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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:

ok123

 

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.

Please follow 8btc for the latest news that will impact Chinese Bitcoin community and beyond.

COMMENTS(22)

  • hl5460
    3 weeks ago hl5460

    Until they have completed relevant AML procedures or the authority say yes. Anyway, it’s up to the regulators.https://www.okcoin.cn/t-2505918.html

  • OmegaStarScream
    3 weeks ago OmegaStarScream

    I find it as a good decision, we don’t want for the Chinese whales to take control again and start manipulating the market, at least not with the ETF decision coming soon.

  • kiklo
    3 weeks ago kiklo

    Quote from: hl5460 on March 08, 2017, 08:18:09 AM
    Until they have completed relevant AML procedures or the authority say yes. Anyway, it’s up to the regulators.https://www.okcoin.cn/t-2505918.html

    Translated to EnglishAnyone see any errors feel free to correct.  Quote
    About OKCoin We raise deferral notice of illegal act by bit currencyOKCoin_ Muzi published in OKCoindynamicannouncement 2017-03-08 15:58 974Dear OKCoin Bankers:According to the regulatory requirements of the “special currency trading platform shall not violate the relevant national laws and regulations on anti-money laundering, foreign exchange management and payment and settlement, OKCoin Bank is actively developing and upgrading the system according to the relevant policy details, and discuss industry standards with industry peers , To develop self-discipline system. Once the regulatory authorities have been approved, you can make currency, the specific time please pay attention to OKCoin currency line official announcement.We have been trying to make the Bitcoin industry healthy under the premise of compliance, thank you for your understanding and support.OKCoin currency lineMarch 8, 2017
     FYI:Seems like the Chinese plan to control BTC much the same as they do the Yuan.BTC=Better Trust China

  • Pursuer
    3 weeks ago Pursuer

    Quote from: OmegaStarScream on March 08, 2017, 08:38:49 AM
    I find it as a good decision, we don’t want for the Chinese whales to take control again and start manipulating the market, at least not with the ETF decision coming soon.

    well the manipulation is always there and the Chinese whales never stopped their thing and they are not the only ones. you can see that these days with the price drop.but I agree that these inspection and the suspension of these exchange services are a good thing. we don’t want to find out billions of dollar were laundered through these exchanges. and the media won’t say the unregulated exchanges did that , they say bitcoin was the reason and that is bad.

  • kiklo
    3 weeks ago kiklo

    Quote from: Pursuer on March 08, 2017, 08:45:11 AM

    Quote from: OmegaStarScream on March 08, 2017, 08:38:49 AM
    I find it as a good decision, we don’t want for the Chinese whales to take control again and start manipulating the market, at least not with the ETF decision coming soon.

    well the manipulation is always there and the Chinese whales never stopped their thing and they are not the only ones. you can see that these days with the price drop.but I agree that these inspection and the suspension of these exchange services are a good thing. we don’t want to find out billions of dollar were laundered through these exchanges. and the media won’t say the unregulated exchanges did that , they say bitcoin was the reason and that is bad.

    I don’t agree, the fact they can control BTC so easily kind of proves BTC is not a source of monetary freedom, just another form of Government enslavement.  Which if so, BTC loses it value to many.  

  • Pursuer
    3 weeks ago Pursuer

    Quote from: kiklo on March 08, 2017, 08:49:22 AM

    Quote from: Pursuer on March 08, 2017, 08:45:11 AM

    Quote from: OmegaStarScream on March 08, 2017, 08:38:49 AM
    I find it as a good decision, we don’t want for the Chinese whales to take control again and start manipulating the market, at least not with the ETF decision coming soon.

    well the manipulation is always there and the Chinese whales never stopped their thing and they are not the only ones. you can see that these days with the price drop.but I agree that these inspection and the suspension of these exchange services are a good thing. we don’t want to find out billions of dollar were laundered through these exchanges. and the media won’t say the unregulated exchanges did that , they say bitcoin was the reason and that is bad.
    I don’t agree, the fact they can control BTC so easily kind of proves BTC is not a source of monetary freedom, just another form of Government enslavement.  Which if so, BTC loses it value to many.

    if you can not understand the difference between controlling a third party service that is working with fiat currency to prevent all the illegal activity they have been doing and controlling bitcoin as a decentralized currency then I can not possibly use any words to help you understand the difference!

  • dinofelis
    3 weeks ago dinofelis

    Quote from: kiklo on March 08, 2017, 08:44:23 AM

    FYI:Seems like the Chinese plan to control BTC much the same as they do the Yuan.BTC=Better Trust China

    Amen.  BTC is now a Chinese fiat.  Probably the PBoC has already the exchange wallets.  Now they need to lay their hands on the miners.

  • Cindy23
    3 weeks ago Cindy23

    EXACTLY, we’d better trust China.haha~

  • sportis
    3 weeks ago sportis

    Some people may disagree with me, but is quite obvious that PBOC and the Chinese government want to toughen up all of their citizens want to trade with bitcoin. All of these debates about regulation clearly are only excuses with only one purpose; to prevent the outflow of capital abroad. If the Chinese authorities were so sensitive about the bitcoin usage as a mean of financing illegal activities would take care from the beginning. So, if anyone would like to set an exchange it would be required to comply with specific standards otherwise could not be authorized to have one. Therefore, I doubt if the bitcoin was not so popular among the Chinese citizens the authorities would show the same interest about the implementation of the AML/KYC instructions.

