Bitcoin Forum

Huobi Bitcoin exchange will begin offering over-the-counter (OTC) services for Chinese traders soon, as announced by CEO Lin Li. This news came as traditional Chinese crypto-to-crypto exchanges breathed their last breath.

Heavy regulation has forced Chinese exchanges to rethink their business models. As of 1 November, trading cryptocurrencies on open Chinese exchanges is henceforth prohibited, and in response, they are considering over-the-counter transactions. This would enable traders to purchase digital currency (i.e.Bitcoin) using fiat currency such as the Chinese yuan. Timeline for introducing this feature is yet unannounced. More here: https://cryptoanswers.net/china-bitcoin-exchanges-trade-over-the-counter/

While bitcoin world is moving on without them, apparently they will be back sooner. China would not want to lose the opportunity to have some share of the crypto market so they will be back. What do you think will be the effect of it in the price of bitcoin and other crypto when they come back?

I knew it! I've been hearing a few rumors about Chinese exchanges coming back in the future. This is definitely good news, whether or not the legalization will be this year or not. I'm expecting a price as soon as exchanges open back again. Looks like the bull is here to stay for a while.

Cryptocurrency doesn't need China at all but i will accept this move from them, prohibiting these exchanges is for chinese traders then let it be, My only wish is to make Chinese Government to rethink on how should they handle cryptocurrencies.

Well the price has steadily increased without Chinese exchanges so I'm not thinking they're going to be doing much with/without Chinese exchanges getting back into it.

Plus I think the only reason this is being leaked is that someone in China is going to be getting paid off, as they're going to be allowed to trade Bitcoins -- corrupted officials cave when money is around.

Still, good news nonetheless.

May be I did not get few things here. How come they will do it over the counter after having ban in the whole country. I mean sooner or later government will see the spot where digital currencies are being traded and thats completely illegal for now in their country.


How come its possible to trade if they can’t even go over the internet and login to exchangers as they don’t have any. Things are not matching up here. I mean I’m curious to know, because if that really happens then this company will have the big line of crypto lovers visiting from he nationwide of china. Lolz. His rich already then.

Definitely, China would be back with a vengeance in the Bitcoin bandwagon. But this time, it is now clear that the whole of Bitcoin market can all live and prosper even without China officially on the list. The market is now slowly getting matured and would not easily be swayed by any nonsense news and comments from anyone well-known or not. In fact, I believe the table has been turned around: Bitcoin does not need China but it is China that needs Bitcoin.

We are then hoping that this time, China would be behaving more like a partner for progress rather than a spoiled brat which can disrupt the growth of the Bitcoin. We would be welcoming China, of course, but we are doing it with cautious eyes as they are known to be the big source of disrupting bad news in the past.

Lol. Its funny to imagine that you have to exert effort to go to a plave where you can buy btc. Good thing i'm not in china as these regulations may have annoyed me while i can't do anything about it. China may have lost it's relevance in the crypto world now since this bullish run is happening without them

Great news. It just goes to show that demand there continues to be resilient. For as long as it is, people will find a way.

Chinese government may not have the capacity to outrightly banned bitcoin as I expect the exchangers to go over the counter.  I still strongly believe that Chinese regulations authorities will change it mind one day and adopt bitcoin into their systems. We have to also see the positive side of bitcoin one day outside anonymous trasactions.

Good news for the Chinese, that will be allowed to continue to operate in the crypto if they want. This will probably put some pressure on the Chinese government to finally decide what to do, in terms of crypto regulation. I think they will come back, and trading will resume in China very soon. The Chinese will always be able to get into bitcoin somehow if they want to, so it's better for the government to just allow it under their control, than to ban it entirely and to move it underground.

On Chinese exchangers the price always was higher than in the remaining world and in the case of coming back we should expect new records ;D

For me its better if we moved forward without them. If they want to be back then they are welcome but I don't think they can bring back the luster that they have when they are dominating the bitcoin market. On the other hand, that what I already read, Chinese traders are doing OTC, so there action really didn't stop their citizens, but instead they went underground and it like millions have been already moving since they put a tighter grip on bitcoin trading in their country.

