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Bitcoin Withdrawal Service Suspended to Upgrade Anti-Money Laundry System for China’s major exchanges

Huobi and Okcoin has announced that withdrawal service of Bitcoin and Litecoin will be suspended from the moment on for 1 month  or shorter as exchanges will upgrade their anti-money laundry system in the following month coupled with joint efforts of other exchanges in China to set industry standards meet requirements of laws on anti money laundry, foreign exchanges and payment and clearance. Other service including yuan’s deposit and withdraw remains normal.

 

The announcement of OKcoin reads:

OKCoin

Dear users:

According to government’s requirement that Bitcoin exchanges shall not violate anti-money laundry law and regulations on foreign exchange and payment and clearance, Okcoin will, based on the experience of the industry, collaborate with other exchanges to set anti-money laundry standard of Bitcoin exchange industry and thus thoroughly upgrade its anti-money laundry systems with collaborating efforts of other exchanges. This will enable Okcoin to effectively prevent and combat money laundry, illegal currency swap and pyramid schemes. To avoid any possibility for such illegal trade, Okcoin decides:

  • From the moment on suspend withdrawal service of Bitcoin and Litecoin
  • The deposit and withdrawal of RMB will remain normal. For those who need to withdraw, they can sell coins for Yuan and then withdrawal. The security of funds of all clients will not be impacted.
  • The withdrawal of Bitcoin and Litecoin will be resumed immediately after Okcoin completes the upgrade of the system. It will take 1 month to set and implement the industry standards, the time can also be greatly shortened according to progress, though.

We apologize for any inconvenience. Thank you for your understanding and support.

The announcement of Huobi  reads a slightly different:

huobi

Dear users:

According to government’s requirement that Bitcoin exchanges shall not violate anti-money laundry law and regulations on foreign exchange and payment and clearance, Huobi will, based on the experience of the industry, collaborate with other exchanges to set anti-money laundry standard of Bitcoin exchange industry and thus thoroughly upgrade its anti-money laundry systems with collaborating efforts of other exchanges. This will enable Huobi to effectively prevent and combat money laundry, illegal currency swap and pyramid schemes. To avoid any possibility for such illegal trade, Huobi will:

  • From the moment on suspend withdrawal service of Bitcoin and Litecoin
  • The deposit and withdrawal of RMB will remain normal. 
  • The withdrawal of Bitcoin and Litecoin will be resumed immediately after Okcoin completes the upgrade of the system. It will take 1 month to set and implement the industry standards, the time can also be greatly shortened according to progress, though.

We apologize for any inconvenience. Thank you for your understanding and support.

 

Another China’s major exchange BTCC has yet to make any announcement. But it is highly likely it will do the same as before.

PBOC this morning said it has inquired 9 small Bitcoin exchange and warned that those who violates laws risk being shut down. PBOC now seems determined to regulate China’s Bitcoin trading market for Bitcoin price’s recent volatility.

Here is timeline for PBOC’s move, the responses from the 3 exchanges and the Bitcoin price on each day.

time

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(1)

  • hl5460
    2 weeks ago hl5460

    Bitcoin Withdrawal Service Suspended to Upgrade Anti-Money Laundry System for China’s major exchangesHuobi and Okcoin has announced that withdrawal service of Bitcoin and Litecoin will be suspended from the moment on for 1 month  or shorter as exchanges will upgrade their anti-money laundry system in the following month coupled with joint efforts of other exchanges in China to set industry standards meet requirements of laws on anti money laundry, foreign exchanges and payment and clearance. Other service including yuan’s deposit and withdraw remains normal.http://news.8btc.com/bitcoin-withdrawal-service-suspended-to-upgrade-anti-money-laundry-system-for-chinas-major-exchanges

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