Bitcoin Forum

IT´S OFFICIAL CHINA BANNED BITCOIN!
IT WAS A NICE EXPERIMENT WHILE IT LASTED!
GOODBYE

Frozen bank accounts
http://epaper.yicai.com:81/site1/html/2014-03/28/content_206827.htm

央行禁止银行为
比特币交易提供服务

吴敏

　　去年年底，央行曾接连出招防范比特币风险，而最新的消息显示，监管的车轮仍在向前。  

　　知情人士告诉《第一财经日报》，近日，央行已经下发文件要求银行和第三方支付机构关闭多家境内比特币平台的交易账户。

　　上述知情人士还透露，不久前，央行还曾召集过会议商讨如何进一步加强防范比特币的风险，会上曾提到过禁止商业银行为比特币交易提供服务。

　　“如果文件真有其事，公司的银行账户可能就会被封掉，我们也只能走一步算一步了。如果用户信任我们，也许会采取个人账户汇款的方式。”比特币中国副总裁凌亢在接受《第一财经日报》采访时说。

　　不过，也有业内人士怀疑这样的政策是否真的具有可实施性。火币网联合创始人杜均对《第一财经日报》说：“维持现在的状态，银行的流水都是可以查到的，我们的账户也都是实名制的，如果监管机构要我们履行反洗钱义务，我们都是可以把数据、流水拉出看的。但如果把公司的银行账户关掉，那所有的交易不都转到地下了吗？这样监管的难度就更高了。而且现在距离最后期限已经只剩20天了，我们还没有收到消息，这样对用户会不会太不公平？”

　　杜均的担忧不无道理，一些业内人士也表示这次文件的下发路径有些蹊跷，不少跟此类业务相关的机构和人士均表示未收到上述文件。

　　“我们的网站目前运行正常，没有收到相关消息。”比特币交易网站OKCoin创始人徐明星在接受《第一财经日报》采访时说。据OKCoin交易网站上人民币充值的提示，该网站目前有银行卡汇款和点卡充值两种方式。银行卡汇款既可以通过网银的“汇款”功能直接实现也可以去银行柜台办理汇款业务，共有13家大型银行在OKCoin可办理汇款的银行之列，收款人则是北京乐酷达网络科技有限公司，汇款经过人工确认后人民币将充值到个人账户。

　　而OKCoin的点卡充值则是通过第三方支付向一个名为Coin265的游戏点卡充值平台充值购买点数，相应的点数则可在站内购买包括比特币在内的各类虚拟货币，点卡充值的好处则在于即时到账。目前OKCoin网站规定，银行卡汇款仅支持1000元以上汇款，1000元以下汇款则需要使用点卡充值。为其提供第三方支付业务的机构则包括汇潮支付有限公司等。

　　去年年底，央行曾约谈十余家第三方支付公司相关负责人，明确要求其不得给比特币、莱特币（LTC）等交易网站提供支付与清算业务；并且规定对于已经发生业务的支付机构应解除合作，存量款最迟在春节前完成提现，不得发生新的支付业务。在此背景之下，不少比特币交易网站都开始寻求新的充值方式，用类似点卡充值的形式“搭桥”接入，既规避了第三方支付与比特币的直接接触，又能够实现快速充值。

　　“实际上，这种连接比特币交易网站和充值页面的‘桥’就只做一件事情，就是卖点卡。并没有什么其他实际的业务。”某家比特币交易网站的负责人告诉《第一财经日报》，他所在的交易网站也采用了同样的方式，而不管通过第三方支付购买的是所谓的游戏点数还是游戏币，都是换汤不换药，最终的目的都是购买比特币或者其他虚拟货币。

　　至于“封锁”银行汇款充值途径会否成为比特币交易的障碍，业内人士则表示，首先要看政策执行的力度，其次则要看比特币交易平台是否还能想出类似“搭桥”的应对招数。不过相关消息显然已经开始影响到了比特币的价格，截至昨晚9时记者发稿时，BTCC上的比特币价格已下跌近10%至每个3300元。

This is dangerous game.

If true and the US embraces bitcoin, then...