As a have said, they can go back anytime soon, they will be welcome why not, but Japan has already filled the void on what they have left.

I was expecting this, massive community of crypto world have managed to get into the market again and proved that no one can stop cyptos to stay.
Although the trading done by over the counter service will not be as efficient and reliable as it was before, it will effect the traders and so the market of crypto. But it is a good news that they have taken a forward step after a big downfall of crypto community in China.

It totally has and I am very sure they can see that themselves which is why they are taking the steps to get in as soon as possible so they do not miss out totally. Many good news will be coming up for bitcoin in the next year and with or without them, it is obvious we will keep climbing even higher. The news though would even generate more interest for new investors in China and globally as there are more chances of bitcoin gaining more grounds.

China would definitely not want to miss the upcoming big opportunities, which is why they would make their decisions faster now than ever. I really see this as just another form of banking system coming up gradually.

Although, this would mean a whole lot for bitcoin as we keep seeing a lot of country trying to control the exchanges rather than stopping it. It totally shows glaringly that bitcoin cannot be stopped and countries would just best find a way to blend in and make it beneficial for the country.

Meh, the majority of the Chinese traders are already doing trades OTC and this is just another exchange facilitating these type of exchanges. Though the move might be good, some of the traders I know personally have moved to Japan and Hong Kong to continue trading real-time and to not miss out on opportunities laid out by the market. China is slowly returning exchanges with the start of allowing OTC trades happen with their knowledge.

it's very predictable move actually and to be honest it will only push the price slightly and then stabilize,
nothing special about it because they(chineses) can buy or sell their Bitcoin off the market,
so even though they're starting to open up their service again it will not push the price that much,
at best it will only bring us some hype and then stabilize.
also it's just matter of time for chinese goverment to do it again in the future,how can they miss this opportunity ?
nothing to worry about it because even though we're doing it without them,
we still can make it due to its usability,and in the future if Bitcoin survive it will be one of the highest one compared to other online payment.

The market is really getting matured and this year has really proven a whole lot for the development of bitcoin which has been pretty good so far.

Even with all the recent FUDs from China, it really showed that weaker hands dropped, stronger hands picked up quickly and the weaker hands from their mistakes became stronger. That is one sweet level of maturity as we keep expanding.

No doubt China will be back just with heavy regulation. I'm excited to see what will happen to coins/projects like NEO once this happens.

Also wonder about the future of ICOs in China. Will they come back in a more tightly regulated fashion?

Well, it seems the government has finally realized it made a terrible mistake. It has lost lots of its customers forever. It will be really difficult convincing many to trade on their country's exchanges.

Trade over the counter is inconvenient way to trade crypto currency as they will force to go to the exchange counter and use fiat just to buy a digital coin of choice, it removes the sense of anonymity and digital transactions I think that is the way to start an exchange that is regulated. No matter what the news says it is really expected that china will back to trading of course some Chinese people are already trading by moving to Japan just to attend the big opportunities of the crypto market most specially the events right now about BCH.

It is really a very good news in as much as cryptocurrency has done so well without them and will keep doing much more well without them.

China is just one country in the whole global puzzle and they cannot just think they can have a huge control on bitcoin which I am very much happy the recent incident happened and showed them that. However, this would really cause a bullish trend as it starts becoming obvious that bitcoin is here to stay.

Even though it is coming up in this rigid manner, the basic thing there is that China is gradually reconsidering their regulations on Cryptocurrencies, and in no further time, will make another alternative switch from what vthey are try to implement right now.

Exactly! Things will not remain just like they were in the past especially for the China. It is because of the reason that with each passing moment, the market price as well as demand of the bitcoin is increasing. In the past, when China banned bitcoin in their country things were very much different. There are likely chances that Chinese will now find great trouble in managing the things well.