Category Archives: China

BTCC joins China’s major exchanges in resuming bitcoin withdrawals


China’s withdrawal freeze has finally come to an end.

BTCC joins China’s major exchanges in resuming bitcoin withdrawalsBTC China, the last of the so-called Big 3 exchanges in China, has also resumed cryptocurrency withdrawals on its platform. Bobby Lee, chief executive of BTC China, said in a statement that the exchange has started “testing” withdrawals following the upgrades it made to its anti-money laundering systems.

Industry sources said OKCoin, China’s largest bitcoin exchange by trade volume, and Huobi have also allowed withdrawals.

In February, major digital currency exchanges in China stopped bitcoin and litecoin withdrawals on their respective platforms as they improve their anti-money laundering capabilities to prevent “illegal transactions.” The upgrades were part of the requirements set by the People’s Bank of China, who called on digital currency operators to step up their game against anti-money laundering.

The upgrades were completed in March, but the exchanges had to wait for Chinese regulators’ approval before they were able to resume bitcoin withdrawals, hence the delay.

Back in the game

News that the Big 3 exchanges are resuming their regular operations have made a telling impact on the Chinese markets. OKCoin’s announcement, in particular, spurred investor activity to nearly 20 percent of the world’s trading volumes on Wednesday.

On Thursday, trading in Chinese markets rose to nearly 25 percent of the global market following BTC China’s news.

Virtual currency users arrested in Bolivia

Meanwhile, at least 60 “cryptocurrency promoters” were recently arrested in Bolivia on charges of “training” other people on how to invest in virtual currencies.

Lenny Valdivia Bautista, executive director general of the Bolivian Supervisory Authority of the Financial System (ASFI), said the Central bank of Bolivia has forbidden the use of virtual currencies of any kind in the country.

“We seized brochures that have to do with business schemes relating to virtual currencies that would be operating abroad, and are advising the Bolivian population not be fooled with such schemes that only take advantage of the population by acquiring their money,” Bautista said in a statement.

In 2014, Bolivia became the first country in South America to ban digital currencies like bitcoin, fearing that cryptocurrencies will diminish the power of the local currency. Citing consumer protection concerns, the central bank issued a resolution banning “any kind of currency that is not issued and controlled by a government or an authorized entity.”

Current bitcoin price

The price of bitcoin rose to $2,449.55 during early Friday morning’s trading.

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500.com buys Maltese parent of Multilotto.com


500-com-multilotto-acquistionStruggling online lottery operator 500.com has made another attempt to diversify its business model by acquiring the parent company of Nordic-facing online gambling operator Multilotto.com.

On Friday, the Nasdaq-listed 500.com announced that it had reached a deal to acquire 93% of the outstanding shares of The Multi Group Ltd, the Malta-headquartered parent of Multilotto. The deal, which is worth €49.8m (US $56m), is subject to regulatory approval.

Multilotto offers lottery betting and online casino services via a Curacao eGaming license. Multi Group also holds online licenses issued by Maltese, UK and Irish gaming regulators. In 2015, the company reported revenue of €4m and earnings of €1.2m, while 2016’s revenue rose to €10m and earnings improved to €5.7m.

500.com stressed that Multilotto doesn’t accept customers from China, including Hong Kong and Macau. Until China imposed its ‘temporary’ suspension of online lottery sales in March 2015, the Shenzhen-based 500.com was one of two companies authorized to take part in a ‘pilot program’ of online sports lottery sales in China.

The suspension has wrought havoc on 500.com’s bottom line. The company reported a net loss of $52.3m in 2016 and announced earlier this month that it had lost a further $9.3m in Q1 2017. Last November, 500.com acquired social poker operator Qufan Internet Technology Inc. in a bid to keep the lights on while it awaits Beijing’s approval to recommence online lottery sales.

China’s Ministry of Finance has been conducting field trials of mobile lottery sales in a number of provinces, and recently concluded a two-year trial in Jiangsu province. The government reportedly concluded that the trial demonstrated no significant risk but when that conclusion might translate to a market-wide restart of online lottery activity remains anyone’s guess.

The Ministry reported April’s overall lottery sales were up 9.6% to RMB 38.2b ($5.55b), with sports lottery sales rising 15.2% to RMB 19.5b and welfare lottery up 4.3% to RMB 18.7b. For the year-to-date, overall sales are up 6.2% to RMB 133.5b.

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BTC China extends bitcoin withdrawal freeze into March


The fallout from the People’s Bank of China’s (PBoC) crackdown on domestic digital currency exchanges continues, and this time BTC China has announced that it will stop cryptocurrency withdrawals for one month.

BTC China extends bitcoin withdrawal freeze into MarchOn Thursday, the Shanghai-based bitcoin exchange said on its website that the hold will be extended to March 15—marking the third time BTC China has extended the ongoing bitcoin and litecoin withdrawal on its platform.

