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Title: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: hl5460 on February 09, 2017, 03:52:38 AM On 8th Feb 2017, a closed-door meeting was held in Beijing with PBOC officials and heads of 9 Beijing-based bitcoin exchanges. These 9 exchanges are Chbtc, Btctrade, Haobtc, Yunbi, Yuanbao, BTC100, Jubi, Bitbay and Dahonghuo. PBOC reiterated the regulatory requirements
https://www.reddit.com/r/Bitcoin/comments/5sxq9q/pboc_host_closeddoor_meeting_with_9_beijingbased/ Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: hl5460 on February 09, 2017, 04:26:18 AM Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin. The policy will be effective on 11th Feb.
http://news.8btc.com/wp-content/uploads/2017/02/btcc.png Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: topesis on February 09, 2017, 06:31:43 AM I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: ASHLIUSZ on February 09, 2017, 06:38:17 AM I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this This time the price was not influenced by the meeting arranged by the PBOC along with the nine other bitcoin exchange service providers. This time lesser known trading platforms were also warned as well insisted to operate with tax regulations which were not followed in the past. This might reduce the use of bitcoin in China to some extent.Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: vnvizow on February 09, 2017, 07:50:36 AM It's another scare, just hope this time it won't force the price down to 700 again
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: helloeverybody on February 09, 2017, 07:58:09 AM Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin. The policy will be effective on 11th Feb. So does this effectively mean that china can no longer use btcc to tranfer funds from CNY? Is there any reason why other exchanges couldnt pop up and take over in this area? Its good that price hasnt dropped if thats the case since it shows the current strength of the market but a dip wouldnt go a miss for a bit of a top up. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Xester on February 09, 2017, 09:40:03 AM According to the article that I read the PBOC has set rules and regulations that the Chinese exchangers have to comply and failure to comply with these requirements or conditions they will be forced to closed and stop their operations. This is a good news to bitcoin community given that the price of bitcoin did not go down after this news and the market manipulation and fake volumes from CHina has been put to end.
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Mometaskers on February 09, 2017, 10:20:00 AM According to the article that I read the PBOC has set rules and regulations that the Chinese exchangers have to comply and failure to comply with these requirements or conditions they will be forced to closed and stop their operations. This is a good news to bitcoin community given that the price of bitcoin did not go down after this news and the market manipulation and fake volumes from CHina has been put to end. I don't know how they fake volumes to manipulate in their favor but I am really glad that it did not cause a plunge. Maybe these time people did not dump because somehow they understand that the regulations may have a positive effect on the community. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Red-Apple on February 09, 2017, 11:51:25 AM I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this why would it be a half truth? this is the main reason why any regulations happen, to prevent illegal activity such as money laundering. and then on top of that they may want to earn some taxes from these exchanges since they have a pretty large volume, the tax amount would also be a large considerable size. just like forex market does. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: ~Bitcoin~ on February 09, 2017, 11:52:31 AM It's another scare, just hope this time it won't force the price down to 700 again Only panic traders will short their bitcoin on this type of fuds. There is nothing to worry about, fud is already over and now bitcoin is in strong hand. More regulation means less manipulation by chinese traders, so we will now have better buy support (real one).Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: LLec on February 09, 2017, 02:32:36 PM It's another scare, just hope this time it won't force the price down to 700 again It is time for something to happen here right now to cause China not to have this kind of control over how bitcoin's price is influenced. This has to stop right now and this is the time for someone or some entity to do it. :-[ Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: QuestionAuthority on February 09, 2017, 02:34:49 PM Interesting, wonder if this is why the price in down some?
