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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(26)

  • hl5460
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months ago Cindy23

    EXACTLY, we’d better trust China.haha~

  • sportis
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months 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
    8 months ago BitcoinAllBot

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

  • Jusdem
    8 months ago Jusdem

    We’re being played by the Chinese. Beware

  • RaggiGamma
    8 months ago RaggiGamma

    3 exchanges casinos you mean?

  • PoliticalDissidents
    8 months 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
    8 months 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
    8 months ago minerl8r

    Those bitcoins are gone.

  • coolcoinz
    7 months ago coolcoinz

    I thought the Chinese are workaholics and they’ll deal with this problem fast, but no. I guess it’s not about making rules and updating the sites. It’s hard to comply with the government that doesn’t really know what it wants. They’d like exchanges to close down and Bitcoin to disappear, but they don’t want to fight it openly. The best idea according to them is to be as annoying as possible and try to deter new investors… Slow it down, buy time, maybe it dies in the meantime 

  • NichtCheck
    6 months ago NichtCheck

    OKCoin Guidelines on Increased AML OKCoin_木子published onOKCoin updateAnnouncements 2017-04-10 13:11  175Dear Users: Considering from the perspectives of national Anti-Money Laundering regulations and risk control, we have established a few suggestions and guidelines for you. These are purely for the purpose of boosting your trading experience and account security. They will not affect your funds and trades. Your cooperation will be greatly appreciated. 1. Enhanced KYC procedures Once your account balance reaches a certain level, our support staff may contact you and perform enhanced due diligence (e.g. video verification). Please be prepared with relevant documents and materials. Level 2 verification will require a photograph of you holding your ID document or passport, and a photograph with front and back of your ID document or passport. Video verification will require a device that has video recording function and access to the internet (e.g. cellphone, laptop, tablet). You will be required to show your legal document in front of the camera. 2. Improved Account Security We strongly suggest you change your passwords and Google Authenticator keys periodically and register your phone number. We will periodically reach out and remind those customers that haven’t updated their passwords and Google Authenticator keys to have them changed. 3. Customers with incorrect information need to contact support For customers who have incorrect information registered, please immediately contact our support team and provide proper information. Incorrect information may delay or prevent you from accessing the platform. You may not update your information once it’s corrected. 4. Old BTC and LTC wallet addresses will cease to work on April 23rd, 2017 To boost the efficiency of BTC and LTC deposits, we will stop using single-signature Bitcoin addresses starting with “1” and Litecoin addresses starting with “L” created before April 10th, 2017. Multi-signature addresses starting with “3” will not be affected. Address creation date can be viewed at ” Recharge Address History ” on BTC/LTC deposit page. Please do not deposit coins to old addresses. All deposits to old addresses will not be accepted after April 23rd, 2017. OKCoin highly appreciates your understanding and cooperation, and apologizes for the inconvenience caused. Thank you very much for your ongoing trust and support! OKCoin 2017-4-10

  • squatz1
    6 months ago squatz1

    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.

    I think we were able to see that Bitcoin wasn’t really changed by the removal of the Chinese whales from being able to move the market as we did see some drastic moves but we seem to have stablized now as the hard-fork isn’t as near or as publicized and near as it was before.Quote from: Kprawn on March 08, 2017, 03:33:48 PM
    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.

    Yeah, China is going to be hurting themselves by putting these stringent regulations on Buying and such as they’re just going to lead these people to just go through more loops and to just not follow the will of the government to get what they want.So, if the Chinese government really wants to get smart about this and to stop the black market usage is that they could just go ahead and tax the companies and not the individuals or something. I know many of you will think it’s a horrid idea none the less but this is coming from a communist country so yeah.

  • unamis76
    6 months ago unamis76

    So what’s the “certain level of balance” does an account have to reach before being requested for KYC?It’s great if they keep a no KYC level, however I don’t see regulators liking that. No more fees and KYC, let’s see what Chinese traders have to say about this now…

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