China could have taken the lead.

Just think about it politically.

HOLY SH$T

Exiting

Time to buy.

Is this legit?  Did china just ban bitcoin?

They have 2 weeks left to get their money out. After that all bank accounts will be closed. No more trading!

Chinese coins might hit the Western market, if there is any bid depth left until then....

Oh alright thanks
I remember reading the april 15th article a few weeks ago
thanks for clarification fonz

Time to buy very very carefully.

Once again 'fud' turned out to be true... just like with that Gox document denial.

HOL¥ SHIT

If the Chinese government doesn't like something you know two things:

1) Its good for the people in general
2) It jeopardizes their position of power.

This is why I believe in Bitcoin. If the PRBC hates something, I personally love it. My morals dictate that I have to.

I'll believe it when I see it, China "bans" Bitcoin every other week. They're trying to give Chinese citizens the competitive edge before the price really takes off.

So fonzie can finally get his cheap coins and then I hope he stops trolling.

<$200

135 was the pre-China craze resistance price. And around 200 USD Chinese volumes really took off. So, somewhere between 135-200 USD seems to be the non-China pumped price.

While I doubt this is true and/or fully accurate, if major country's start to ban bitcoin for real then that means bitcoin is succeeding.

No one said taking the bankers down would be easy folks.

First they ignore you,
then they laugh at you,
then they fight you,
then you win.

What does this mean? Chinese can't sell their btc anymore in China but for example on Bitstamp? How does this work with the fiat from the UK(Bitstamp) to China?

They send flying monkeys with cash to China as far as i am aware of it :D
They only speak chinese btw!

So I guess this explains the recent flash-crash below $500 USD ?

+1

+2

It going to be a long fight!! Before we succeed. That is why I look at BTC as a long term investment not short or medium term.

+3

It isn't just an investment; it's a world changing frontier, and we're all on the rollercoaster together.
We'll go up, and we'll go down, but the destination is going to be the promised land.
Not just for us, but for everyone. I'm glad to be on the coaster with our forum members. :)

+4

HOLD!

I'm glad to be on the coaster with many of you...
A few would be better off joining another community.

HODLING !

HOLDING STRONG!

GET OUT OF MY THREAD!
THIS IS A BANKER FRIENDLY - NON HODLER THREAD

I don't think Bitcoin was invented to be banker friendly... this is a bitcoin forum... am I missing something?

I laugh

lol

Probably by design.  Their rigged game keeps working if they can continue to bleed westerners slowly for cheap Chinese shit.

So just for some clarity...

Major defaults in China viewed as their potential "Lehman" moment, then bank runs, now Bitcoin bans.

Going to make some popcorn now...

Good luck China! I hope some of you can do the math without first asking your governments permission; I hope some of you are smart enough to hold some coins for that "rainy day".

No HODLER here, just buyer. Is that OK for you?  ;D

So Bye Bye China, bye bye Gox and bye bye USA. If we dont dip into double digits within the next few weeks I will eat my bitcoins :)

Well according to coindesk this is just another rumor with no confirmed sources. None of the exchanges are yet aware of any form of ban and no one received any official notice.

I guess by Friday things might be more clear

Watching fiatleak and China is buying BTC like crazy...

I don't get it.

To the moon!

+1 HODL :D

This news is definitely not good short-term. The Chinese were throwing lots of money at cryptos, especially when the altcoin pump-and-dumps started.

The volatility lately was killing bitcoin, and China was a major player, if China is out, then this is definitely good news short term.
After all, it's China, ffs, you can't expect China to behave like the rest of the world.

You guys can't even be bothered to copy and paste this into Google Translate before jumping to conclusions?

Volatility will continue, China or not

The ban was too detailed to be rumor. There is a possiblity that the execution was halted due to meida exposure, but I won't buy the idea that it being FUD. Elaborate rumors doesn't work in China, rumor should be in a decicive, clear tone and extremely short.

Lol fiat leak dont show buys, it consider sells also a buy... since u are always selling to someone and to then its a buy...

So dont consider all volume in fiatleak a active buy.