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Zadicar on February 09, 2017, 02:44:35 PM Interesting, wonder if this is why the price in down some? Im thinking the same thing too because bitcoin price decreased -$100 in a matter of hour and still keeps on decreasing. This should be included on the reason regarding on price drop.I really hate this stuffs when bitcoin is already rallying up to the moon then a sudden new happen.lolTitle: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: jaberwock on February 09, 2017, 02:46:29 PM According to the article that I read the PBOC has set rules and regulations that the Chinese exchangers have to comply and failure to comply with these requirements or conditions they will be forced to closed and stop their operations. This is a good news to bitcoin community given that the price of bitcoin did not go down after this news and the market manipulation and fake volumes from CHina has been put to end. what article? what are exactly the rules? about the fake volume, it will probably just move somewhere else, because Bitcoins can be transferred all around the world. I think some Japanese exchanges still offer no trading fee Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: QuestionAuthority on February 09, 2017, 03:18:59 PM Interesting, wonder if this is why the price in down some? Im thinking the same thing too because bitcoin price decreased -$100 in a matter of hour and still keeps on decreasing. This should be included on the reason regarding on price drop.I really hate this stuffs when bitcoin is already rallying up to the moon then a sudden new happen.lolIt's ok as long as it doesn't keep free-falling. If it does then China won't be able to bring it back up again. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Zadicar on February 09, 2017, 03:21:59 PM Interesting, wonder if this is why the price in down some? Im thinking the same thing too because bitcoin price decreased -$100 in a matter of hour and still keeps on decreasing. This should be included on the reason regarding on price drop.I really hate this stuffs when bitcoin is already rallying up to the moon then a sudden new happen.lolIt's ok as long as it doesn't keep free-falling. If it does then China won't be able to bring it back up again. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Gloiri on February 09, 2017, 03:30:25 PM Now i am worried about it. does the btc price goes down ? and what about Chinese users does they're able to deposit or withdraw their RMB
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: vennali on February 09, 2017, 03:31:31 PM I'm not really sure what PBOC actually want to achieve with this new meeting, I read that they want Bitcoin exchanges to comply with Forex exchanges rule and KYC/AML, I just think this is the half truth of what actually went down in the meeting. I'm happy that the price this time did not dump like the first meeting and the space is getting matured and now how to react to thing like this BTC down by 10% thats big enough. Bitcoin has matured but 10% decline in price is a lot. I think most of the big exchanges already follow KYC/AML rules like any other Forex exchanges. They just dont do that for new accounts with small transactions.Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Wind_FURY on February 10, 2017, 03:14:07 AM Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin. The policy will be effective on 11th Feb. http://news.8btc.com/wp-content/uploads/2017/02/btcc.png There is a Coindesk article saying that users may be able to withdraw and deposit using CNY but they forbid doing the same with Bitcoin and Litecoin. That makes much more sense because it ties their funds to that exchange. Think of what will happen if they allowed Bitcoins to go in and out of their exchange. Those Chinese exchanges would lose a lot of volume. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: hl5460 on February 10, 2017, 05:18:30 AM Update: 8th Feb, BTCC announced closing of CNY deposit/withdrawal on its’ pro exchange. Users may deposit/withdraw their funds via bitcoin. The policy will be effective on 11th Feb. http://news.8btc.com/wp-content/uploads/2017/02/btcc.png There is a Coinbase article saying that users may be able to withdraw and deposit using CNY but they forbid doing the same with Bitcoin and Litecoin. That makes much more sense because it ties their funds to that exchange. Think of what will happen if they allowed Bitcoins to go in and out of their exchange. Those Chinese exchanges would lose a lot of volume. We need to wait and see the impact of withdrawal suspension . Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Wind_FURY on February 11, 2017, 02:14:14 AM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country?
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Xester on February 11, 2017, 06:27:26 AM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? If you cannot deposit or withdraw any cryptocurrency in your exchanger then its useless to do some trading on that site. Possibly that occurrence has contributed to the latest decrease on the price of bitcoin. But hope Chinese exchangers can comply to the required AML mechanism standards so they can operate normally and bring back bitcoin more lively again in China. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Searing on February 11, 2017, 06:38:08 AM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? If you cannot deposit or withdraw any cryptocurrency in your exchanger then its useless to do some trading on that site. Possibly that occurrence has contributed to the latest decrease on the price of bitcoin. But hope Chinese exchangers can comply to the required AML mechanism standards so they can operate normally and bring back bitcoin more lively again in China. Well BTC price is $1015 usd on Coinbase as I speak. So screw china. BTC Honey Badger don't care! https://www.wired.com/wp-content/uploads/blogs/wiredenterprise/wp-content/uploads/2013/12/honeybadger.jpg When the price gets around $1,100 usd per BTC, I expect the China Authorities to 'gasp' find more ....'inconsistencies and dubious behavior on exchanges" tut! tut! Rinse/Wash/Repeat Yawn, getting old :( Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Amph on February 11, 2017, 07:48:01 AM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? If you cannot deposit or withdraw any cryptocurrency in your exchanger then its useless to do some trading on that site. Possibly that occurrence has contributed to the latest decrease on the price of bitcoin. But hope Chinese exchangers can comply to the required AML mechanism standards so they can operate normally and bring back bitcoin more lively again in China. not really you can still trade with what they had there, and they had something otherwise there would not have been any panic from chinese, also not only chinese exist as traders, the volume in other country and in japan is higher than chinese i believe the value decreased because of panic dumping of the news and not the chinese trading itself... Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: megynacuna on February 11, 2017, 10:09:47 AM It's another scare, just hope this time it won't force the price down to 700 again No I doubt that , it has actually started appreciating from a he fall 3 days ago and hopefully those of us who Still have some funds can sell off to make some profits by next week. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: vnvizow on February 11, 2017, 12:14:08 PM It's another scare, just hope this time it won't force the price down to 700 again No I doubt that , it has actually started appreciating from a he fall 3 days ago and hopefully those of us who Still have some funds can sell off to make some profits by next week. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Denker on February 11, 2017, 12:27:33 PM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? This is how chinese are doing KYC AML from now on.As foreigners can't withdraw in RMB because they don't have any local chinese bank accounts there coins can and probably will easily be confiscated. You will be allowed to transfer out in BTC when you've proven that you are chinese.If not... as I said, likely that your coins will get confiscated.At least I could imagine that to happen. So maybe check out for a chinese middle man to help you getting the coins out. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: digaran on February 11, 2017, 12:33:27 PM As much as I'd like to see bitcoin free of government's influence but we need governments in order to trade peacefully, there are millions of dollars as tax at stake, every legitimate business and trader should not fear at all. more govs engagement brings more attention towards bitcoin which is a good thing if think long term strategy. actually bitcoin needs news like this even more in the future.
