[2017-06-01]OKCoin Allow 10-200 BTC Withdrawn to External Address Daily

[hl5460]

1st June Beijing-OKCoin started processing BTC/LTC withdrawal last night as per the webpage instruction. In the evening of 31st May, OKCoin announced processing withdrawal of BTC/LTC, which was the first exchange of the “Big Three” after the regulatory inspection being launched in Jan this year. Spot price of OKCoin spiked by 8% last night, reaching 16,500 CNY per BTC.


http://news.8btc.com/okcoin-allow-10-200-btc-withdrawn-to-external-address-daily

[1715271488]

1715271488

[Nagadota]

It'd be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.

To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing.  A million dollars or so in a year is meaningless to some of them.

I'd be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.

[notthematrix]

It'd be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.

To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing.  A million dollars or so in a year is meaningless to some of them.

I'd be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.

200 a day does make sense.

[slaman29]

It's easy to be the biggest exchanger and they won't mind 10 or 1000 BTC if the person has been verified according to their law and requirements. The limit is just from the government side, which banks won't take large transactions, right?

[Kprawn]

It'd be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.

To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing.  A million dollars or so in a year is meaningless to some of them.

I'd be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.

In my opinion the limits has nothing to do with whales and manipulation, but rather an attempt to "control" a out flow of bitcoins from these

regulated exchanges. A lot of Chinese Bitcoin users has already moved on and would, given the opportunity to do it, move ALL their coins out

of these exchanges. They know this is going to happen and they want to slow it down. 

[Kemarit]

It'd be pretty weird of Chinese exchanges to continue having these limits for any longer than a couple of weeks.

To a Chinese whale who manipulates the price of one of these exchanges or does high-volume arbitrage trading, a withdrawal limit of 10 BTC is nothing.  A million dollars or so in a year is meaningless to some of them.

I'd be very surprised if LocalBitcoins trading was accepted by the Chinese government as well considering the regulations they want to impose on Bitcoin trading.

In my opinion the limits has nothing to do with whales and manipulation, but rather an attempt to "control" a out flow of bitcoins from these

regulated exchanges. A lot of Chinese Bitcoin users has already moved on and would, given the opportunity to do it, move ALL their coins out

of these exchanges. They know this is going to happen and they want to slow it down. 

Exactly. They know that there will be a "panic withdrawing" and control such activity, they have to put a limit so that big whales can't moved their money as fast as they want. And they have probably anticipated this kind of scenario that why they have put it. The question is after withdrawing, where would the big whales put their money to? Are they going to put in back then try to manipulate the price of bitcoin again? Or are they going to put and pump alt-coin instead? We need to keep a close eye on them as we all know how Chinese before manipulated the price and the trading volumes of bitcoin market.

[richardsNY]

Just another nonsense policy put in place that will continue the outflow of traders doing their thing on the regular exchanges there. It's not for nothing that P2P trading has been growing immensely after exchanges needing to comply with the ridiculous terms put up by the government. These exchanges will be suitable for the average Chinese Bitcoiner that doesn't mind going through all this nonsense. Market movers will slowly move away (if they haven't done that already).

[1Referee]

These regulations are just the tip of the iceberg. Didn't you guys notice? The Chinese government is slowly squeezing out Bitcoin trading, till the extent that it is not logical anymore for people to make use of exchanges. At some point a large portion of the coins that sit in Chinese hands, will circulate in the peer to peer market. Chinese exchanges will end up being a noob-hole like Yobit is now. There is no Bitcoin love there (from the government's side).