Following the emails(unconfirmed) in which Huobi detailed the information required from clients in order to process their withdrawals, Huobi’s BitVC released an announcement asking clients to convert their fiat asset into bitcoin or litecoin and return margin before 12:00 April 1st.

BitVC is a comprehensive digital currency investment and financial management platform, offering leverage trading and Yubibao interest-bearing savings accounts for bitcoin and litecoin.

The announcement reads:

Dear users:

BitVC decided to close CNY spot and USD spot trading at 12:00 April 1st (GMT+8) due to company business adjustments. You won’t be able to trade in CNY or USD spot market then. Your assets in spot account and your contract trading won’t be affected. Since you can only withdraw either bitcoin or litecoin on BitVC, please convert your fiat asset into bitcoin or litecoin and return margin before 12:00 April 1st.

If you have any questions, please contact our customer service hotline: 4000-685-598

BitVC Team

March 29^th

Huobi’s email required users to provide their personal information along with explanations of the sources of the funds to be withdrawn and their intended withdrawal destinations. The email is said to comply with PBOC’s  strict AML and KYC policies. And now with BitVC’s new move, people are expecting more detailed and tougher rules concerning customer funds security and leveraged transactions might be carried out soon.