Considered to be one of China’s “Big 3” exchanges, BTC China announced early this month that it will subject all bitcoin withdrawals to a 72-hour review as it upgrades its internal systems. Days later, the 72-hour delay was upped to 10 days.

This time, BTC China said it plans to continue the audit of its system.

“After the upgrade of the industry and the completion of the audit system, the bitcoin and litecoin currency will be back to normal. If the system upgrade can be completed ahead of time, all business will return to normal immediately,” the bitcoin exchange said on its website.

With the withdrawal freeze, existing BTC China clients are unable to get their digital currency deposits out, but the company said withdrawals in Chinese yuan are still allowed, “if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY.”

Aside from BTC China, Huobi and OKCoin also halted bitcoin and litecoin withdrawals while they undergo an upgrade to fight “money laundering, exchange, pyramid schemes and other illegal activities.”

Two other companies were also forced to make several changes following PBoC’s harsh warnings. This week, bitcoin mining company HaoBTC announced that it is closing its exchange operation “given the fact that the prospect of a regulatory policy for a bitcoin exchange isn’t clear yet,” while Shenzhen-based bitcoin marketplace BitKan said it will stop new registrations as the company upgrades its anti-money laundering checks.

Current bitcoin price

Bitcoin traded at a high $1,038.5 early Friday morning.

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PBoC finds ‘irregularities’ in Chinese bitcoin exchanges’ operations


China’s central lender is placing the highlight again on bitcoin exchanges in the region.

This time, the People’s Financial institution of China (PBoC) has reportedly introduced the outcomes of its inspection of the regional bitcoin buying and selling platforms. In it, investigators from the central lender described the “irregularities” they stated they learned in the operations of main bitcoin exchanges—BTC China, Huobi and OKCoin—which led to the new “abnormal fluctuations” in the price tag of the preferred digital forex.

PBoC finds ‘irregularities’ in Chinese bitcoin exchanges’ operationsAccording to Chinese-language news outlet JF Everyday, the preliminary inspection by the PBoC’s Shanghai branch located BTC China available financial loans, which is outside of the scope of its organization as a bitcoin trade.

In Beijing, central lender investigators also located alleged anomalies in the operations of OKCoin and Huobi. According to a different report from Hexun, the three bitcoin exchanges presents a mortgage attribute known as margin trade, which the PBoC stated not only violates the country’s procedures but has also induced bitcoin’s new volatility.

Furthermore, the investigators learned that the exchanges do not have a third bash depository of investors’ resources or have they founded adequate anti-money laundering measures.

All three exchanges have stopped margin buying and selling and futures buying and selling just after the central lender inspections, in accordance to reviews.

The three bitcoin exchanges have been caught in the center of the Chinese central bank’s new crackdown on virtual money. Various weeks ago, PBoC officials done on-website visits at BTC China, OKCoin and Huobi to check irrespective of whether the exchanges’ operations have long gone outside of the scope of their current market. The inspections had traders concerned that Chinese are likely to tighten their oversight of the digital forex, which, in convert, sent bitcoin tumbling sixteen percent to a reduced of $761.86—it’s cheapest because peaking at $one,140.sixty four in early January.

Recent bitcoin price tag

The price tag of bitcoin dropped to $883 all through early Thursday morning’s buying and selling.

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Bitcoin bounces back again to $745 as Chinese yuan drops to eight-year lower


Preferred digital currency is back again at $745 as demand from customers surges, driven by involved buyers following the Chinese yuan dropped to its lowest stage since December 2008 right away.

Bitcoin bounces back to $745 as Chinese yuan drops to 8-year lowThe affect of Chinese investors’ demand from customers for bitcoin has consistently created headlines, in particular with the falling Chinese yuan and experts predicting further more declines. From the U.S. greenback, the yuan dropped to a new eight-year-lower, with China’s central bank dropping the reference amount for the ninth consecutive buying and selling day.

“The stress for the yuan to decrease could be more robust following year as Trump’s procedures could guide to a greenback rally and amid issues about China-U.S. trade relations. The People’s Bank of China can curb substantial volatility with more robust fixings and intervention, but it won’t do so unless outflows surge, as these types of measures could increase excellent pressures to the foreign reserves,” mentioned Harrison Hu, RBS Group PLC’s Chief Greater China Economist, according to Coinspeaker.

There is a tiny likelihood that the People’s Bank of China will acquire measures to artificially stabilize the yuan exchange amount since these types of steps might give President-elect Donald Trump much more ground to call China a currency manipulator. In the course of his campaign, Trump has constantly accused China of intentionally devaluating its currency to achieve a aggressive edge in the global market place with its exports.

China developing its personal digital currency

Meanwhile, China’s central bank has begun screening its personal digital currency, which it options to substitute paper currency in the coming a long time.

