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Li Xiaolai: Yunbi Is Winding Down In 3 Months

A Shenzhen-based exchange has delisted BTC and ETH trading pairs against CNY. The exchange is the second one. The latest report of Caixin Weekly this afternoon also revealed that “Yunbi is winding down in 3 months” according to Li Xiaolai, the Bitcoin tycoon in China.

Zhgtrade, a Shenzhen-based altcoin exchange, announced that the exchange would delist BTC/CNY and ETH/CNY trade pairs on 10 September. In addition, the statement said:

“As per the regulatory requirement, Zhgtrade will stop most trading pairs gradually. Please withdraw your CNY and digital assets.”

Prior to the statement, the exchange, which was founded in 2015, has also suspended new user registration and CNY deposit on 9 September .
This is the 2nd exchange that basically shut down  operation. The first one is guojiaowang, one of the six Beijing-based exchanges. These two exchanges are more or less involved in the “ICO” frenzy in China.
In fact, most exchanges and ICO platform announced refunding procedures for “ICO” coins after delisting of ICO-ed coins.
So far, Huobi, OKCoin, Btc38 and Viabtc are the exchanges that are not connected with “ICO” coins. But that doesn’t provide them shelter from regulatory storm.

In response to a report from Caixin, Huobi, OKCoin and BTCChina release almost identical reponses. Take BTCC’s reply for example:
btcchinareply

1. So far, we haven’t received order from regulatory authorities and not in a position to confirm the authenticity of the news.
2. As a company based in China, BTCC’s basic principle is to comply with local regulatory policy. If the report is true, we will firmly support the policy and protect the customer’s asset security.
3. The report mentions that Bitcoin is not considered as illegal by the authority and p2p trading between users are not banned. If the report is true, BTCC will stop current BTC/CNY trading and transform into a p2p trading platform for digital assets.

The response leaves a opening for transforming into an OTC exchange, which is specifically mentioned as “not restricted” by regulatory report.

But the danger of total shutdown is looming until later this afternoon. According to the latest  report by Caixin, Li Xiaolai, who owns 25% share of Yunbi, told Caixin reporter that:

20170911172355

“Yunbi is winding down in 3 months”

With the ride of ICO, Yunbi once took the first place in terms of trading volume in the world. If Yunbi and other exchanges are to shut down, CNY liquidity supply is bound to shrink. Although BTC trading might still be conducted via localbitcoins,  OTC exchange for ERC-20 tokens is still absent in the market.

COMMENTS(9)

  • hl5460
    3 months ago hl5460

    A Shenzhen-based exchange has delisted BTC and ETH trading pairs against CNY. The exchange is the second one. The latest report of Caixin Weekly this afternoon also revealed that “Yunbi is winding down in 3 months” according to Li Xiaolai, the Bitcoin tycoon in China.Zhgtrade, a Shenzhen-based altcoin exchange, announced that the exchange would delist BTC/CNY and ETH/CNY trade pairs on 10 September. In addition, the statement said:http://news.8btc.com/li-xiaolai-yunbi-is-winding-down-in-3-months

  • BitcoinAllBot
    3 months ago BitcoinAllBot

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

  • Fuyuki_Wataru
    3 months ago Fuyuki_Wataru

    Winding down or shutting down?

  • Darky999
    3 months ago Darky999

    Same thing.

    Yunbi is a Top 40 exchange globally, although it was heavily pushing ICOs, it is sub scale for fiat-crypto and crypto-crypto.

    So if it’s true (and it’s hard to know as I can’t read Chinese), it could be due to it just being sub scale in China for trading.

    Not clear.

  • _Cromble
    3 months ago _Cromble

    Yunbi only has CNY pairs according to Coinmarketcap.com, so if the rumours of a ban on fiat/crypto trading in China are true this makes sense.

  • legalgrayarea
    3 months ago legalgrayarea

    Yunbi is a pretty damn scammy exchange and should be history though.

  • uslfd
    3 months ago uslfd

    It is coming. Many people believe it’s just rumour / FUD, but actually I knew it would be true. Thanks for sharing the news. Please keep us updated here if possible.

  • hl5460
    3 months ago hl5460

    Quote from: uslfd on September 11, 2017, 11:16:13 PM
    It is coming. Many people believe it’s just rumour / FUD, but actually I knew it would be true. Thanks for sharing the news. Please keep us updated here if possible.

    Will do. China is losing its influence on bitcoin price.

  • sjs1959
    3 months ago sjs1959

    They delisted several coins including QTUM and ANS (NEO), and are no longer on the Yunbi exchange. My account on yunbi no longer has any of my coins that were delisted, what happened to them? Where did they go? How does one get them back? I’ve reached out several times but without any real answers. Does anyone else have this problem?

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