BTCC Suspends Bitcoin Withdrawals Until March 15! WTFFFFF

[phytosaw22]

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017.

They fucking did it AGAIN WTF! I'm betting come March 15, they're going to extend it AGAIN.

[Karartma1]

No more fractional reserve for them, no more fake coins to be playing with. A bubble is a bubble and they have probably created it. Thing is we have a finite coin supply that they manipulated so heavily in the last years. Do you remember those millions volume stats at the end of the month?
They probably don't have money to repay their customer and colluded with PBOC to get relieved from this.

This is it IMHO, game over for BTCC

[Amph]

the price seems to not be affected too much, panic sellers learned they can't dump and pump forever for the same shitty news

i guess this regulatio was expected it will make bitcoin going better in china, after all this is solved the value should increase more above $1k

also if you see the volume on chinese exchange it did recover already, therefore chinese are not taking care too much about, they can still trade and leave their btc there...

[ImHash]

What the hell? how can you launder money by withdrawing your cryptocoins? how is it not money laundering if you sell and then withdraw CNY?
Another reason why we shouldn't keep our coins in exchanges and be at their mercy in such situations.

[paul gatt]

I think customers will be difficult about this. Upgrading the system to combat money laundering is a good idea, however, too long time to upgrade, this will cause a lot of inconvenience. I think this upgrade should be to shorten the time, if not a lot of customers will resent

[john_connor]

the price seems to not be affected too much, panic sellers learned they can't dump and pump forever for the same shitty news

i guess this regulatio was expected it will make bitcoin going better in china, after all this is solved the value should increase more above $1k

also if you see the volume on chinese exchange it did recover already, therefore chinese are not taking care too much about, they can still trade and leave their btc there...

Last time the price tanked after Coindesk wrote an article a few hours after it was on the forums.

[Holliday]

No more fractional reserve for them, no more fake coins to be playing with. A bubble is a bubble and they have probably created it.

Let's run with your assertions.

Fractional reserve of bitcoins would depress the price (you have more to sell, since you are only keeping a fraction of your reserves), not inflate it.

Maybe you could walk us through the steps where fractional reserve leads to a bubble?

[talkbitcoin]

-- money laundering, illegal money exchange, pyramid schemes, and other illegal activity. --

why are you even surprised?
they have been working so far without any regulation or even following the law. and to be honest i wouldn't be surprised to hear that millions of dollar were laundered through their service.

the price seems to not be affected too much, panic sellers learned they can't dump and pump forever for the same shitty news

panic sellers never learn and they are never going out of this market and when one goes out 10 new come in.

the difference now is that the panic sellers aka weak hands are flushed out of the market and they have not bought back in at higher prices yet. let there be a rise or a longer time of stability then we see them again.

[vnvizow]

It's the PBOC fiasco going down, better to withdraw all funds if possible from anything Chinese from now on and wait for this to all blow over

[poloniexwhale]

It is not a news yet. You know okcoin and huobi did this rule one week ago. And this btcc's announcement couldn't impair the price any more. PBOC news is outdated, not impact on price.

[kiklo]

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017.

They fucking did it AGAIN WTF! I'm betting come March 15, they're going to extend it AGAIN.

CHINESE VERSION OF CRYPTSY


Say did Paul Veron start working for the Chinese Exchanges?


 

FYI:
Cryptsy told the same style lie.
Cryptsy was unable to process withdrawals on the rumored SEC / Fincen / Homeland Security / state investigations.   

Deja vu

[BitcoinHodler]

get ready to buy cheap coins, i sense a wave of FUD coming on specially with the recent price rise today upto 1025 whales cashing out their shorts and would want to do another shakeout to buy back all the coins they have sold.
just wait a little and go fetch some popcorns...

[Xester]

They are keeping the coins in the exchange its because it is the policy set by the PBOC. As long as they cannot comply to AML requirements they will be not allowed to accept deposit or allow withdrawal of bitcoins into their system. Their compliance on the new regulations is taking long but possibly it will not reach March 15 before they fully comply with all the requirements set by the PBOC.