+1
Well said!
It seems bitcoin is a real competition to the fiat monetary system, not a toy.

This is timing nicely with the new NSA espionage on the Chinese Snowden released. I assume at this point that the Chinese believe (wrongfully or not) that NSA is behind bitcoin.

But seriously, how to ban bitcoin? I can see only one way. Cut internet connection, or destroy internet itself. Is it possible this days?
What I can see is banned bank accounts, not bitcoin. I think it's a big difference.

Is this confirmed??

Yes, just no fiat exchanges, speculators have to get out.

If government wants, they can outlaw cryptocurrencies and limit useability this way only

You don't have to cut down the whole internet. Currently around half of the access to non-Chinese websites times out or get reset, people seems to be fine with it. Xin-Jiang has been cut away from the Internet for many months and people are fine with it. China is a country of huge population, we are fine with only our (controlled) information there. Facebook wasn't usable in China, very few Chinese complain about that in Chinese (Complaints in English doesn't count, insignificant).

By design, no, it cannot be banned. Right now? Yes. Imposing banking restriction would destroy 70% of the community, because 70% fuckers agreed to used CENTRALIZED exchanged.

This might be good actually. I'm ready for $10 bitcoin and no speculation whatsoever, but a nice payment method for VPNs and other services.

Bullshit: http://www.reddit.com/r/Bitcoin/comments/21h70d/china_bitcoin_exchanges_huobi_said_they_have/

At the moment I think goverments are by far the biggest threat to Bitcoin...

banks, governments....... whats the difference?

Not dangerous, I think. But rather short sighted. VC investment is already several times higher in the USA than in China, despite the fact that most trading, and more importantly - trading innovation, e.g. no-fee trading - is happening in China.

Unlike other countries prominent in the Bitcoin economy, China has imposed foreign exchange controls in order to prevent capital flight, which is a real danger to the developing Chinese economy.

And its not just the US embracing bitcoin, its the rest of world vs China in this regard.

I think it is a good thing that China is out of the picture. Because every time there are rumors about China's view in bitcoin. The price of BTC moves aggressively up or down. Without China's involvement, btc will have a better future.  :)

China is out. India is out. That leaves only about a half of the world's population eligible for bitcoins. Bleak is the bitcoin's future.

Whenever something you don't like happens, you remove it from the picture, soon you end up a coterie.

The Bitcoin protocol is amazing, if China bans it then it will be their loss a decade from now.

Bitcoin doesn't need China, the US, the EUR, Bitcoin is like gold, use it or don't. It exists regardless...

If the governments of the world ban it then it will simply go underground.

If it goes underground it will lose 95% of it´s value. That´s what people in the speculation forum care about.

adding: they ban you

+1

time to operate decentralized exchanges

centralized echanges are a time bomb for bitcoin...

unless banks get into the game to make profit from bitcoin they will crash it
banks cannot exist if they cannot make profit from people, and bitcoin is a way NOT to make profit from peoples money, so either they will find a way or fight it

there is a single point of failure and that is that the little hole to the btc is the bank and the exchange!
Tell me more ? hodling or not?

Yeah right so you suggest we make it part of us and get fucked over? No thanks.. you remove from the picture because its like gangrene thats just going to spread and kill you so yeah coterie or not bitcoin's survival is what matters to me.

This is the truth:
In this report, the reporter claimed he called a person in charge of Huobi and BTCTrade CEO, both denied they have received any notice from PBOC. Currently, they are doing business as usual.

When people asked Mark K if everything is okay @ Gox, he always confirmed it. :D :D

If the last round of fake China rumors taught you nothing...
We will find out soon enough.

Well the next China ban on Bitcoin is scheduled for July: To those of you who expect a rally this summer; China is cancelling it! Next time they mean it!

Bitcoin could care less...


Bitcoin > China

Ahhh...so you DO admit that last time China didn't ACTUALLY ban BTC......

Progress.  As painful as it might be...

I don't believe these exchanges didn't know anything about the notice...  ;D ;D ;D
If I were them, I would start a hype so I could sell my coins at a high price before withdrawing my cash... like adding LTC  ;D ;D ;D

China has already "banned" bitcoin 3 times.

