Chinese Bitcoin Exchanges Implement Video Verification to Resume Withdrawals

[Doofus]

first, they asked for personal information, explanations of the sources of the funds to be withdrawn and intended withdrawal destinations. Now they want video verification. Huobi and OKCoin are implementing video confirmation to comply the strict PBOC's AML and KYC guidelines, expecting the return of bitcoin withdrawals soon.
BUT Don't you think this is too much to ask for?
Where is the anonymity we've been talking about?

[mayax]

first, they asked for personal information, explanations of the sources of the funds to be withdrawn and intended withdrawal destinations. Now they want video verification. Huobi and OKCoin are implementing video confirmation to comply the strict PBOC's AML and KYC guidelines, expecting the return of bitcoin withdrawals soon.
BUT Don't you think this is too much to ask for?
Where is the anonymity we've been talking about?

it's something normal. AML and KYC is mandatory for all the all the exchangers. more than that, a financial license is mandatory too.

anonymity is not part of this business anymore. it's not fair for Circle, Bitstamp, Itbit, Coinbase to pay a lot of money(and to comply with a many laws) for their licenses and others to operate without any.

[FiiNALiZE]

lol why is there so many people thinking that Bitcoin is anonymous? A regular Bitcoin spender will immediately notice that his/her transactions aren't as anonymous as the public thinks it is.
For Bitcoin to be anonymous, the person that is using Bitcoin would have to bend around the rules for that to happen, so that means the person should have a little more than basic Computer Knowledge to make it anonymous.
The regular Bitcoin spender wouldn't care if the Chinese exchanges ask for video verification because they don't have much to hide. They just want Bitcoins.

[buwaytress]

Understandable at some point... but when AML/KYC and due diligence for cryptocurrency users far exceeds that of regular fiat or even other forms of electronic currency, it can be a major obstacle for adoption.

I do agree the general user will probably just comply, but I suppose they want to try and take a hit out on suspected activity. This sort of move will only push illegal activity deeper down the rabbit hole.

[lottery248]

i would agree to enforce AML but exterminating the anonymity is not a perfect way to clear the laundering. people who attempt to launder their money using those site might refer what MMM China has done to make their transaction decentralised. China is destroying the protocol of bitcoin, and they are aggressively referring 'Country' with their 'Communist party'; always censoring what they don't want by protecting the country however it is actually themselves. Seems they are attempting to ruin all the privacy people are supposed to deserve, especially they are wanting to develop economics.

for the VPN, since China is not planning to ban bitcoin or other altcoin like MaidSafe, there are possibility to bypass the internet ban with such blockchain, good for developers.

[Doofus]

lol why is there so many people thinking that Bitcoin is anonymous? A regular Bitcoin spender will immediately notice that his/her transactions aren't as anonymous as the public thinks it is.
For Bitcoin to be anonymous, the person that is using Bitcoin would have to bend around the rules for that to happen, so that means the person should have a little more than basic Computer Knowledge to make it anonymous.
The regular Bitcoin spender wouldn't care if the Chinese exchanges ask for video verification because they don't have much to hide. They just want Bitcoins.

so you a r with video confirmation? but don't u think it's like a never ending game? what would be the next move?

[Kakmakr]

You are missing the whole point with AML/KYC regulations. They are implementing these regulations to strip Bitcoin from all anonymity. They want to know where the money is and who they can target if they want to do that in the future. Why do you think people use other methods to buy bitcoins lately?

Do you think it is unlikely that the Chinese government will try to confiscate all Bitcoins? Well, look what happened in the USA :

" April 5, 1933, one month after taking office, Roosevelt used the powers granted to the president by the Trading with the Enemy Act of 1917 to make gold ownership illegal. He issued Executive Order 6102, which made gold ownership—both in coins and in bars—illegal for all Americans and punishable by up to ten years in prison. "

You think this will not happen in China? Think again :

http://blogs.wsj.com/chinarealtime/2009/06/29/china-cracks-down-on-virtual-currency-for-real/

[JanpriX]

first, they asked for personal information, explanations of the sources of the funds to be withdrawn and intended withdrawal destinations. Now they want video verification. Huobi and OKCoin are implementing video confirmation to comply the strict PBOC's AML and KYC guidelines, expecting the return of bitcoin withdrawals soon.
BUT Don't you think this is too much to ask for?
Where is the anonymity we've been talking about?

From my point of view, this is going way overboard on the part of the Chinese government. They are trying centralize BTC and remove its anonymity by using underhand methods. They are reall serious in taking control of BTC in their country. This will greatly affect the community there as they are cracking down this methods.

[ImHash]

Might as well get trashed by mods.

[erikalui]

First coinbase and now Chinese exchanges too are asking for video verification? I guess then this is the new rule introduced by all exchanges and this is just too much to ask for. We don't even know the locations of their offices and I have already verified my identity with xapo. To send someone a video verification for the withdrawal of our own funds is ridiculous. What's making them ask for this?

[PokerDiceMan]

I think is no problem
after new regulation about verification account, i think all china exchanger, huobi, okcoin can withdraw normal again
so is good news can incraese bitcoin price

[cpfreeplz]

I doubt everyone everywhere in China can do a video chat to prove it's them how the hell is this going to work for poor people? I'd've left China so long ago if I lived there.

[Marma Kalari]

You are missing the whole point with AML/KYC regulations. They are implementing these regulations to strip Bitcoin from all anonymity. They want to know where the money is and who they can target if they want to do that in the future. Why do you think people use other methods to buy bitcoins lately?

It is a frightening reality that we have to accept to start trading through exchanges in the future and it really takes away the anonymity of the assets we hold and they can really target people who are holding a considerable huge amount of coins,but asking for video verification is too much to ask and hope the rest of the exchanges wont follow these stupid rule.