Bitcoin Forum

Happy Chinese New Year, Bitcoin! Biggest exchange opens for business despite bank warning

The world’s biggest bitcoin exchange by volume has reopened allowing yuan-to-bitcoin deposits. This goes against an order by the People’s Bank of China, which said all bitcoin trading should stop before the Chinese New Year, January 31.

BTC China executive Bobby Lee said that as of Thursday, the exchange decided it could legally accept bitcoin deposits in its corporate bank account, and then transfer funds to customer accounts.

Shanghai-based BTC China stopped accepting deposits in Chinese yuan in December after the People’s Bank of China warned financial institutions not to sell or trade bitcoin. Government ministries told financial institutions dealing with bitcoin they must stop by January 31, the beginning of Chinese New Year holiday.

"We are definitely in compliance with the Dec. 5 memo, but the government and the government agencies can change the rules anytime in the future," Mr. Lee told the WSJ by phone. "So we are going to take a wait-and-see approach."

http://rt.com/business/bitcoin-china-btc-reopen-458/

Bitcoin's biggest exchange is Huobi.  BTC China is not even in the top 10 in terms of volume.

Very misleading headline... BTCchina never closed down nor were deposits ever banned (or even closed for that matter).   

Anyway,  it's nice to see users of BTCChina have another option to make deposits again.  The voucher system worked very well but it was a bit annoying having to go through a couple extra steps and wait for a voucher seller to do the work for you.  Took a good 10-30 minutes extra the times I did it then if I had just used a bank transfer :)

Nice.
So, the Chinese can now buy bitcoin easily with a bank transfer again. :)

You are right bud, Huobi was the largest exchange (by volume), but BTCChina overtook on Wednesday/Thursday. Circa 42000 BTC (24Hr period)

Here's an exchange tracker; http://btckan.com/price (http://btckan.com/price)



Edit: Wow whilst I write this post, the trading vol. of BTCChina has dropped down to 1074.4 (24 Hr period) That can't be right, surely? Perhaps an error with tracker?

At this moment, what I see in that website is:

Market 24H volume
BTCChina  1080.53
OkCoin  13661.9
HuoBi  14530.6

Maybe we will get a better picture after the chinese new year holiday. :D

Oops, looks like RockHound see it as well :)

Eyes open brother :D Yeah this is pretty strange, at first I thought it might have something to do with their 'Maker-taker' Bonus Scheme? Here's another link checkout the differential between past 2 days: http://bitcoincharts.com/markets/btcnCNY_trades.html (http://bitcoincharts.com/markets/btcnCNY_trades.html)

Enjoy rest of weekend mate