Why would actually banning it matter?   Bitcoin has already shown its resiliency in the face of such news.

-B-

Until now chinese money stayed in the Bitcoin game. If the chinese money vanishes, well u know what happens next.
Gox money gone, chinese money eventually gone. only 10 mio dollar left on Bitstamp, lol,

u think the world only have chinese from china? LOL.. there are still eur.. SEA .. the rest of asia.. aus.. us.. south african.. each person just buy 0.0001 bitcoin still is above 500usd dude.. wake up!! do the maths!!

Is this arrogance a sign of denial? The fact is, Bitcoin has already shown vulnerable in the fact of such news. Do you call dipping 35% resiliency? (Last time they banned online payment services to facility bitcoin trading, 18th Dec 2013, bitcoin dipped 35% in price.) It has been 4 months, and bitcoin never truly recovered from 18th Dec 2013's PBOC ban - do you call that resilience? (You may argue it would be recovered if without MtGox though). Ignoring the attitude of the biggest financial institute in the world look like denial to me.

Each time China 'ban' bitcoin, the market responses signal very clear message to PBOC (People's Bank of China) that they are the king, and they don't even care about the crown - many in China actually marvelled why this SINGLE entity that has the most financial assets of any single public finance institution in HISTORY should even bother to talk about Bitcoin. Me too, thinking the issue is too trivial for PBOC. PBOC can buy up the total market cap of bitcoin half a million times - you deserve 0.0002% of their attention. And there are people commenting that PBOC is too trivial for BITCOIN! If majority of the bitcoin holders are indeed so ignorant, I would not expect them actually to hold a bottomline: you can't rely on a child's promise, 'cos when they learn more they will change their mind.

PBOC revealing the possibility to ban or hinting so would cause market to respond according to its wish, and they don't even bother to have such a wish. PBOC have no interest on the market price of Bitcoin, only its existance.

And consider China's population and size, having China in the game or not is going to influnce bitcoin development and thus your speculative position. I am not saying China having a good or bad impact, only that ignoring China in whole is silly, childish, naïve.

Do you live in your own dream?

I like my dream and you cannot take it from me.   :D

    China can ban bitcoin for China, but not for Chinese- many of the Chinese millionaires move to the US anyway. If we see actual bans, which I think is unlikely, there will be indirect way to invest in it- for example, people will set up investment funds in places like Vanuatu, Cayman Islands, Liechtenstein, Switzerland, that trade in "assorted commodities" but actually have balance sheets with 80% digital currencies (not disclosed). They will then offer dividends and charge a small fee for the service of trading in financial markets in countries with bans in effect. Of course, a small fee when we are talking about the world of financial services is enough to maintain offices in 15 countries and pay for the owners yachts and vacation homes, or to buy a new library for their kids college to ensure an acceptance letter...

  The cat is definitely out of the bag- any gov. bans will be at most a momentary slowdown- the global nature of bitcoin means that it can only be stopped by global coordination.


 

I see this as good news for bitcoin

guys.. i already said.. btcchina and huobi ceo and staffs sure have friends in the goverment.. if bitcoin is ban or might make them go to jail if they use it.. they will get the news first.. not u nor me.. wake up! dont believe in corrupted reporters.. someone must have paid them fiat for them to write a stupid report LOL! and at the same time.. that someone might buy bitcoins in cheaper price =) who knows LOL!

Did the Chinese government ban banks and third party financial institutions from associating with crypto-companies or did they ban the existence of cryptos in China?

No problems if the former because you can fund and withdraw with vouchers, big problems if the latter because the vouchers are then useless  ;D

I am going to post this, until everybody gets it.

BUUUURNNNN! BURRRRRNNNN!!!

   This is actually brilliant- if you started a rumor causing price to drop, allowing you to buy cheap coins, you wouldn't know when to sell them to make your profit- whereas if you set a deadline on your rumor for it to be proven false, you will know exactly when to sell.

Giggidy!

