In a recent meeting, the PBOC publicly criticized two banks, Bank of China and China Merchants Bank, that still provide services to BTCChina.

PBOC Official Mu reaffirms their policies on Bitcoin which stated all financial institutions cannot directly or indirectly provide services to Bitcoin related companies.

After the crackdown on Bitcoin, many Bitcoin exchanges, including Huobi and OKCoin, find ways to bypass regulation by creating “deposit codes” and allow customer to purchase or trade these codes through online stores.

Recently, OKCoin announced their new “deposit codes” system. The new system will allow customers convert their CNY deposits at the exchange into codes of equivalent value. They can either transfer these codes to other customers on the exchange or sell them at online stores or other public marketplaces. Huobi and BTCChina also have a similar system.

During the recent meeting, the PBOC clarified some languages in their policies. One PBOC official said, “The current level of services that banks and third-party payment processors provide counts as directly providing services to Bitcoin related companies. Online stores and public marketplaces that sells or trades “deposit codes” from Bitcoin exchanges counts as indirectly providing services to Bitcoin related companies”. The PBOC official made clear that both of kinds of services must stop. Banks and third-party payment processors must close their payment terminals at these exchanges and terminate their accounts immediately.

As of April 24th, Bitcoin exchanges had closed most of their deposit channels including banks and third-party processors. However, some banks are still providing deposit and withdraw services to Bitcoin exchanges.

Also stressed during the PBOC meeting is that withdraws of CNY through Bitcoin exchanges must end as well. The PBOC is asking all government agencies to monitor Bitcoin related money transfers. Agencies must respond swiftly to the list of bank accounts that the PBOC sent out.

Since China Merchants Bank recently issued a notice, Bitcoin Chinese capital security considerations for users and platform stability operations, decided to suspend the account of RMB CMB recharge. Subsequent updates, stay tuned to our official website and microblogging, Thanks again for your BTCChina's concern and support bulletin

OK if your an OP and you post a big block of text with a TL;DR; on your behalf why do you post it?

The topic subject is utter BS.

This only affects recharge codes. Recharge codes is just anonther escrowish way of injecting money into an exchange if you can't do a direct bank transfer.
As what I can read they are revising some code/method to enhance stability. You can still withdraw so you should not get goxxed.

Stop the FUD!!

OKCoin is revising our recharging methods.

Due to the unclear regulations/policies put forth by the banks and the instability of the recharge methods we have decided to suspend all bank recharge functions(withdrawals are not affected) until there is more clarity surrounding bank policy. At which time we will revise our methods accordingly. From here on we will be employing a “Recharge Code” method, this method may be used with every major bank. OKCoin is doing everything in our power to ensure that our users’ ability to recharge their accounts will continue uninhibited.

As not to affect the normal market prices, for the time being, revisions to our site’s recharging methods will not be published again. Users who have only used our previous system please log in to OKCoin and try out our new method. If you run into any issues while recharging your account please contact OKCoin 24/7 at our Customer Service Hotline: 400-660-9037

How the recharge codes work:

OKCoin’s recharge codes are now online.

For the convenience of our customers’ withdrawals and deposits OKCoin has launched a recharge code service. Users can withdrawal money via a recharge code and then transfer the code to other OKCoin users who need to recharge. There is no fee to withdrawal via recharge codes. These codes can be circulated, recharged, and withdrawn freely among OKCoin users. A customer can also simply withdraw via a bank withdrawal as these remain unaffected.

OKCoin Recharge Code Explanation: The recharge code is separated into two parts, A and B(think private key and public key). Part A(public key) allows users to check validity as well as the amount belonging to the code. Part B(private code) is used for recharging. Only with both A and B can one successfully recharge their code. When one withdrawals using the recharge codes it uses the same A and B two part system. Please do not reveal your code’s Part B(private key) to others.

Note: (1) A minimum of 100RMB and a maximum of 1,000,000RMB can be withdrawn with no fees. (2) OKCoin recharge codes require both part A and B to recharge. (3) Recharge codes may be used by ones self, or alternatively can be given to other OKCoin users to be used by them. (4). Part A is used to validate. After Part A has received an inquiry the code will be frozen for one(1) hour, during which time other users will not be able to inquire about the code. After an hour, it will return to normal. It is recommended that the buying and selling parties complete the transaction within the hour. Part B is used to recharge. After the buyer takes control of Part B, recharges will be frozen for an hour. After the seller confirms the transaction the code can be used to recharge the account. If the buyer doesn’t confirm the transaction for 7 days, it will automatically be transferred to your account. (5) Please choose a reputable seller to buy recharge codes, disputes arising from transactions due to recharge codes must be resolved by the buyers and sellers of said codes, OKCoin is not responsible for resolving such disputes. (6) You can(and we suggest you do) choose to buy your recharge codes from an OKCoin certified dealer. Please charge the card first and then make the remittance.

So, an example of how this would work is below:

You would like to buy 1000 USD worth of BTC. You go to our webpage and find a verified seller(Account Management—>Recharge RMB—>OKCoin Recharge Code Dealers, scroll down for our verified sellers). You would contact him and tell him you would like to charge 1000 USD. He would then send you Part A(the public key) of the recharge code to validate the amount. This freezes the recharge code for the next hour as to keep the selling party from withdrawing the funds after you check. The selling party then sends you Part B(the private key) and then you send them the 1000 USD at which point they will confirm the transaction. You have now successfully purchased a recharge code with which you may recharge your code.

Small miners are holding this coin TIGHT!!! they missed BC train, they dont wanna loose this one

Multipool dump will help liquidity on the market for the ones that arent mining, numbers look grate

If a was a dumper, i will wait to get more value to make my move, maybe 10K sat.

I for sure gonna sell half my stash right away if price reach 10K

this is my non biased day trading approach.   in case it is a bear flag. also break below 490 would be a pretty strong bear signal.

There is no "China ban" their government already stated that there won't be a BTC ban, they want people to trade, the banks are just backing off.
Don't repeat FUD.

Let me guess .. the dip is again based on some chinese story?
Is this the chinese version of 1001 stories?

News like this won't affect bitcoin in the slightest, except for create short-term dips in price.

...and back down we go! lol