  • szpalata
    3 weeks ago szpalata

    Quote from: dinofelis on March 08, 2017, 09:30:15 AM

    Quote from: kiklo on March 08, 2017, 08:44:23 AM

    FYI:Seems like the Chinese plan to control BTC much the same as they do the Yuan.BTC=Better Trust China

    Amen.  BTC is now a Chinese fiat.  Probably the PBoC has already the exchange wallets.  Now they need to lay their hands on the miners.

    Scary days because the Chinese seem to be fighting decentralization and it wont auger well for all of us. Initially I thought it was basically to control the prices so that bad guys wouldn’t see Bitcoin as a root for money laundering in order to fund their illegal activities but in another angle it seems the Chinese have an ulterior motive.

  • BitcoinHodler
    3 weeks ago BitcoinHodler

    Quote from: szpalata on March 08, 2017, 01:59:27 PM

    Quote from: dinofelis on March 08, 2017, 09:30:15 AM

    Quote from: kiklo on March 08, 2017, 08:44:23 AM

    FYI:Seems like the Chinese plan to control BTC much the same as they do the Yuan.BTC=Better Trust China

    Amen.  BTC is now a Chinese fiat.  Probably the PBoC has already the exchange wallets.  Now they need to lay their hands on the miners.

    Scary days because the Chinese seem to be fighting decentralization and it wont auger well for all of us. Initially I thought it was basically to control the prices so that bad guys wouldn’t see Bitcoin as a root for money laundering in order to fund their illegal activities but in another angle it seems the Chinese have an ulterior motive.

    it IS about fighting money laundering not with control of price because price doesn’t matter for that! but instead by controlling who puts how much in and takes how much out of these exchanges and does what there!look up what money laundering is and you will understand what i mean.also i have a suspicion that this will end up being a way to take taxes from bitcoin traders just the way they take taxes from Forex traders. and that is a good revenue for the government.

  • alyssa85
    3 weeks ago alyssa85

    I wonder what will happen to the bitcoins of those users who fail the AML checks.Will China seize them, and then do auctions like the FBI does when they acquire bitcoins due to drug busts? Or will they just keep them? Or will they get dumped on some external exchange without warning?

  • NUFCrichard
    3 weeks ago NUFCrichard

    So Okcoin and Huobi are essentially like Mt Gox was now?  You can buy, buy you can’t sell.Sound like we will have ChinaBTCs soon too, much like we had Gox BTCs.It explains the sell off today anyway. I don’t think it is too important, just good to know that sometimes there is a reason behind the market movements!

  • franky1
    3 weeks ago franky1

    Quote from: kiklo on March 08, 2017, 08:49:22 AM

    Quote from: Pursuer on March 08, 2017, 08:45:11 AM

    Quote from: OmegaStarScream on March 08, 2017, 08:38:49 AM
    I find it as a good decision, we don’t want for the Chinese whales to take control again and start manipulating the market, at least not with the ETF decision coming soon.

    well the manipulation is always there and the Chinese whales never stopped their thing and they are not the only ones. you can see that these days with the price drop.but I agree that these inspection and the suspension of these exchange services are a good thing. we don’t want to find out billions of dollar were laundered through these exchanges. and the media won’t say the unregulated exchanges did that , they say bitcoin was the reason and that is bad.

    I don’t agree, the fact they can control BTC so easily kind of proves BTC is not a source of monetary freedom, just another form of Government enslavement.  Which if so, BTC loses it value to many. 

    all thy can control is the exchanges that touch fiat.if you dont like chinese government. dont use an exchange that also transacts with chinese fiat.

  • Kprawn
    3 weeks ago Kprawn

    Who cares about them? Most of the Chinese traders have been moving away from these regulated exchanges and are doing “private” trades now. This is what is going to happen now…. Chinese government force people to go underground and to use black markets and the same will happen in other countries when they over regulate Bitcoin. Yes, consumers need protection…. but something is off in the way the Chinese are doing this.

  • BitcoinAllBot
    3 weeks ago BitcoinAllBot

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

  • Jusdem
    3 weeks ago Jusdem

    We’re being played by the Chinese. Beware

  • RaggiGamma
    3 weeks ago RaggiGamma

    3 exchanges casinos you mean?

  • PoliticalDissidents
    3 weeks ago PoliticalDissidents

    How come Coindesk is reporting the contrary? They’re saying they’re ready to resume withdrawals but are waiting for government approval

  • 8btccom
    3 weeks ago 8btccom

    It’s obvious Coindesk didn’t read between line. “Once approved by the regulatory body, you can resume the currency business. [For the specific time], please pay attention to the official announcement [on Huobi]” means gov and exchanges are still bargaining instead of “everything is just fine the only thing needed is the approval”.

  • minerl8r
    3 weeks ago minerl8r

    Those bitcoins are gone.

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