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Chinese Bitcoin exchanges block foreign users

Chinese Bitcoin exchange OKCoin can become an author of a new trend by refusing to service foreign users. The Forklog’s editors had received from their own sources information about it and which Reddit confirmed later.

According to a user fiat4lyfe, the exchange (OKCoin.cn, which operates in mainland China) had introduced new rules on Saturday and it did not make any official statement on the matter. Restrictions had become known after the user was faced with having to pass a verification to unfreeze an account and to be able to withdraw funds.

Original poster of a thread had achieved his goal after a number of technical issues and received an e-mail from OKcoin’s support, which confirmed that the exchange had suspended service for foreign customers.

 

The user was advised to consult the international exchange OKCoin.com. He had been also given an opportunity to withdraw funds after which his account was frozen.

Forklog has received similar information during communication with several of our readers.

Chinese exchanges has announced the introduction of 0,2% commission fee of each transaction last weekend.

Actions of Chinese cryptocurrency platforms come amid an increasing attention of regulators of the People’s Bank of China. It can also be assumed that such attention is a part of the wider efforts of authorities to prevent capital outflows and to monitor online activity of users.

Thus, it has become known recently that China’s plan is to strengthen fight against VPN-services.

Source: forklog

  • January 25, 2017 5:34 PM MSK
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