HaoBTC Will Halt Exchange Services Soon

[alyssa85]

https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-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.

[upsidedown75]

It might be a big impacting news not for just Chinese bitcoiners but for entire bitcoin community as China's influence might get altered. Still there are lot of exchange options for Chinese people to work on, let us wait how PBOC will impact on rest of them.

[gentlemand]

Still there are lot of exchange options for Chinese people to work on, let us wait how PBOC will impact rest of them.

They'll all be nailed eventually. They're all run by identifiable people who aren't going to tell their government where to stick it. I've read elsewhere that Chinese Localbitcoins volume has exploded so that's another on their list to block.

Let's see if there's any Chinese market left once the smoke has cleared. If not then it'll be stuff like Bitsquare only. I can't say I'll be too sad.

[zend7]

Even if there are a lot of other exchangers things aren't looking good for them if the government really wants to implement these anti money laundering laws as all of them maybe shut down eventually.

I cannot understand such a move from the Chinese government as I haven't heard any bad usage of bitcoin there so far. Anyway it's a great thing I live in Europe I guess. We are still in Free Democracy.

[Arcteryx]

So once they do then you can expect the price to tumble. Right?
They are one of the big ones in China if I am not mistaken with mining services the length of football fields.
This will have a rather large impact on bitcoin as a whole. As did the other exchanges last year and the year before closed their doors did on the price. Bitfinex fiasco all over again.

[Immakillya]

Haobtc is a huge exchange from China. Is its going to shutdown for a moment. I think it'll cause impact on the price of bitcoin. But im not expecting that the impact is huge just like the last time we crashed. You know haobtc is just one of the biggest exchange on China. There are many others which bigger than that. No wonder that japan will surpass the level of China in terms of trading.

[ComponY]

https://themerkle.com/haobtc-to-shut-down-bitcoin-exchange-operations-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.

HAOBTC is a small exchange, it doesn't matter, its main business is mining pool and wallet service, therefore exchange feature was just an add-on.

[Teraboy]

Haobtc is a huge exchange from China. Is its going to shutdown for a moment. I think it'll cause impact on the price of bitcoin. But im not expecting that the impact is huge just like the last time we crashed. You know haobtc is just one of the biggest exchange on China. There are many others which bigger than that. No wonder that japan will surpass the level of China in terms of trading.

They won't give a specifical impact for bitcoin. Do you ever see his volume? but it will give a lot of the impact if the word of haobtc will be changing into huobi.

[mtwelve]

It'll probably cause a downtrend in the short term(just like any negative piece of news coming from China) but there are still plenty of exchanges in China like others have said. I'm not too worried about this to be honest.

[thebatletbet]

haobtc bussness base is cloud mining, and open exchange service is low volume transaction
i think if haobtc shutdown and close exchange service not big effect
but is close exchanger service maybe effect pboc(china regulation) still pending yuan withdraw in one month

[~Bitcoin~]

Will this force chinese to stop trading bitcoin? This PBOC investigation is getting more strict than anybody have thought. Implementing new money laundering law sound quite tempting attempt by chinese government, this can effect personal privacy of bitcoin traders. Chinese trading platform may have to share their customers details with authority.

[traderethereum]

if this is what happen with haobtc, then i think the price will not indirectly affect with the other market but at least the price will give small affect to other market and i don't want to see that this will impact with the down trend in another time. but for the big market, i think they don't get this as a seriously matter and they will consistent to make the bitcoin price stable.

[Arcteryx]

Haobtc is a huge exchange from China. Is its going to shutdown for a moment. I think it'll cause impact on the price of bitcoin. But im not expecting that the impact is huge just like the last time we crashed. You know haobtc is just one of the biggest exchange on China. There are many others which bigger than that. No wonder that japan will surpass the level of China in terms of trading.

So have they shut them all down at the same time or they doing it while they proceed with their investigations one by one?
This will be a common process that goes on right?
They would do surprise audits on them I am assuming.
That means you won't be able to make any transactions or pull your bitcoins from them until they have been done and give the ok to the owners to flip the switch back on.

[pinkflower]

More Chinese exchanges closing down or limiting their service is expected. Its quite clear that money launderers and pyramid schemes have been laundering and getting their cash out by using those exchanges. You cant blame the PBOC here. They just want to clean up the mess.

[JeffBrad12]

More Chinese exchanges closing down or limiting their service is expected. Its quite clear that money launderers and pyramid schemes have been laundering and getting their cash out by using those exchanges. You cant blame the PBOC here. They just want to clean up the mess.

but I just feel curious about the PBOC's data, because it seems like they are knowing a lot about the money schemes are from the Chinese bitcoin exchange site. But it's good to cleaning the pyramid scheme and money laundering. 

[mtwelve]

More Chinese exchanges closing down or limiting their service is expected. Its quite clear that money launderers and pyramid schemes have been laundering and getting their cash out by using those exchanges. You cant blame the PBOC here. They just want to clean up the mess.

Has there really been signs of money laundering? I thought the cracking down on Bitcoin exchanges was due to manipulated trading, inflated volume, those sort of things.

[pinkflower]

More Chinese exchanges closing down or limiting their service is expected. Its quite clear that money launderers and pyramid schemes have been laundering and getting their cash out by using those exchanges. You cant blame the PBOC here. They just want to clean up the mess.

Has there really been signs of money laundering? I thought the cracking down on Bitcoin exchanges was due to manipulated trading, inflated volume, those sort of things.

There were no specific accusations coming from the PBOC however they released a statement telling the exchanges to stop and to not be involved in any form of money laundering. In all likelihood the PBOC must have already known something before it started having closed door meetings with the exchange owners. The PBOC's main issue might be money laundering, not manipulated trading or fake volume.