BTER.com is shutting down

[bakgwei]

I just received notice from BTER.com that they are closing and that I need to remove all my my funds by the end of October. So if you have any coins there I suggest to have a look. Seems like the Chinese authorities are clamping down hard again these days. Did anyone else receive this email and can verify this?

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[bakgwei]

Update: Their website states:

"According to the local policy in China, we have to stop the trading markets before Oct.30. Your funds are safe. We will provide your more time for withdrawal. To obtain a better services (very fast deposit and withdrawal), we recommend you login to gate.io with your current account and transfer funds there by following the instructures."

[bathrobehero]

It keeps redirecting me to http://bter.cn/?z

Edit: deleting cookies like 5 times I was finally be able to withdraw my BTC (confirmed) but right after I got redirected again and can't reach the site without clearing cookies. But they still ripped me off with $76 in CNY I can't trade.

[cryptonx]

Is this a chinese exchange ?
I think At this moment, chinese exchange is too risky for trade

[alyssa85]

Is this a chinese exchange ?
I think At this moment, chinese exchange is too risky for trade

It's a chinese exchange, and it also got hacked a few years ago, so was struggling. Am not sure there were many people still trading there.

[Red-Apple]

Is this a chinese exchange ?
I think At this moment, chinese exchange is too risky for trade

It's a chinese exchange, and it also got hacked a few years ago, so was struggling. Am not sure there were many people still trading there.

that is also what i first thought when i read the title by OP!
i used to trade on bter.com before they go t hacked but when they did, everything went to hell! they never paid me back apart from fake tokens which were untradeable and not-withdrawable. and whenever i checked their bitcoin price it was $50 or something as low as that.
they had many markets (altcoins,...) but i only saw 1 CNY market most active which may have even be fake volume.

saying this is because "Chinese new policy" is not right in my opinion. specially since last time they closed all exchanges, bter was still active.

[bakgwei]

Well, I think one can never really be sure what the real reason for shutting down is, but their statement says that its due to Chinese government policies.

I was able to transfer my holdings to gate.io - not 100% sure what the relationship is, but the same login details of bter.com also work on gate.io, and upon login they offered to automatically receive my entire balances. Worked like a charm, although I have now withdrawn them to another exchange just to be on the safe side. Seems all pretty murky whats going on with Chinese exchanges at the moment, so better play it safe.

[leea-1334]

Very cryptic, but it can mean anything when you are translating from a local language, as we have come to realise with all these Chinese-origin news. If in fact it were true, though, then you should be able to withdraw your CNY, since they would be keeping your money. They surely will not do that if indeed the authorities are making them close down. You should still get in touch with them about what to do with your yuan. Maybe request an equivalent in Bitcoin or some other crypto?

[janvanmaar]

You should still get in touch with them about what to do with your yuan. Maybe request an equivalent in Bitcoin or some other crypto?

Their reply to CNY withdrawal requests as crypto or other instructions:

I am afraid you can not  withdraw CNY .
CNY can only be sent to bank account in mainland China under your name.

And if you reiterate that you ask them to convert CNY to BTC or other crypto they just stop answering. 

BTC38 (another Chinese altcoin exchange) closes down much more gracefully - allows to convert CNY to crypto, resolves tickets etc.   A pity that BTC38 has to close down as well, no regret for BTER.