Bitcoin Forum

Hello citizens of bitcointalk,

This year there have been many rumors and news articles about Chinese exchanges, also Poloniex exchange, they may be insolvent. The exchanges steal the customer funds and gamble it in the market. The exchanges lose the customer money and cannot pay back. Lots of articles here and here:

https://cointelegraph.com/news/rumors-of-insolvency-circulate-among-users-of-bitcoin-exchange-poloniex-support-slow
https://steemit.com/chinese/@raogf/chinese-bitcoin-exchanges-accused-of-misappropriating-client-funds

(just some example)

I'm worried many exchange they would fail this year. I think cold wallet is more safe now if you unsure. Everyone be careful this time.

Thank you for alert .

I think  China exchanges will be closed in  end of this September .

Investors have plan change their coins to other exchange ,i think i will  withdrawal all to my desktop wallet ,

I worry  coin's price because  it is so cheap,

We are not perturbed by that news anymore. We already know they are out of the game. I am more worried about what the Americans and the other European countries might do.

Are there any news or rumors on how they are reacting on all the bitcoin exchange closures in China?

no they just close exchange to make some verify. When they have accept from gov they will open again/. That is the thing C Lee confirm

Indeed, first of all, one of the three largest crypto-currency exchanges in China - BTCChina stated that according to the instructions of the government, it stops work on exchanging bitcoin for fiat for its citizens since September 30, and the same two others claimed it. However, China's plans are not to stop the activity of exchanges for the purchase and sale of crypto currency. These restrictions are temporary, until the development of new rules to protect citizens and investors from possible fraud. Therefore, to claim that the Chinese currency exchange will die before the end of the year is a distortion of information and an increase in unnecessary and harmful panic.

its not true. but trade at your own risk

OKCoin and Huobi don't have the money to pay back the customers right now. because they gamble it in the market. that's why they not close same time as other exchanges.

bitcoin and altcoin price will go up later. but first, its necessary for criminal elements to be weed out

also. why you think xinhua print news article accuse okcoin and huobi of use customer fund on gamble. now government will not allow any more deposits on those exchange. but keep the exchange open.

the only reason must be okcoin and huobi they are insolvent

Exchanges never fail because they are always in profit.
It's individual problem with China only exchange (not even all).

not the exchange who take the customer funds and invest it in risk securities. they lose all the money on bad investment and the customer money is gone.

this is the problem right now with many crypto exchange.

Chinese have their problem with their own government so it not affect on global exchanger so that's right , Chinese ICO ban issue will not effect with other exchanger instead they will got better than before.
Just keep your coin stay still

I think a number of exchanges will fail every year. If they're be created at speed they'll fail at speed - All the more reason to be using a decentralised exchange!

Well we don't really know what's gonna happen in future and so telling that most exchanges will fail is merely just a prediction based on current events. Things like these keep happening in the crypto market. We have to make tough decisions for the betterment of the future. Bans made on ICOs and exchanges are temporary so that they can come out with better solutions and prevent scamming. The crypto market may go down for a while but we know that it will rise up sooner or later and we should just hold on for a while until the success towards the cryptos begins.

I do believe you are right, but its the market, some will stay, some will fall!

But I wouldn't say this year! We are still on grow...Give it until market slow down! 6-12 months! maybe more!

But if authorizes jump in to check on all these exchanges, yes you will see many closing due to lack of transparency, and funds disappearing!

Polo is not the chinese exchange,cant be closed.

Thank you for the information. While the china exchanges close down, i believe there will be other exchanges opening.

As for poloniex, don't store your coins in the exchanges and you are safe.

these few weeks many people panicked at hearing about China's regulation prohibiting ico, also closing some big chinese exchanger and also exacerbated statement by jp morgan.
all of the above factors are very influential on the world of crypto, but I'm sure this is only temporary and the situation will get better. soon crypto will fly high towards the moon leaving its enemy.

just like the law of the jungle, the strong will survive.

The both you meantioned above is real scammers actually they are eager to have btc

Decentralized exchanges are the future. This is why I invested in the 0x protocol. ZRX is very undervalued as it is.

Ok an exchange could close, but not all and certainly not by the end of the year.. Why end of this year.. what is so important..?

On other hand holders should not keep their funds on an exchange.. so it goes both ways..

But I would not loose trust in every single exchange.

more warning from china: https://qz.com/1079908/huobi-and-okcoin-chinas-two-biggest-bitcoin-exchanges-will-halt-all-trading-services-for-local-customers/

OKcoin and Huobi lie on Friday. they change their story on Saturday.

it must be clear they not act voluntary with authorities. leaders they are also under travel ban.

i think soon, they may be arrest for stealing the customer money.