. Service fees of transaction will be based a certain rate. RMB will be charged when selling while Bitcoin or Litecoin will be charged will buying.
  2. Service fees apply for both voluntary and passive transactions.
  3. The rate is 0.2% of the trading volume.

 

BTCC

January 22th 2017.

8btc has long predicted that PBOC’s inspection of the exchanges mainly focuses on uphold financial stability which might be hindered by the Bitcoin price’s volatility which is mainly attributed to fake trading volume and large-scale margin trading. The suspension of margin trading service and the move to charge service fees are apparently the prompt responses to PBOC’s requirement/

Another focus of PBOC is whether exchanges are following the anti-money laundry law. It is highly likely the next move for PBOC is to require exchanges to build complete internal control systems as an important part efforts to combat money laundry.And again, possibility that exchange are suspended until they comply all the regulations can not be excluded.

See our articles  Why PBoC’s Inspection of Exchanges Matters for Bitcoin Trading to be Better and  Analysis: PBOC Possible Stepping in as a Third-party Custodian for Bitcoin Exchanges is Good news as 8btc’s view on PBOC ‘s move.

COMMENTS(9)

  • shualingfa
    9 months ago shualingfa

    China’s major Exchanges officially begin to Charge 0.2% Transaction feesThe long-anticipated move of charging transaction fees for China’s BTCC, OKcoin and Huobi as the responses to PBOC’s requirement to eliminate margin trading service has been officially confirmed by the exchanges today.The official site of Okcoin:Dear clients:To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.Details:SERVICE FEES OF TRANSACTION WILL BE BASED A CERTAIN RATE. RMB WILL BE CHARGED WHEN SELLING WHILE BITCOIN OR LITECOIN WILL BE CHARGED WILL BUYING.SERVICE FEES APPLY FOR BOTH VOLUNTARY AND PASSIVE TRANSACTIONS.THE RATE IS 0.2% OF THE TRADING VOLUME.Tips: trading methods may need to be adjusted for API users.OKcoinJanuary 22th 2017.The offical site of Huobi:Dear users:To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.Details:SERVICE FEES OF TRANSACTION WILL BE BASED A CERTAIN RATE. RMB WILL BE CHARGED WHEN SELLING WHILE BITCOIN OR LITECOIN WILL BE CHARGED WILL BUYING.SERVICE FEES APPLY FOR 2-DIRECTION TRANSACTIONSTHE RATE IS 0.2% OF THE TRADING VOLUME.HuobiJanuary 22th 2017.The official site of BTCC: To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017 Beijing time.Details:SERVICE FEES OF TRANSACTION WILL BE BASED A CERTAIN RATE. RMB WILL BE CHARGED WHEN SELLING WHILE BITCOIN OR LITECOIN WILL BE CHARGED WILL BUYING.SERVICE FEES APPLY FOR BOTH VOLUNTARY AND PASSIVE TRANSACTIONS.THE RATE IS 0.2% OF THE TRADING VOLUME. BTCCJanuary 22th 2017.8btc has long predicted that PBOC’s inspection of the exchanges mainly focuses on uphold financial stability which might be hindered by the Bitcoin price’s volatility which is mainly attributed to fake trading volume and large-scale margin trading. The suspension of margin trading service and the move to charge service fees are apparently the prompt responses to PBOC’s requirement/Another focus of PBOC is whether exchanges are following the anti-money laundry law. It is highly likely the next move for PBOC is to require exchanges to build complete internal control systems as an important part efforts to combat money laundry.And again, possibility that exchange are suspended until they comply all the regulations can not be excluded.http://news.8btc.com/chinas-major-exchanges-officially-begin-to-charge-0-2-transaction-fees

  • Karartma1
    9 months ago Karartma1

    And now the real game starts. We will hardly see pumps like the ones we already had: I mean, we will have pumps but for the next times we could rely a bit more on China’s volumes. This is going to be interesting and fun to watch

  • loserkids
    9 months ago loserkids

    I feel embarrassed liking something imposed by the government. But it’s a good thing. At least we’ll know the “real” price of bitcoin.

