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China’s top Bitcoin exchanges extend suspension of withdrawals

The Chinese cryptocurrency exchanges reported that the possibility of cryptocurrency withdrawal was postponed until permission from the regulator was obtained. This is reported by Cryptocoinsnews.

According to the representatives of “big three” Bitcoin exchanges, bitcoin withdrawals would only resume once the People’s Bank of China was assured that the platforms reinforced their infrastructure to comply with KYC/AML requirements.

Huobi informed its users that bitcoin withdrawal would be resumed following approval by the regulator. Another top exchange OKCoin notified its customers that it still needed to explore “industry standards”.

Generally speaking, however, all three top exchanges agreed that they could not provide a concrete date when bitcoin withdrawal would be available since there had been no counteraction on the part of the regulator yet.

It should be reminded that the People’s Bank of China carried out inspections of BTCC, Huobi and OKCoin, which resulted in finding of a number of “irregularities” on January 5. The regulator said that the anti-money-laundering legislation had been violated by the exchanges. This led to the fact that the Chinese cryptocurrency exchanges had to temporarily suspend bitcoin withdrawal.

First good news from China was reported on March 1: BTCC has cancelled a trading commission on its international website and OKCoin informed its customers that its Chinese users oriented platform, which used .cn domain, would be ready to restart soon. A few days later, another Chinese cryptocurrency exchange Bter stated that it would resume bitcoin withdrawal.

Source: forklog.com

  • March 10, 2017 4:28 PM MSK
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