[Denker]

get ready to buy cheap coins, i sense a wave of FUD coming on specially with the recent price rise today upto 1025 whales cashing out their shorts and would want to do another shakeout to buy back all the coins they have sold.
just wait a little and go fetch some popcorns...

No chinese FUD doesn't have that much influence any more.And I can't see FUD coming from somewhere else at the moment.
Look what happened the last 3 times. The price recovered incredibly fast and we were back to $1k.People don't believe that shit so easy any more.
Maybe this has something to do with the SEC decision approving the COIN ETF or not which will happen 3-4 days earlier.

[Karartma1]

No more fractional reserve for them, no more fake coins to be playing with. A bubble is a bubble and they have probably created it.

Let's run with your assertions.

Fractional reserve of bitcoins would depress the price (you have more to sell, since you are only keeping a fraction of your reserves), not inflate it.

Maybe you could walk us through the steps where fractional reserve leads to a bubble?

Here -> https://bitcointalk.org/index.php?topic=945881.0

So, let’s come back to BTC.

It is more than likely that exchanges have the power to decide what to do and how to use this money multiplier mechanism.
If they are savvy they’ll have a fractional-reserve of 100%, meaning that they’ll keep all the BTC deposited ready to give them to customers when they will want their BTC back.
But no one forbid them to use fractional-reserved based policies: if they use a value of 50% they’re going to double the amount of BTC they have because of what we saw before.

Therefore two things must be considered:

Since the majority of BTC transactions happen on a private account book which will be never shown on the Blockchain no one will notice (until a certain point)
whether or not an exchange is using some fractional-reserve based policies.

At present time there’s no regulation, no transparency whatsoever and in fact no exchange states this on their T&C and none of them admits if they use the money multiplier.
  

This is what I meant

[alyssa85]

They are keeping the coins in the exchange its because it is the policy set by the PBOC. As long as they cannot comply to AML requirements they will be not allowed to accept deposit or allow withdrawal of bitcoins into their system. Their compliance on the new regulations is taking long but possibly it will not reach March 15 before they fully comply with all the requirements set by the PBOC.

The real question is what happens when some people fail their AML checks and they can't withdraw their coins? What happens to those coins? Will the PBOC seize them and then auction them off the way the FBI has auctioned coins seized from illegal operators?

[BrewMaster]

when you choose a centralized platform to deal with a decentralized currency that is what you get (by you i mean all of us).
government restrictions, hacks, theft and users losing lots of money have always been a part and parcel of using these exchanges and it has been like this from the first day!

[traderethereum]

we don't know what will happen after PBOC is finish to checking and for people that doing trading in china site, they only can withdraw once in a month if i am not wrong. i hope that after this, the price is getting increase and we don't have to worried about money laundering and we can do trading with safe.

[Slark]

Old news, it is over week old.

We knew since 9th February that 2 biggest Chinese exchanges OKCoin and Huobi announced they will suspend bitcoin and litecoin withdrawals for one month.
So it was only a matter of time for BTCChina to join them. I would like to see how they will "upgrade" to combat money laundering.
Let's just hope that this upgrade won't mean that all coins will be stolen in the name of the fight with illegal activities. That would be ironic.

[Zadicar]

Old news, it is over week old.

We knew since 9th February that 2 biggest Chinese exchanges OKCoin and Huobi announced they will suspend bitcoin and litecoin withdrawals for one month.
So it was only a matter of time for BTCChina to join them. I would like to see how they will "upgrade" to combat money laundering.
Let's just hope that this upgrade won't mean that all coins will be stolen in the name of the fight with illegal activities. That would be ironic.

Im trying to say the same thing too on which this news is already old and as you mentioned those exchanges have been checked regarding on fighting illegal activities such as money laundering and illegal transactions but i believe there would be no stolen bitcoins on this situation.