Bank of England to handle Chinese currency exchange!: http://www.bbc.com/news/business-26750990

BoE had an opinion last week on Bitcoin as a commodity and not a currency. They might have advised the Chinese central bank on how to deal with Bitcoin?

The memorandum of understanding, to be signed on Monday, sets out settlement and clearing arrangements for the renminbi, or yuan, in London.

The signing is expected to be followed by the appointment of a London clearing bank for yuan.

62% of yuan payments outside of China already take place in London.

It sure is starting to seem that people are heading for the exits and some fresh (big) money is sneaking in to descend on cheap BTC, all too happily. All news out there seems to be clearly pointing toward rapidly growing adoption, yet disinformation like "they banned bitcoin!" seems to flow as long as investors hold there finger on the panic button. I suppose this is a natural market reaction to the conflicting sentiments about what direction BTC should take. Now it is anyone's guess how long BTC can be shorted before missing out on what may be the last big buying opportunity.

So? What's the big deal? I do not see how it affects anything or anyone except perhaps you're Chinese. Does China dictate the price of Bitcoin? Or are you letting China determine the price/future of Bitcoin? Only if you have the crowd mentality will you be even bothered by this news.

Chinese exchanges often account for ~90% of total volume.  Chinese capital fueled the Bitcoin bubble of Nov/Dec 2013.  This cuts off a massive customer-base from crypto.  Bitcoin provides huge utility to people in China, who are subject to capital controls that most Americans would never even believe.  If China's government took the same policy as USA, Bitcoin could be $2-3k each right now.

Hopefully this will not dive BTC price under 100$  ???

Don't know where you started buying, but this is quite a normal retraction for bitcoin. If it falls to 200, that would be unusual. Anything above 300 is quite normal and expected. In fact, throughout my 3 years of bitcoin trading, the best times to buy were the times when everybody felt despair and "bitcoin is done" was the main theme of these forums. So I grab them with both hands now, this won't last long.

BTC-e Now Offers Trading in Chinese Yuan ...

http://www.coindesk.com/btc-e-now-offers-trading-chinese-yuan/

Thus I asked, are we letting China, or more fundamentally, one country to dictate the value of Bitcoin? Should we be thankful to the Chinese for driving the price of Bitcoin up?  Remember, if they can drive the price up, they can drive the prices down, and that means having control. Isn't Bitcoin supposed to be decentralized, free of any authoritative control? apparently it seems the Chinese is in control of Bitcoin

This type of selfish I have seen enough in China, and it makes me feel like home seeing it on an Enlish forum.

Chinese people use Bitcoin because it gives them something they otherwise should beg from the government. You praise bitcoin for beinng decentralized, so Chinese government, a centralized power, should be out of the picture. Why should not Chinese people enjoy the same advantage? Why when you are trying to free yourself from your big powers, we should be slaves to ours? And when we (Chinese) fail at our foe, being victims of a centrlized power, you just ask us out of the picture together? WHY YOU THINK CHINESE ARE THE ENEMY of decentralization, when WE ARE THE VICTIM of centralization?

Stop externalize China by PERSONALIZING China, as if we are a single big guy confronting you. It's a big country with lots of people, and there is a war going on here too.

+1

I feel sorry for people in countries where governments have the outright power to ban or unban something like bitcoin or any crypto
currency. If this should happen in China then that would also affect the hardware side ASIC & GPU manufacturing.
How many PC boards, chips etc. do you think China produces for the crypto mining industry?
They are major contributors to the infrastructure growth of crypto currencies.

Prepare for the worst!

-1

While I understand your frustration, please remember that it was your people that caused the crash back on Dec 5th out of FEAR of your government's actions.  And every time some silly rumor comes out about China halting Yuan deposits into Chinese bitcoin exchanges, again your people panic sell out of FEAR of your government's actions.  Yet again, time after time after time.  And because they know it works, your government will keep pulling that lever over and over until your people decide to stop being sheep.

