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

[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

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.

Not quite. There has to be a legal reason to the termination. For bitcoins, with all the bad press of Silk Road and everything else, the banks could have it fall under illegal or misuse of the account and funds. Like how they freeze the accounts for criminals.

[1714671701]

1714671701

[1714671701]

1714671701

[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.

Not quite. There has to be a legal reason to the termination. For bitcoins, with all the bad press of Silk Road and everything else, the banks could have it fall under illegal or misuse of the account and funds. Like how they freeze the accounts for criminals.

Idiot, terminating accounts is NOT seizing them.
Its their business they have the right to terminate accts with customers they dont want to do business with.

Understand?

[CIYAM]

Deposit and withdraw is all fine on BTCC and OKCOIN thru banks .

With btcchina the Bank Of China withdrawals are *not* working (support is currently claiming some crap about a browser bug).

[seriouscoin]

Deposit and withdraw is all fine on BTCC and OKCOIN thru banks .

With btcchina Bank Of China withdrawals are *not* working (support is claiming some crap about a browser bug).

The meeting is real. Just the outcome is not clear.

Knowing Chinese stock markets, i'm sure this is inside trading.

That means bad news.

[p2pbucks]

Deposit and withdraw is all fine on BTCC and OKCOIN thru banks .

With btcchina the Bank Of China withdrawals are *not* working (support is currently claiming some crap about a browser bug).

Yes , there're some problems on withdrawals thru Bank of china (BOC www.boc.cn ) using IE . But other banks are ok .

[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

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.

Not quite. There has to be a legal reason to the termination. For bitcoins, with all the bad press of Silk Road and everything else, the banks could have it fall under illegal or misuse of the account and funds. Like how they freeze the accounts for criminals.

Idiot, terminating accounts is NOT seizing them.
Its their business they have the right to terminate accts with customers they dont want to do business with.

Understand?

And they can be taken to court for it. They don't have to GIVE a reason to YOU but they still NEED a VALID reason. But since you have to resort to name calling online, I am done talking to you.

[CIYAM]

Yes , there're some problems on withdrawals thru Bank of china (BOC www.boc.cn ) using IE . But other banks are ok .

Wrong - this is what their support is saying - but it appears that you cannot withdraw to *any* bank using either IE or FF now (still checking into this).

The problem is that you cannot select the city or the bank in the withdrawal form.

[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.

Not quite. There has to be a legal reason to the termination. For bitcoins, with all the bad press of Silk Road and everything else, the banks could have it fall under illegal or misuse of the account and funds. Like how they freeze the accounts for criminals.

Idiot, terminating accounts is NOT seizing them.
Its their business they have the right to terminate accts with customers they dont want to do business with.

Understand?

And they can be taken to court for it. They don't have to GIVE a reason to YOU but they still NEED a VALID reason. But since you have to resort to name calling online, I am done talking to you.

LOL Good luck with that thinking kiddo. I'm done explaining to an idiot anyway.

[chsados]

Now BTCChina adding trading fees - somethings up for sure!

BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013

[p2pbucks]

Yes , there're some problems on withdrawals thru Bank of china (BOC www.boc.cn ) using IE . But other banks are ok .

Wrong - this is what their support is saying - but it appears that you cannot withdraw to *any* bank using either IE or FF now (still checking into this).

The problem is that you cannot select the city or the bank in the withdrawal form.

No， there is no need to enter city details .  All you need to provide is 1.bank name  2. account number 3. Your name . ( It's OKCOIN's rules, i'm not using BTCC now so not sure about BTCC )

[EvilPanda]

How can BTC market be taken seriously in the world if some kid with his laptop can cause panic selling?

[CIYAM]

No， there is no need to enter city details .  All you need to provide is 1.bank name  2. account number 3. Your name . ( It's OKCOIN's rules, i'm not using BTCC now so not sure about BTCC )

Just tried that - it says you need to enter the city (which you can't). What browser are you using btw?

[coastermonger]

Now BTCChina adding trading fees - somethings up for sure!

BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013

Can you please provide a URL link or a screenshot for this?  I don't have direct access to BTCChina

[CIYAM]

How can BTC market be taken seriously in the world if some kid with his laptop can cause panic selling?

This is not just that - the problems are real even if they might only be some glitches (and the rumors are spreading).

[p2pbucks]

No， there is no need to enter city details .  All you need to provide is 1.bank name  2. account number 3. Your name . ( It's OKCOIN's rules, i'm not using BTCC now so not sure about BTCC )

Just tried that - it says you need to enter the city (which you can't). What browser are you using btw?

There's no such city selection part in any browser

http://p2pbucks.com/2.png

[e521]

goxxed again  

[CIYAM]

There's no such city selection part in any browser

Am talking about btcchina not the other exchange you mentioned.

[Anotheranonlol]

李笑来转发造假微博 假冒央行支付司  
建议党国把他抓起来 十万比特币充公。

[chsados]

李笑来转发造假微博 假冒央行支付司  
建议党国把他抓起来 十万比特币充公。

http://translate.google.com/translate?hl=en&sl=zh-CN&u=http://tieba.baidu.com/p/2763600442&prev=/search%3Fq%3D%25E6%259D%258E%25E7%25AC%2591%25E6%259D%25A5%25E8%25BD%25AC%25E5%258F%2591%25E9%2580%25A0%25E5%2581%2587%25E5%25BE%25AE%25E5%258D%259A%2B%25E5%2581%2587%25E5%2586%2592%25E5%25A4%25AE%25E8%25A1%258C%25E6%2594%25AF%25E4%25BB%2598%25E5%258F%25B8%2B%25C2%25A0%2B%25E5%25BB%25BA%25E8%25AE%25AE%25E5%2585%259A%25E5%259B%25BD%25E6%258A%258A%25E4%25BB%2596%25E6%258A%2593%25E8%25B5%25B7%25E6%259D%25A5%2B%25E5%258D%2581%25E4%25B8%2587%25E6%25AF%2594%25E7%2589%25B9%25E5%25B8%2581%25E5%2585%2585%25E5%2585%25AC%25E3%2580%2582%26num%3D100

[Spekulatius]

Now BTCChina adding trading fees - somethings up for sure!

BTC China valued customer: To stabilize the recent turbulent Bitcoin market and minimize potential market manipulation, BTC China will end the 0% trading fee promotion, effective immediately, and revert to the 0.3% trading fee. We deeply apologize for the sudden change. BTC China, December 16, 2013

Now let's see what the 'real' volume is like (IF they report the correct numbers)..