  • darkangel11
    9 months ago darkangel11

    Quote from: Karartma1 on January 23, 2017, 07:10:41 AM
    And now the real game starts. We will hardly see pumps like the ones we already had: I mean, we will have pumps but for the next times we could rely a bit more on China’s volumes. This is going to be interesting and fun to watch
    Let’s hope it will make bitcoin a little more stable. Although less pumps may sound bad, but it also means less dumps and less fake volume (hopefully).While the speculators love unstable currencies it’s completely opposite with real businesses, so this might bring us one step closer to global acceptance.

  • richardsNY
    9 months ago richardsNY

    Quote from: loserkids on January 23, 2017, 07:55:55 AM
    I feel embarrassed liking something imposed by the government. But it’s a good thing. At least we’ll know the “real” price of bitcoin.

    If the government wasn’t the one pointing Chinese exchanges at their wrongdoings, then who would? I sincerely hope that it will lead to less manipulation and fluctuations as that would be a welcome first step. With a relatively stable price, and less over-exaggerated dumps, it will make Bitcoin more appealing to the normal folks. Look at OKCoin’s and BTCChina’s volumes — it’s like 10% of what they are “normally”. But still, USD exchanges aren’t even close….

  • veleten
    9 months ago veleten

    this is the”main bitcoin event” of the year so farnow we will see some drastic drop in trading volumes at chinese exchanges,less volatile(hopefully) bitcoinand possibly a shift of the bitcoin capital from china to ,say,Japan or Europemeanwhile ,chinese exchanges are in a state of shock,with their volumes dropping up to 10 times,some of it due to the automatic API calls to be changedand trading algos corrected,but this is going on for two days alreadysome of the price checkers like bitcoinwisdom haven’t updated their API access it seems and just don’t display Huobi’s price at all,it is at a standstillall in all lets wait and see the full effect of it,give or take 10-14 days from now

  • 1Referee
    9 months ago 1Referee

    Quote from: veleten on January 23, 2017, 05:38:57 PM
    this is the”main bitcoin event” of the year so farnow we will see some drastic drop in trading volumes at chinese exchanges,less volatile(hopefully) bitcoinand possibly a shift of the bitcoin capital from china to ,say,Japan or Europemeanwhile ,chinese exchanges are in a state of shock,with their volumes dropping up to 10 times,some of it due to the automatic API calls to be changedand trading algos corrected,but this is going on for two days alreadysome of the price checkers like bitcoinwisdom haven’t updated their API access it seems and just don’t display Huobi’s price at all,it is at a standstillall in all lets wait and see the full effect of it,give or take 10-14 days from now

    If you look at how popular the margin aspect was at these Chinese exchanges, then I wonder when the first non Chinese exchange will take over their traders. They can basically start to offer exactly what Chinese exchanges were offering, which is zero fees for their regular trading. But then again, I think due to the effectiveness of these PBOC sanctions, it will be just a matter of time before even non Chinese exchanges will be subject to the same regulations. But yes, we’ll see the real impact somewhere in the coming weeks, perhaps months.

  • aso118
    9 months ago aso118

    Quote from: 1Referee on January 23, 2017, 11:49:01 PM
    If you look at how popular the margin aspect was at these Chinese exchanges, then I wonder when the first non Chinese exchange will take over their traders. They can basically start to offer exactly what Chinese exchanges were offering, which is zero fees for their regular trading. But then again, I think due to the effectiveness of these PBOC sanctions, it will be just a matter of time before even non Chinese exchanges will be subject to the same regulations. But yes, we’ll see the real impact somewhere in the coming weeks, perhaps months.

    Non-Chinese (or international) exchanges will find it difficult to attract Chinese customers because of the capital controls in place. Chinese bitcoin users will find it impossible to deposit or withdraw yuan from these exchanges. So the Chinese will have to get used to transaction charges at their bitcoin exchanges.

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