[2017-04-19] OKCoin Bitcoin Exchange Has Suspended Fiat Deposits

[Nina Lyon]

A second bitcoin exchange has suspended fiat deposits because of issues with intermediary banks.

One of the leading Chinese cryptocurrency exchanges, OKCoin.cn, has sent a message to its users stating that starting from April 18, 2017, it is temporarily suspending USD deposits. This is the second cryptocurrency exchange after Bitfinex, which was also forced to stop accepting fiat deposits starting Tuesday, April 18. 

Read more: https://coinidol.com/okcoin-china-suspended-fiat-deposits/

[Synthian]

A second bitcoin exchange has suspended fiat deposits because of issues with intermediary banks.

One of the leading Chinese cryptocurrency exchanges, OKCoin.cn, has sent a message to its users stating that starting from April 18, 2017, it is temporarily suspending USD deposits. This is the second cryptocurrency exchange after Bitfinex, which was also forced to stop accepting fiat deposits starting Tuesday, April 18. 

Read more: https://coinidol.com/okcoin-china-suspended-fiat-deposits/

This fact will effect many bitcoin investors in china and it will make bitcoin down in short time. However this is a good chance to get more cheap bitcoins in this period.

[Raxitto]

Bitfinex made an announcement on its website on Monday morning. The company has not yet revealed the reason for the bank suspending the transfers. All we know is that it is currently impossible to withdraw or deposit fiat currency from the exchange. So it isn´t just a OKCoin situation.

[ImHash]

Wtf? allow me to better understand this situation, you deposit fiat in to their bank accounts which are known and public knowledge and then you buy bitcoins from someone else then they get the cash and withdrawal and actual money is only moving around when people request withdrawal but as long as you keep your fiat there or even exchanging them into other altcoins and then withdrawal them no banks are needed in this scenario.

What are they trying to accomplish here? regulating them heavily and show them who's the boss? or they think drawing such lines would really matter for bitcoin in long life span?
More anonymous and unregulated exchanges needed then.

[richardsNY]

Wtf? allow me to better understand this situation, you deposit fiat in to their bank accounts which are known and public knowledge and then you buy bitcoins from someone else then they get the cash and withdrawal and actual money is only moving around when people request withdrawal but as long as you keep your fiat there or even exchanging them into other altcoins and then withdrawal them no banks are needed in this scenario.

What are they trying to accomplish here? regulating them heavily and show them who's the boss? or they think drawing such lines would really matter for bitcoin in long life span?
More anonymous and unregulated exchanges needed then.

There are a few decentralized exchanges out there, but they are only decentralized as long as you trade crypto to cryoto. If you want to make use of fiat, you'll be forced to make use of their supported (centralized) payment services. That's obviously not what people are looking forward to. That's why peer 2 peer trading has been exploding lately -- the more regulations are being forced through, the larger the peer 2 peer market will become.

[tiggytomb]

Seems like the majority of banks are taking the same route, bitcoin I suppose is or could be a major contender if it becomes massively adopted.

Until that happens bitcoin users still need banks if they want to cash out so I guess the banks will take advantage of this.

[shualingfa]

Just when we thought bitcoin was unstoppable we are reminded that our exchanges are reliant on the banks...
I have faith in bitcoins original concept... not so much the current developer conflicts and now the banks eyeing to control large exchanges.

[1Referee]

That's why peer 2 peer trading has been exploding lately -- the more regulations are being forced through, the larger the peer 2 peer market will become.

Especially in China. People are sick and tired of going through so much hassle where they kiss goodbye to their privacy with ridiculous things as video verification, regular re-verification procedures as laws change, etc. People will have to choose between 1) convenience of buying and selling through exchanges, but with the fact that there is no privacy, or 2) go P2P where your privacy is more or less untouched, but enjoy less convenience (and in some cases it might even be dangerous when you go face2face). It's up to the people to choose.