Bitcoin Forum

OKcoin has problems with its bank; same problem as Bitfinex.  Try to get out your funds as soon as possible !

https://i.redd.it/0n1mvdm9kesy.jpg

Whoever from the western world who has bitcoins or funds in Chinese exchanges is getting what they were looking for.
After years of faking trades, faking volumes, pumps and dumps , problems with the government, the banks if you're really trading there ... sorry to say but you deserve it.

Who's gonna crash first bitfail or notokcoin?

I have learnt that all bitcoins that you are holding on some site are not actually yours, it is the bank's or exchanger's money, so this way it can appear same kind problems as Bitfinex had, or the site just may get closed. To avoid such situation I am holding all my bitcoins on USB wallet. This way I can be sure about the save of my capital.

it seems like the AML KYC problems for all these exchanges. it started with bitfinex as everyone knows and confirmed and now it is affecting OKCoin and i have seen only one person on reddit (although may be a lie) said the same thing is happening to bitstamp too.

AML is also pretty words for an uncooperative bank (as this is what they will say when they want to hassle you, they can't lock funds up in AML/KYC disputes indefinitely). But that this seems to be affecting all the banks in that particular sphere, maybe this is something to keep an eye on. But I swear we get regulatory news like this every so often, and it rarely pans out. This should at least move the price a little.

True that. I even wonder why western people would use any chineese exchanges.  :-\ Like if not any other exist... Is there any advantage to use those instead, other than liking to risk their funds. It will be the last place i could going for.
And i don't think it is related to  AML KYC problems, as is saying @Red-Apple, otherwise it would have happened long before. If it is i guess we will see a sow ball effect

My guess if this will be affecting another exchange site, More bank will be blocked the account that its account has used to receiving the fiat balance from the users.

The bitfinex becomes a motivation for the another bank to give a punishment for the exchange site. Or they are trying to restrict the exchange site.

This is very bad because we all know if the exchange site is a key on the crypto market place.

You should rather warn everyone with money stashed away in Bitcoin exchanges, because all of them are a "centralized" risk... waiting to happen.

These Bitcoin exchanges are the soft targets that can be targeted by banks and governments and once they are tapped out, they will focus on

individuals. I only transfer coins to a exchange, when I want to buy a bunch of coins and then I transfer it out immediately to my other paper

wallets. { multiple paper wallets }  ;D

In really doubt that some of people out of china are using the chinese exchanges, it would not be smart at all, especially after past bitcoins regulations in that country.
I also dont think that there was fake trades or fake volumes, in my opinion it is more that the china market was really big, however the panic in there could be overwhelming for these people.

Thing that is very interesting for me, is how the People's Republic of China goverment will react if people basically has lost their money, but stashed on this exchange in bitcoin.
I assume they will just ignore the problem, and pretend like nothing really happened, and no one has lost any money.

I am quite worried about what will be next on bitcoin market. I hope we will not see sudden crash on price, when all this drama about bank wire gonna end..
 
First, bankwire deposit/withdrawal stopped in bitfinex
Now, Okcoin  >:(

I don't have any coins in any of them, so not worried about losing any bitcoin. What i am worried about is my USDT that i am holding after selling my bitcoins. Right now USDT is not equal to USD  ::)

I think what happens to Okcoin and Bitfinex can happens to any exchange, forget KML and AML most of these banks have ways to frustrate business, do you know the amount of money flowing into these exchanges daily

The ok also stop deposit USD, if all exchangs like this,what will happen?

you shouldn't have trusted an altcoin which calls itself USDT and doesn't even promise you the equal price or even possibility of exchanging it to back to fiat! (read their TOS)

and yeah sadly this is what happens when you mix bitcoin with centralization of banks and exchanges.

Nothing could actually promise you the equal price, it's very hard for that to be guaranteed and I don't think any decent tethering system would want to tie itself to chains for something that it could theoretically not provide someday, even if it expects to provide it.

It's just much easier to work with USDT than fiat, and to be honest if you're messing around with an exchange it's nearly as safe since now that the price of USDT is dropping a bit people can just sell out whereas with fiat something could stop you from withdrawing or have some unpredictable behaviour at any time.

Relevant

https://medium.com/@whalecalls/taiwan-aml-reforms-usd-crypto-drama-15417cbcdf7b

TLDR - Any exchange that routes through Taiwan has the same problem. This is not a crypto specific problem. This is due to Taiwan's legislative shitshow. Other payment processors have the same problems. It's possible the international movement of USD might falter elsewhere.

That being the case any exchange that has nothing to do with Taiwan - Coinbase, Gemini, Kraken and others, will have no problems at least relating to this issue. It may be that non domestic US transfers will clap out via other routes. I don't know where that leaves Bitstamp but they do have an EUR market now.

Very nice info, worth reading.

So now what alternatives left for all this exchanges to get international bankwire  ::). It looks like Taiwan will no longer support all this platforms.

Maybe a solution to get paid out is to open a payoneer account. Withdrawal on your payoneer euro bank account and let payoneer pay you out in usd.