The new digital currency, coined “ChinaCoin,” performs on cryptographic strategies, just like bitcoin, according to the People’s Bank of China. The target, according to the bank, is to induce much more transparency in business and commerce, though at the identical time, curb funds laundering, cease outflow of currency to foreign locations and to cease tax evasion.

PBC isn’t the very first bank to display desire in digital currency. Central financial institutions in United kingdom, Russia, Canada and Australia have also showed interests in developing blockchain-based digital currencies, as the technology is intended to help a much more efficient digital funds process.

Recent bitcoin rate and trade volume

The rate of bitcoin dropped to $741.28 early Friday morning, with a trade volume of $49.eighty four million.

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SkyCity warns of adverse effect from China VIP crackdown, shares tumble


October 20, 2016

skycity-china-vip-gambling-thumb

skycity-china-vip-gamblingNew Zealand casino operator SkyCity Entertainment Group’s shares tumbled on Friday over concerns that China’s anti-gambling moves could further depress already depressed VIP gaming revenue.

SkyCity issued a “disappointing” fiscal Q1 trading update on Friday, with ‘normalized’ revenue – so named because it smooths out the inherent variance of VIP gambling activity – falling 5.7% to NZD 262m (US $188.5m) in the three months ending September 30.

While nearly all of SkyCity’s casino properties were in negative territory for the quarter, the biggest decline came from its ‘international business’ (IB) segment (VIP to you and me). Normalized IB revenue fell 20.2% to NZD 34.3b due to decreased turnover and a lower than average win rate (although higher than the previous year’s Q1).

SkyCity says it enjoyed “fewer trips than expected from larger VIP customers” in Q1. That trend could continue, given China’s recent detention of 18 Crown Resorts staffers for promoting Australian casino visits to Chinese high rollers.

SkyCity said it’s closely monitoring the Crown-China drama, but stressed that the company “does not have an office in China or any China-based employees.” Instead, SkyCity relies on “independent contractors in China who help manage customer relationships from time to time.”

SkyCity said none of its contractors “have been questioned or detained” in connection with the Crown investigation, while expressing confidence that the contractors “comply with all relevant laws and regulations in China.” Regardless, SkyCity expects the financial impact of the brouhaha “is likely to be adverse over the short-to-medium term.”

SkyCity’s fiscal 2016 report showed its IB operations accounted for 15% of group revenue and 10% of earnings. Around half of all betting turnover came from Chinese customers. On the plus side, nearly two-thirds of group turnover comes from direct relationships with VIPs, and the company believes its non-reliance on junket operators and conservative approach to issuing credit will see it through this troubling period.

On a property-by-property basis, SkyCity Auckland revenue fell 1% to NZD 134m while the Hamilton property gained 11% to NZD 15m. In Australia, SkyCity Adelaide was flat at AUD 39m while Darwin fell more than 7% to AUD 32.5m.

The net result of SkyCity’s candor was to see its stock, which had already tumbled after the Crown news broke, fall to a one-year low of $3.69 before rebounding slightly.



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The GPI Announces Chinese Expansion With Tencent Poker Deal


Oct eighteen, 2016

The GPI Announces Chinese Expansion With Tencent Poker Deal

The GPI Announces Chinese Expansion With Tencent Poker DealThe World Poker Index has elevated its footprint in China right after partnering with China’s largest on the web poker place, Tencent Poker, in a transfer that will see players who contend in the Tencent Poker Tour have their factors recognised by the GPI.

Is the upcoming poker growth likely to be in China?

If it is, the World Poker Index (GPI) and World Poker League (GPL) will be all set and ready right after founder Alex Dreyfus entered into an agreement with China’s largest on the web poker system Tencent Poker.

The new arrangement will see the GPI include the Tencent Poker Tour (TPT) into their rating method. Gamers taking part in TPT events will see the GPI factors awarded as they now do for the Environment Collection of Poker (WSOP), Environment Poker Tour (WPT), PokerStars Championships and countless numbers of other tournaments operating globally. The GPI ranks 460,000 players competing in 97 nations around the world, now such as the region with the largest populace in the planet.

It is good information for the GPI/GPL’s publicity in mainland China as Tencent will use their monumental internet marketing muscle mass to encourage each brands. Previously this calendar year, the previous WSOP Major Event winner, and GPL Montreal Nationals star, Martin Jacobson, frequented China to do some marketing do the job with Tencent Poker and was greeted by admirers at the airport like he was the fifth Beatle proving what a attract qualified poker is in China.

In the coming months, the GPI will make dedicated Chinese rankings on the web-site. The workforce are also functioning in direction of the start of a GPI Awards Ceremony in China related to the European Poker Awards (EPA) and American Poker Awards (APA) someday in 2017.

The press launch also said that they would start a GPL China in 2017.

In April, the GPI partnered with a person of China’s major electronic sporting activities media firms, Sina Sporting activities, to showcase the really finest GPL motion through mainland China.



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