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Wind_FURY on February 12, 2017, 03:05:21 AM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? If you cannot deposit or withdraw any cryptocurrency in your exchanger then its useless to do some trading on that site. Possibly that occurrence has contributed to the latest decrease on the price of bitcoin. But hope Chinese exchangers can comply to the required AML mechanism standards so they can operate normally and bring back bitcoin more lively again in China. I predict that the outcome will be that the Chinese exchanges will be banned from allowing their users from making cryptocurrency deposits and withdrawals from the exchange. Trading cryptocurrencies in China will be like trading stocks and fiat currencies. The risk of those exchanges to become an instrument for money launderers is very big. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: deisik on February 12, 2017, 04:53:30 AM this is the main reason why any regulations happen, to prevent illegal activity such as money laundering. and then on top of that they may want to earn some taxes from these exchanges since they have a pretty large volume, the tax amount would also be a large considerable size. just like forex market does It is profits that get taxed (once a year), not the volume traded I predict that the outcome will be that the Chinese exchanges will be banned from allowing their users from making cryptocurrency deposits and withdrawals from the exchange. Trading cryptocurrencies in China will be like trading stocks and fiat currencies. The risk of those exchanges to become an instrument for money launderers is very big That would basically render these exchanges useless If you can't deposit coins, you can't convert them to fiat and withdraw the proceeds. On the other hand, if you can't withdraw coins, you can't convert fiat into them and then withdraw the funds. And what remains? Depositing and withdrawing only fiat, which is already prohibitively expensive to both deposit and withdraw? Essentially, most exchanges work in the opposite direction, i.e. their incoming and outgoing flows mainly consist of cryptocurrencies, not fiat, primarily thanks to no deposit and low withdrawal commissions Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Cashew on February 12, 2017, 09:24:50 AM So from what I understand, we are still very tied to Chinese exchanges. I do not understand why ? Is it related to the number of people using Bitcoin in China or to something else ?
