OKCoin Allow 10-200 BTC Withdrawn to External Address Daily
1st June Beijing-OKCoin started processing BTC/LTC withdrawal last night as per the webpage instruction. In the evening of 31st May, OKCoin announced processing withdrawal of BTC/LTC, which was the first exchange of the “Big Three” after the regulatory inspection being launched in Jan this year. Spot price of OKCoin spiked by 8% last night, reaching 16,500 CNY per BTC.
The withdrawal limit varies with account categories:
The 24-hour withdrawal limit of International site and OKEX is: 200 BTC, 500 LTC and 1,000 ETH. As for Chinese site, the limit is 20 BTC (10 of which could be withdrawn to external address), 400 LTC (200 of which could be withdrawn to external address) and 1,000 ETH.
According to the customer service of OKCoin, the withdrawal feature is being tested at the moment.
There has been no official statement so far and user should follow instruction on the webpage.
It’s reported that two regulations about Bitcoin were being reviewed and expected to be released in June. As disclosed by “asianbtcs” on 8btc forum, the suspension of BTC withdrawal was not a direct order from the authority, he posted a reply from PBOC as evidence.
A couple days ago, source from a Shenzhen-based exchange said:
“AML inspection is nearing the end. On-site rectification to exchanges has almost completed by May in Shenzhen. An exchange was shutdown during the inspection. MLM-based coins and illegal fund-raising will be the major target to crack down in the future. “
There have been claims that withdrawal from OKCoin has been processed successfully. BTCChina and Huobi has not yet made any official statement yet but there are post in 8btc forum claiming BTCChina is doing the same. The newly-launched Viabtc exchange also implements a 10 btc limit on daily withdrawal of BTC.
In all, the exchanges seems to survive the inspection and resumption of withdrawal would keep more customers as long as they fulfill the KYC/AML requirements of the platforms. Optimists believe that the ban-lifting signals the next bull run of BTC since the trading is not illegal.