Category Archives: PBOC

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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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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