[2017-02-28] A Regulatory Storm Is Forming in China

[TwoTimes]

Some new revelations have been coming from China concerning the recent bitcoin exchange policies within the region. The leading exchange BTCC has revealed it will be offering zero fees for USD/BTC trades for one month. Meanwhile, Chinese exchanges are beginning to lift withdrawal suspensions but are asking for further customer identification.

Throughout the new year, the People’s Bank of China (PBOC) have been enforcing new regulatory rules across the Chinese bitcoin exchange industry. China’s top exchanges have added fees to trades, removed future options, and a few exchanges suspended BTC withdrawals. Just recently BTCC has announced its USD bitcoin exchange promotion offering zero fees until March 31. The company’s move may be a reaction to try and stimulate more trading as BTCChina trades will still implement fees.

Read More Here: https://news.bitcoin.com/a-regulatory-storm-is-forming-in-china-video-verifications-required-futures-forbidden/

[1Referee]

Chinese exchanges are already losing their significance, but if this continues, then you can bet on it that people will look for other ways of obtaining Bitcoin. P2P is still in its early stage in China, but if regulations will force Chinese exchanges to tighten their policies to more extreme levels, then it will only push people away from them, where they will give the P2P market a massive boost. One thing I am happy with, is that all these regulations won't harm the price of Bitcoin anymore. China sinks, Japan is about to break through.

[just_Alice]

It is a nice move from BTCC to offer zero fees until March 31. I think this will bring much more customers to their place. But at the same time requiring a video verification is not so good for their customers. But I think they have no choice because most likely it has something to do with the government's regulations.

[richardsNY]

It is a nice move from BTCC to offer zero fees until March 31. I think this will bring much more customers to their place. But at the same time requiring a video verification is not so good for their customers. But I think they have no choice because most likely it has something to do with the government's regulations.

I doubt anyone beside a few noobs will welcome the one month of free trading. Mainly because of the fact that these regulations are just the beginning. People will think twice before signing up at these exchanges. It's indeed the government that is forcing through these regulations. No exchange will put such policies to work as it doesn't exactly play out in their benefit.

[Idrisu]

It is a nice move from BTCC to offer zero fees until March 31. I think this will bring much more customers to their place. But at the same time requiring a video verification is not so good for their customers. But I think they have no choice because most likely it has something to do with the government's regulations.

video call verification is the best mode of verification that will bring confident to genuine investors. If your hand is cleaned you have nothing to be afraid of. Because of anonymous nature of bitcoin transactions, bad and evil people are used it to perpetrate there evils scheme.