PBOC host closed-door meeting with 9 Beijing-based exchanges

[Wind_FURY]

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?

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[Xester]

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.

[Searing]

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!





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

[Amph]

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...

[megynacuna]

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.

[vnvizow]

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.

Well before the last drop there were incremental appreciations as well, but even if it does drop again due to some move by the Chinese government it probably won't hit us as hard as last time since all the Indians are buying in (thanks Modi )

[Denker]

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.

[digaran]

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.

[Wind_FURY]

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.

[deisik]

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

[Cashew]

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 ?

[Wind_FURY]

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.

[RoommateAgreement]

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.

[deisik]

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)

[darklus123]

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?

[kiklo]

Boom , one Chinese exchange bites the dust.
https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-soon/

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.

 

[QuestionAuthority]

Boom , one Chinese exchange bites the dust.
https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-soon/

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.

 

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.

[deisik]

Boom , one Chinese exchange bites the dust.
https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-soon/

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.

 

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

[leopard2]

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.

[manselr]

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!





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.