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Wind_FURY on February 13, 2017, 03:44:45 AM I predict that the outcome will be that the Chinese exchanges will be banned from allowing their users from making cryptocurrency deposits and withdrawals from the exchange. Trading cryptocurrencies in China will be like trading stocks and fiat currencies. The risk of those exchanges to become an instrument for money launderers is very big That would basically render these exchanges useless If you can't deposit coins, you can't convert them to fiat and withdraw the proceeds. On the other hand, if you can't withdraw coins, you can't convert fiat into them and then withdraw the funds. And what remains? Depositing and withdrawing only fiat, which is already prohibitively expensive to both deposit and withdraw? Essentially, most exchanges work in the opposite direction, i.e. their incoming and outgoing flows mainly consist of cryptocurrencies, not fiat, primarily thanks to no deposit and low withdrawal commissions From the PBOC's point of view that will be the only way to control the Chinese Bitcoin exchanges from being used as money laundering platforms. They are limiting the exchanges to become like a stock market exchange. You use them for trading, make a profit and withdraw in fiat. This makes sense for most of the Bitcoin traders because all they want is to make money in fiat thru trading the movements of Bitcoin and other cryptocurrencies. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: RoommateAgreement on February 13, 2017, 04:03:57 AM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? If you cannot deposit or withdraw any cryptocurrency in your exchanger then its useless to do some trading on that site. Possibly that occurrence has contributed to the latest decrease on the price of bitcoin. But hope Chinese exchangers can comply to the required AML mechanism standards so they can operate normally and bring back bitcoin more lively again in China. I predict that the outcome will be that the Chinese exchanges will be banned from allowing their users from making cryptocurrency deposits and withdrawals from the exchange. Trading cryptocurrencies in China will be like trading stocks and fiat currencies. The risk of those exchanges to become an instrument for money launderers is very big. this had to happen a long time ago and should happen everywhere in the world. in fact this is the best thing that can happen for cryptocurrencies. many users are staying away because bitcoin and others are not regulated and when this happens a lot of good things can also happen. for example a bigger adoption. and even possibly it many lead to exchanges being unable to run away. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: deisik on February 13, 2017, 06:59:43 AM I predict that the outcome will be that the Chinese exchanges will be banned from allowing their users from making cryptocurrency deposits and withdrawals from the exchange. Trading cryptocurrencies in China will be like trading stocks and fiat currencies. The risk of those exchanges to become an instrument for money launderers is very big That would basically render these exchanges useless If you can't deposit coins, you can't convert them to fiat and withdraw the proceeds. On the other hand, if you can't withdraw coins, you can't convert fiat into them and then withdraw the funds. And what remains? Depositing and withdrawing only fiat, which is already prohibitively expensive to both deposit and withdraw? Essentially, most exchanges work in the opposite direction, i.e. their incoming and outgoing flows mainly consist of cryptocurrencies, not fiat, primarily thanks to no deposit and low withdrawal commissions From the PBOC's point of view that will be the only way to control the Chinese Bitcoin exchanges from being used as money laundering platforms. the are limiting the exchanges to become like a stock market exchange. You use them for trading, make a profit and withdraw in fiat. This makes sense for most of the Bitcoin traders because all they want is to make money in fiat thru trading the movements of Bitcoin and other cryptocurrencies You seem to be confusing something here If you buy stocks they become your property irrespective of an exchange where you bought them. You can use these stocks, for example, as a collateral for bank loans (provided they are not complete trash, of course). Regarding Chinese exchanges specifically, they could just as well outright ban these exchanges and get done with it (maybe, that's their ultimate intention after all) Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: darklus123 on February 13, 2017, 07:07:44 AM So base in the link given. It is officially sealed that pro exchanges will be closed? Did the certain government body provide any alternatives? Or they are just going to put regulations with regards to exchanges in china?
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: kiklo on February 13, 2017, 11:24:39 AM Boom , one Chinese exchange bites the dust.
https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-soon/ Quote HaoBTC Will Halt Exchange Services Soon The recent string of new requirements by the PBOC has made life a bit more difficult for Chinese cryptocurrency exchanges. Some services even started delaying bitcoin withdrawals by several days, as they are working on implementing new anti-money laundering requirements. HaoBTC was one of the few exchanges seemingly unaffected by the announcement, even though they made some significant changes as well. Just last week, the company announced they would introduce new deposit fees for their exchange business. A 5% fee would be charged for all deposits, which is quite steep, to say the least. It appears this was only a sign of what had yet to come as Chinese sources claim HaoBTC will shut down their exchange service very soon. All of their other bitcoin services, including the mining pool and online wallet will continue to operate without delays or issues. 8) Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: QuestionAuthority on February 13, 2017, 04:01:47 PM Boom , one Chinese exchange bites the dust. https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-soon/ Quote HaoBTC Will Halt Exchange Services Soon The recent string of new requirements by the PBOC has made life a bit more difficult for Chinese cryptocurrency exchanges. Some services even started delaying bitcoin withdrawals by several days, as they are working on implementing new anti-money laundering requirements. HaoBTC was one of the few exchanges seemingly unaffected by the announcement, even though they made some significant changes as well. Just last week, the company announced they would introduce new deposit fees for their exchange business. A 5% fee would be charged for all deposits, which is quite steep, to say the least. It appears this was only a sign of what had yet to come as Chinese sources claim HaoBTC will shut down their exchange service very soon. All of their other bitcoin services, including the mining pool and online wallet will continue to operate without delays or issues. 