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

[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。

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

good job 

[CIYAM]

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

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon (hopefully the truth is just website bugs and some rather poor timing followed by some rather clever FUD).

[chsados]

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

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon.

Or could make price inflate like Gox 

Here is what started it all: http://tieba.baidu.com/p/2763806115

[Abdussamad]

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

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon.

Or could make price inflate like Gox 

Here is what started it all: http://tieba.baidu.com/p/2763806115

Can someone explain in English for those of us who don't understand Mandarin?

[chsados]

Weibo : http://e.weibo.com/okcoin

Terrible translation: "We still do not quote, and wait for the end of today's meeting of the third party payment."

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

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon.

Or could make price inflate like Gox  

Here is what started it all: http://tieba.baidu.com/p/2763806115

Can someone explain in English for those of us who don't understand Mandarin?

Google translate it


TLDNR; there is a meeting with regulators and all 3rd payment processors in china, and is not just  two CEOs of payment processors in Chine made a weibo post saying transactions to exchanges will be banned, they later deleted both posts after the panic sell they triggered in china

[DTYJ]

Not sure what It's really saying as my main language isn't really chinese.. But what I could ROUGHLY figure out is that he/she is say that "Bitcoin" is used for money laundering etc .. and he want investors to stop supporting it or ..?

THIS IS JUST A ROUGH ASSUMPTION as my chinese is not that "Elite". And I think this article has something which concerns money laundering etc ..


"http://tieba.baidu.com/p/2763806115" - Translation

[Abdussamad]

Not sure what It's really saying as my main language isn't really chinese.. But what I could ROUGHLY figure out is that he/she is say that "Bitcoin" is used for money laundering etc .. and he want investors to stop supporting it or ..?

THIS IS JUST A ROUGH ASSUMPTION as my chinese is not that "Elite". And I think this article has something which concerns money laundering etc ..


"http://tieba.baidu.com/p/2763806115" - Translation

Who is this person and why does he matter?

[CIYAM]

Just to update in regards to btcchina - withdrawals in RMB are still working (they are just not working in the "old web design" version of the website).

I think it's important to not spread FUD but to instead work out what is actually happening.

[btbrae]

Well don't forget btcchina has a 10 BTC withdrawal limit. I mean this looks like FUD, but still... be very careful how much you leave on all the exchanges these days imo.

[DTYJ]

Not sure what It's really saying as my main language isn't really chinese.. But what I could ROUGHLY figure out is that he/she is say that "Bitcoin" is used for money laundering etc .. and he want investors to stop supporting it or ..?

THIS IS JUST A ROUGH ASSUMPTION as my chinese is not that "Elite". And I think this article has something which concerns money laundering etc ..


"http://tieba.baidu.com/p/2763806115" - Translation

Who is this person and why does he matter?

I've no Idea who is he, but to translate his name to "English" it would be "Lee Wen Buo". Not sure If It rings any bell to the bitcoin community.

Here is his profile "http://www.weibo.com/wenboli?&topnav=1&topsug=1"

[LiteCoinGuy]

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

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon (hopefully the truth is just website bugs and some rather poor timing followed by some rather clever FUD).

thats the bitcoin world, haha  

one guy posted something and alot of people get crazy but nobody knows anything. we are in the very early phase of bitcoin  

you can even say that this is good/neutral news because: the 3 CEOs of the biggest exchanges meet some regulators and they will discuss the money laundering problem. so whats the problem of this? cant see something bad. they will talk about how they can avoid that laundering.

[EvilPanda]

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

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon (hopefully the truth is just website bugs and some rather poor timing followed by some rather clever FUD).

thats the bitcoin world, haha 

one guy posted something and alot of people get crazy but nobody knows anything. we are in the very early phase of bitcoin 

Exactly, no real news but everybody's selling, especially on "bitdump".

[Anotheranonlol]

http://v.youku.com/v_show/id_XNjQ5MDg4MjAw.html

[Bitcoinpro]

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.

doubt it they are governed by pretty strict rules and if the government isn't out there

with loudspeakers blaring bitcoin is illegal which they would never do, then the bank is at fault and

very liable, even in the China case the statement was almost totally contradictory

"not money continue to trade as money"  

[molecular]

Weibo : http://e.weibo.com/okcoin

Terrible translation: "We still do not quote, and wait for the end of today's meeting of the third party payment."

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

If it turns out to be really not possible to withdraw or deposit RMB then you can expect to see btcchina disappear pretty soon.

Or could make price inflate like Gox  

Here is what started it all: http://tieba.baidu.com/p/2763806115

Can someone explain in English for those of us who don't understand Mandarin?

Google translate it

doesn't help. Shows english words, but mandarin meaning.

[e521]

Is there any legit english coverage on this?
In the meantime my orders are waiting around $550ish.. 

[Bitcoinpro]

Is there any legit english coverage on this?
In the meantime my orders are waiting around $550ish.. 

yeah but its never going to get that low, never seen anything trade with so many death defying drops that seems to hits a springboard everytime

[levino]

If have to say the following: It is really great news, that there are finally fees on BTCChina. This will be VERY good for the market as it will calm it down immensly and attract more serious investors.

[Barek]

If have to say the following: It is really great news, that there are finally fees on BTCChina. This will be VERY good for the market as it will calm it down immensly and attract more serious investors.

This. After the dust settles, it will be quite interesting to see the trade volumes.

[minime]

the head of Chinas people bank Mr. Zhou invited to a meeting where to discus the risks of bitcoin especially regarding money laundering and consumer protection. the central bank also prohibits any bank or financial institution to offer services regarding bitcoin.
i got it translated from a friend from China