So if native Chinese want the respect of those bitcoiners in other countries, then they need to earn it by:

1.  Stop panic selling every time your government or the PBOC sneezes or scratches its backside.
2.  Stop panic selling on false rumors of a ban, or even a true rumor of a ban.  China, or any country, cannot "ban" bitcoin.
3.  Stop treating bitcoin as if it is just a "get rich quick game."
4.  Stand strong, be proud holders of bitcoin, put up a fight.
5.  Demand that Chinese merchants be allowed to transact in bitcoin.
6.  If all else fails, then foster a Chinese grey market for bitcoin (or black market if need be).
7.  Did I mention HODL!?!?

Bitcoin is serious business, so only serious countries need apply.  ;)

You are a very ignorant person. Chines are same as people in your country. Bitcoin is not an stock. If you treat bitcoin as a stock then don't blame other for your own stupidity.

   Don't worry about it- you have done the right thing. What we need more of here are people who are so convinced that using bitcoin is the right thing to do that they will still be buying sandwiches for bitcoin at any price. The more people like this we have, the higher it will go.

   My average buy in price was 120... I remember when it hit 60 I was feeling like you are. But I still don't care because it is flat out wrong to support the banking system any more than absolutely necessary- and it's not really ever necessary.

   A year from now maybe you will be consoling the newbs who foolishly bought in at 5k before the market crashed, and people will be saying bitcoin is dead and panic selling because prices are down to 1800...


  What bitcoin teaches us is that the value of something is ultimately determined by people's belief that it has value- so don't stop believing!

I have studied the cases you mentioned. In both the Oct 2013 case (when bitcoin rose from 130USD to 700 usd) and the very recent cases (since 27th April), the initial ice-breaking is by Chinese players, and the following month or week the world follows blindly. This is by simple observation of Chinese exchanges price changed first, and in a few days international exchanges changed further, making Chinese look conservative. So where are the "serious business" and "serious country" you are so proud of? There are serious people and fools in every country, if you tag a country, you create tension in your own camp. Bitcoin is a war against centralized power, not between countries.

Granted, people can still argue that Chinese are indeed both the victim of centralized power and enemy of decentralization movement, due to our unsurmountable fear towards government. But that doesn't change the game from 'people vs big power' to 'the world vs. China'.

I assume Chinese arbitragers exert some pressure on the foreign exchanges, so they are not quite "following blindly," but are rather coerced by market forces.

That said, I agree with your main points.  When the government (in China, the US, wherever) talks bitcoin, then the price changes.  I do not think anyone would be complaining if that change was going upward.  Regardless, it is foolish and ignorant to blame Chinese citizens for this or previous crashes.  Anything on that list could apply to citizens of any country.

So I grab them with both hands now, this won't last long.
He knows what is going on.
When the masses are selling, you should be Buying.

No one is using Bitcoin, get that straight into your heads...its hard to use and people are getting jacked...ooops sorry I meant 'hacked' left and right. At the end of the day, its inconvenient to use Bitcoin in daily life so its pump and dump!!

Happy HODLING to everyone!! :-)

zhang, nothing personal against the Chinese, but they have the herd mentality. One person in China starts doing something, the rest follow en masse, sometimes without even knowing the purpose and reason of doing it. The fear of 'missing the boat' or 'if you're not doing it like the rest of us you're losing out' is so ingrained into the Chinese mind. And the Chinese are driven by wealth (I wouldn't go so far to say greed). Look at gold. Look at properties. All snapped up by the Chinese. And consequently bubbles for these markets are created due to irrational buying, fear, uncertainty and doubt, shaking up an otherwise stable market. If we were to want Bitcoin to be adopted and used as a future currency, we need to have price stability, if not it makes more sense to just hoard and hold, which is what I see the Chinese are doing now.

Why are you here then? You'll get your coins stolen only if you don't take any precautions...

a paltry point to make: I am a Chinese arbitrager (really, I have an arbitrage bot working fine, caused 100BTC lose when money was arbitraged into MtGox at the time of its downfall). What I was talking about is the arbitrage direction reversal shortly after Chinese crash or uproar.

