Bitcoin Withdrawal still not available: Big 3 Exchanges of China are still “upgrading” systems
March 8th, 4:00 pm Beijing time, Okcoin,Huobi and BTCC have just issued an announcement simultaneously saying that Bitcoin withdrawal is still not available as the updates of the system to meet the demands of related laws are still underway, one month after the big three exchanges that they would suspend bitcoin withdrawal.
The announcement of Okcoin:
Dear OKCoin Users:
According to the regulatory requirements that “Bitcoin exchanges shall not violate anti-money law, law on foreign exchanges management and law payment and settlement”, OKCoin is now actively developing and upgrading the system based on relevant details. Okcoin is also discussing industry standards with industry peers to formulate self-discipline regulation within the industry. Once the regulatory authorities approves and recognize the measure we have adopted, users can withdraw Bticoin then. Please follow the Okcoin’s official announcement for the schedule.
We have been trying to build a Bitcoin industry that is healthy and law-based. Thank you for your understanding and support.
Huobi and BTCC have issued identical announcement .
One month ago, the big 3 exchanges announced that withdrawal service of Bitcoin and Litecoin would be suspended for 1 month or shorter as exchanges would upgrade their anti-money laundry system in the following month coupled with joint efforts of other exchanges in China to set industry standards and to meet requirements of laws on anti money laundry, foreign exchanges and payment and clearance.
The the deadline announcement shows that negotiations and compromises are still underway between PBoC and the exchanges. Clearly the government has yet to be fully prepared on stipulate the most proper law to regulate exchanges. For Chinese government, it is really a tall order to make a quick decision on how to balance the benefits of Bitcoin and instability brought by the volatility of Bitcoin price.
In the late of February , a set of 10 self-regulation rules were proposed by the Blockchain Research Institute of China whose members are mostly Chinese bitcoin exchanges as exchanges’s efforts to impose self-discipline rules in the industry.
It still remains to be seen how Chinese government see these rules and how they are satisfied with the upgrades of exchanges trading system.
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