[FUD] China prohibits banks providing settlement services to Bitcoin Exchange

[wjsqsn]

Latest news, participants revealed.http://weibo.com/1896151327/AnzFZ21Zp?mod=weibotime

[1715583851]

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[1715583851]

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[1715583851]

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[1715583851]

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[wjsqsn]

BREAKINGNEWS:央行支付结算司12月16日上午约谈各大支付机构，周金黄司长从反洗钱、保护消费者等几个方面分析了比特币的风险，并要求：禁止银行、支付机构为比特币、莱特币等交易网站提供支付与清算服务；对于已经发生业务的支付机构应解除商务合作；对于存量款项可在春节前完成提现，不得发生新的支付业务.

[CIYAM]

User was already banned/deleted from weibo - this could likely be FUD.

[stellan0r]

english translation NOT coming from google translate?

[coastermonger]

Can we get a native speaker in here to translate?  Remind me again which subforum we should cross post this to.

I'm curious because I've been tracking this fall all night.  The market was due for a slight downturn anyway, but China's movement was far more precipitous and preceded the other markets, indicating that they're driving it.

[p2pbucks]

sorry， this weibo is deleted . And most  players in chinese btc community think it's a FUD .  Plz offer a convincing news source

[p2pbucks]

Use your biggest account to re-post this FUD on weibo . Dare you ?

[zhaojinqqq]

It's confirmed FRAUD news someone try to get profit from it. I live in china. Ignore it.

[wjsqsn]

User was already banned/deleted from weibo - this could likely be FUD.

Quotes dont lie
btcchina http://info.btc123.com/index_btcchina.php

[pinky]

User was already banned/deleted from weibo - this could likely be FUD.

Quotes dont lie
btcchina http://info.btc123.com/index_btcchina.php

Exactly, market is voting with huge dumping.

[Omega2513]

It was also reported on major news sites so who knows. I know some banks here in Canada are shutting down accounts that are used for Bitcoin

[Barek]

Exactly, market is voting with huge dumping.

Well, whoever bothered to post this likely has arranged for some sort of dump of coins.

Might be a good opportunity to make some quick money buying some cheap coins.

[CIYAM]

Might be a good opportunity to make some quick money buying some cheap coins.

Yup - *buy* but do not *panic sell*.

[coastermonger]

It was also reported on major news sites so who knows. I know some banks here in Canada are shutting down accounts that are used for Bitcoin

Source?

[seriouscoin]

It was also reported on major news sites so who knows. I know some banks here in Canada are shutting down accounts that are used for Bitcoin

What reasons do they give when they do that? Is it legal?

Why is it legal or not?

Its their service they can terminate bank acct as they want.

[coastermonger]

I'd like to get a Native speaker's interpretation of this: http://www.cryptocoinsnews.com/2013/12/16/china-prohibits-banks-bitcoin-exchange/
EDIT: The text has now changed, could be a simple FUD case after all

And then this comment of reddit:

right now, nothing reliable.
1.for now two verified weibo(Chinese tweeter) account of CEOs of 3rd party payment processor company has said so, but then both deleted the message, because of a massive panic
2.okcoin did cancel caifutong- the tencent payment gateway since yesterday, both deposit and withdraw
3.btcc also removed caifutong deposit gateway. however the withdraw is fine
okcoin confirmed the meeting is taking place this afternoon when being asked why take down caifutong. said will make an announcement about the meeting result when it's out.
thats all i know

http://www.reddit.com/r/Bitcoin/comments/1szzy3/potentially_bad_news_out_of_china_this_morning/ce2y9l7?context=3

[CIYAM]

It's not clear yet exactly what is going on but indeed tenpay is not working from btcchina (Bank Of China still seems to be working though).

Assuming that there is no problem withdrawing BTC then it might be a good idea to consider buying the cheaper coins and moving them out of the exchange pending the final outcome of this.

[Omega2513]

It was also reported on major news sites so who knows. I know some banks here in Canada are shutting down accounts that are used for Bitcoin

What reasons do they give when they do that? Is it legal?

Why is it legal or not?

Its their service they can terminate bank acct as they want.

It's more of a grey area when it comes to bitcoin and banks. It's possible they could consider it too high of a risk or the fact that they would lose out on transaction fees.

China banks: https://www.google.ca/search?q=bitcoin+china+banks&rlz=1C1CHFX_enCA551CA551&oq=bitcoin+china+banks&aqs=chrome..69i57l2j69i65l3j69i60.4227j0j1&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8

Canada banks: https://www.google.ca/search?q=bitcoin+china+banks&rlz=1C1CHFX_enCA551CA551&oq=bitcoin+china+banks&aqs=chrome..69i57l2j69i65l3j69i60.4227j0j1&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8#es_sm=122&espv=210&q=bitcoin+canada+banks

[seriouscoin]

It was also reported on major news sites so who knows. I know some banks here in Canada are shutting down accounts that are used for Bitcoin

What reasons do they give when they do that? Is it legal?

Why is it legal or not?

Its their service they can terminate bank acct as they want.

It's more of a grey area when it comes to bitcoin and banks. It's possible they could consider it too high of a risk or the fact that they would lose out on transaction fees.

China banks: https://www.google.ca/search?q=bitcoin+china+banks&rlz=1C1CHFX_enCA551CA551&oq=bitcoin+china+banks&aqs=chrome..69i57l2j69i65l3j69i60.4227j0j1&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8

Canada banks: https://www.google.ca/search?q=bitcoin+china+banks&rlz=1C1CHFX_enCA551CA551&oq=bitcoin+china+banks&aqs=chrome..69i57l2j69i65l3j69i60.4227j0j1&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8#es_sm=122&espv=210&q=bitcoin+canada+banks

No i'm not talking about bitcoins

I'm answering the question about legality of terminating bank accts. Ofcourse its legal. Its their service, they have the right to terminate it if they want.

Heck they can terminate your bank account if you're rude to them.

[p2pbucks]

I'd like to get a Native speaker's interpretation of this: http://www.cryptocoinsnews.com/2013/12/16/china-prohibits-banks-bitcoin-exchange/

http://www.reddit.com/r/Bitcoin/comments/1szzy3/potentially_bad_news_out_of_china_this_morning/ce2y9l7?context=3

www.cryptocoinsnews.com/2013/12/16/china-prohibits-banks-bitcoin-exchange/ It's quoted from the deleted weibo source.

Caifutong is not supporting BTCC and okcoin at this moment , Caifutong said it's only self biz adjustment （No Available news source yet this is what FUDers are using ）. Deposit and withdraw are all fine on BTCC and OKCOIN thru banks .