IT´S OFFICIAL - IT´s ON WALL STREET JOURNAL

http://online.wsj.com/news/articles/SB10001424052702304157204579475233879506454

China's central bank has ordered the country's commercial banks and payment companies to close bitcoin trading accounts in two weeks, according to a chairman of the PBOC, dealing another blow to the virtual currency.

Bitcoin prices are down roughly 8% since the new rules were first reported in financial publication Caixin last week. The rules affect more than a dozen bitcoin exchanges, and are a further tightening of regulations the central bank put in place last year. The accounts must be shut down by April 15, the people said.

Authorities have kept an eye on bitcoin's expansion here as it poses a potential threat to financial stability and because it has attracted swarms of speculative retail investors looking for ways to make quick profits. China imposes strict capital and currency controls, but bitcoin, in theory, offers its holders a way to bypass those rules. Chinese demand for bitcoin soared late last year, contributing to a rise in global prices and attracting the attention of regulators.

Regulators are also concerned about the safety of bitcoin exchanges following the collapse of Japan's Mt. Gox exchange after most of the bitcoins it was holding were stolen.

The latest move by the People's Bank of China is a huge blow to the country's bitcoin exchanges, which have found their footing in the more than three months since Chinese authorities appeared to take measures clamping down on the industry. In December, the PBOC ordered financial institutions to stop dealing with bitcoin. Later that month, it made clear that third-party payment processors could not help exchanges collect money from users.

The earlier moves left Chinese bitcoin exchanges with the ability to take direct deposits into corporate bank accounts. In the subsequent months, trading volumes and prices rebounded, as investor confidence returned, in part due to relief that the government had not ruled out bitcoin completely. Some in the bitcoin community said it was actually a positive that the government had said people are free to buy bitcoin.

Making it clear that domestic banks cannot provide clearing, account opening and other services for bitcoin exchanges, however, leaves exchanges with significantly less room to maneuver.

"There will definitely be a negative impact to the exchanges," said Bobby Lee, chief executive of Shanghai-based BTC China, the most prominent Chinese exchange name abroad, having risen to briefly be the global leader by trading volume late last year. The latest move is a "stricter interpretation of the written rules" from the December statement, he added.

The exchange, he said, thought the December statement was "pretty relaxed" by comparison.

One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk.

BTC China and two other major bitcoin exchanges in China—OKCoin and Huobi—have all said they haven't gotten any official notice of a change from the central bank nor the banks that they have accounts with. A spokesman with BTC China said that the firm is trying to get clarity from the banks.

The three exchanges also said they haven't seen significant changes to their deposits yet, and that trading volumes have jumped in the last week due to bitcoin price volatility from the news.

OKCoin CEO Xu Mingxing said that if Chinese exchanges can't accept money into corporate accounts, they would likely have to incorporate themselves abroad and also move their servers overseas. BTC China's Mr. Lee said one option would be for customers to use cash to make deposits directly with BTC China.

It "comes down to how it's going to be enforced...we're going to try different things," said Mr. Lee.

Left on their own, bitcoin exchanges have thrived in China, given strong local demand in a country that doesn't offer many investment outlets. Exchanges here also don't need special licenses to operate, compared with other parts of the world, such as the U.S., where exchanges need licenses as money-transfer businesses.

Shanghai bitcoin consultancy Kapronasia estimates that there are roughly two dozen exchanges operating in China looking to benefit from strong local demand in a country with tight currency and capital controls.

april fool, if its true.... look at the flooding... more to come

Looks legit


 China just got silent on fiat leak.

its fake =.= bitcoinity... huobi and btcchina still trading.. WAKE up guys...

After reading few msgs from exchanges this is complete bullshit stop panicking...none of the chinese exchanges got message about bitcoin beign banned anythime soon.
WAKE UP!

OP is such a loser  ::)

There is lot of fake rumors not even a single legit news.

China's buying a lot again...

Many said OP is a fool. I won't argue in his favor but the media he quoted ("Caixin") is a reliable one. Today 2 exchanges announced that they indeed are informed of the ban, and they are among the 5 biggest in China: OKcoin and FxBTC.

It takes some courage to insist on truth when everyone shout "Stop the FUD" at you face.

Any source please?