8) Beginning of the end? Over the next few months we'll get to see if Chinese exchanges really were responsible for the run up in price. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: deisik on February 13, 2017, 04:29:27 PM Boom , one Chinese exchange bites the dust. https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-soon/ Quote HaoBTC Will Halt Exchange Services Soon The recent string of new requirements by the PBOC has made life a bit more difficult for Chinese cryptocurrency exchanges. Some services even started delaying bitcoin withdrawals by several days, as they are working on implementing new anti-money laundering requirements. HaoBTC was one of the few exchanges seemingly unaffected by the announcement, even though they made some significant changes as well. Just last week, the company announced they would introduce new deposit fees for their exchange business. A 5% fee would be charged for all deposits, which is quite steep, to say the least. It appears this was only a sign of what had yet to come as Chinese sources claim HaoBTC will shut down their exchange service very soon. All of their other bitcoin services, including the mining pool and online wallet will continue to operate without delays or issues. 8) Beginning of the end? Over the next few months we'll get to see if Chinese exchanges really were responsible for the run up in price We might not get a decisive answer to this question since it will greatly depend on who is the primary trader at these exchanges (namely, local or foreign traders). If the majority of traders are from China itself, they will likely just withdraw fiat and start buying up bitcoins elsewhere (maybe, even at the black market). If the authorities choose to outright confiscate bitcoins, this will lower supply on its own (unless they sell it themselves) Things are turning hot in China too Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: leopard2 on February 13, 2017, 05:53:50 PM When the price gets around $1,100 usd per BTC, I expect the China Authorities to 'gasp' find more ....'inconsistencies and dubious behavior on exchanges" tut! tut! Rinse/Wash/Repeat Yawn, getting old :( 100% true. ;D Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: manselr on February 13, 2017, 06:03:02 PM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? If you cannot deposit or withdraw any cryptocurrency in your exchanger then its useless to do some trading on that site. Possibly that occurrence has contributed to the latest decrease on the price of bitcoin. But hope Chinese exchangers can comply to the required AML mechanism standards so they can operate normally and bring back bitcoin more lively again in China. Well BTC price is $1015 usd on Coinbase as I speak. So screw china. BTC Honey Badger don't care! https://www.wired.com/wp-content/uploads/blogs/wiredenterprise/wp-content/uploads/2013/12/honeybadger.jpg When the price gets around $1,100 usd per BTC, I expect the China Authorities to 'gasp' find more ....'inconsistencies and dubious behavior on exchanges" tut! tut! Rinse/Wash/Repeat Yawn, getting old :( It comes down to market participants to not feel prey of the dirty PBOC tactics. If holders don't fall for the panic sell stupidity, the PBOC will not profit from their short positions and there will be no dump. China is stealing money from bitcoin holders with those dumps, then when they have a lot of cheap BTC, they will officially accept bitcoin as currency, making it go to the moon. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Wind_FURY on February 14, 2017, 02:50:32 AM I read the article again at Coindesk. The OP has made a mistake. Fiat deposits and withdrawals with the Chinese exchanges are allowed. Cryptocurrency deposits and withdrawals are the transactions disallowed by the exchanges. They became something like a regular stock market. Okcoin and Huobi has released a statement that this will be enforced for a month until they have their AML mechanisms in place. How will the do that with Bitcoin? What stops me from sending them to another wallet owned by a close trusted friend in another country? If you cannot deposit or withdraw any cryptocurrency in your exchanger then its useless to do some trading on that site. Possibly that occurrence has contributed to the latest decrease on the price of bitcoin. But hope Chinese exchangers can comply to the required AML mechanism standards so they can operate normally and bring back bitcoin more lively again in China. I predict that the outcome will be that the Chinese exchanges will be banned from allowing their users from making cryptocurrency deposits and withdrawals from the exchange. Trading cryptocurrencies in China will be like trading stocks and fiat currencies. The risk of those exchanges to become an instrument for money launderers is very big. this had to happen a long time ago and should happen everywhere in the world. in fact this is the best thing that can happen for cryptocurrencies. many users are staying away because bitcoin and others are not regulated and when this happens a lot of good things can also happen. for example a bigger adoption. and even possibly it many lead to exchanges being unable to run away. I find your comment ignorant and laughable. If you really believe in what you said then you have taken away the freedom and the things we love about Bitcoin. Why would I want to be limited by the exchanges? What use is there for the Bitcoin blockchain them? You might as well trade centralized Bitstamp tokens or something the same. Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: hl5460 on February 14, 2017, 05:11:47 AM Some said that tightening pressure from PBOC was to clear way for the coming RMBCOIN.
Title: Re: PBOC host closed-door meeting with 9 Beijing-based exchanges Post by: Undermood on February 14, 2017, 05:18:51 AM It is nothing matter. POBC always steps up at the time of Bitcoin pumping. We could see that this time it hasn't affected the price too much. People get bored with this information and they know this will past. China wouldn't ban Bitcoin at the end.
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