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OKCoin Allow 10-200 BTC Withdrawn to External Address Daily
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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 As for Chinese site, the limit is 20 BTC (10 of which could be withdrawn to external address), 400 LTC (200 of which could be withdrawn to external address) and 1,000 ETH.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.
Learn cryptocurrency and digital assets since 2013 and co-founder of 8btc in 2014. Co-author of 2014-2015 Digital Currency Development Report(2015) and first author of Investment Guidelines To Blockchain Digital Currency (Published in June 2017 ISBN:9787300239286).
COMMENTS(9)
Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom
Just another nonsense policy put in place that will continue the outflow of traders doing their thing on the regular exchanges there. It’s not for nothing that P2P trading has been growing immensely after exchanges needing to comply with the ridiculous terms put up by the government. These exchanges will be suitable for the average Chinese Bitcoiner that doesn’t mind going through all this nonsense. Market movers will slowly move away (if they haven’t done that already).
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.http://news.8btc.com/okcoin-allow-10-200-btc-withdrawn-to-external-address-daily
Quote from: Nagadota on Today at 07:13:42 AM
It’d be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing. A million dollars or so in a year is meaningless to some of them.I’d be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.
200 a day does make sense.
Quote from: Nagadota on Today at 07:13:42 AM
It’d be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing. A million dollars or so in a year is meaningless to some of them.I’d be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.
In my opinion the limits has nothing to do with whales and manipulation, but rather an attempt to “control” a out flow of bitcoins from these regulated exchanges. A lot of Chinese Bitcoin users has already moved on and would, given the opportunity to do it, move ALL their coins outof these exchanges. They know this is going to happen and they want to slow it down.
It’d be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing. A million dollars or so in a year is meaningless to some of them.I’d be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.
It’s easy to be the biggest exchanger and they won’t mind 10 or 1000 BTC if the person has been verified according to their law and requirements. The limit is just from the government side, which banks won’t take large transactions, right?
Quote from: Kprawn on Today at 03:44:46 PM
Quote from: Nagadota on Today at 07:13:42 AM
It’d be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing. A million dollars or so in a year is meaningless to some of them.I’d be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.
In my opinion the limits has nothing to do with whales and manipulation, but rather an attempt to “control” a out flow of bitcoins from these regulated exchanges. A lot of Chinese Bitcoin users has already moved on and would, given the opportunity to do it, move ALL their coins outof these exchanges. They know this is going to happen and they want to slow it down.
Exactly. They know that there will be a “panic withdrawing” and control such activity, they have to put a limit so that big whales can’t moved their money as fast as they want. And they have probably anticipated this kind of scenario that why they have put it. The question is after withdrawing, where would the big whales put their money to? Are they going to put in back then try to manipulate the price of bitcoin again? Or are they going to put and pump alt-coin instead? We need to keep a close eye on them as we all know how Chinese before manipulated the price and the trading volumes of bitcoin market.
These regulations are just the tip of the iceberg. Didn’t you guys notice? The Chinese government is slowly squeezing out Bitcoin trading, till the extent that it is not logical anymore for people to make use of exchanges. At some point a large portion of the coins that sit in Chinese hands, will circulate in the peer to peer market. Chinese exchanges will end up being a noob-hole like Yobit is now. There is no Bitcoin love there (from the government’s side).
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