FWD: OKCoin suspends ALL bank deposits

[y3804]

OKCoin is revising our recharging methods.

Due to the unclear regulations/policies put forth by the banks and the instability of the recharge methods we have decided to suspend all bank recharge functions(withdrawals are not affected) until there is more clarity surrounding bank policy. At which time we will revise our methods accordingly. From here on we will be employing a “Recharge Code” method, this method may be used with every major bank. OKCoin is doing everything in our power to ensure that our users’ ability to recharge their accounts will continue uninhibited.

As not to affect the normal market prices, for the time being, revisions to our site’s recharging methods will not be published again. Users who have only used our previous system please log in to OKCoin and try out our new method. If you run into any issues while recharging your account please contact OKCoin 24/7 at our Customer Service Hotline: 400-660-9037

How the recharge codes work:

OKCoin’s recharge codes are now online.

For the convenience of our customers’ withdrawals and deposits OKCoin has launched a recharge code service. Users can withdrawal money via a recharge code and then transfer the code to other OKCoin users who need to recharge. There is no fee to withdrawal via recharge codes. These codes can be circulated, recharged, and withdrawn freely among OKCoin users. A customer can also simply withdraw via a bank withdrawal as these remain unaffected.

OKCoin Recharge Code Explanation: The recharge code is separated into two parts, A and B(think private key and public key). Part A(public key) allows users to check validity as well as the amount belonging to the code. Part B(private code) is used for recharging. Only with both A and B can one successfully recharge their code. When one withdrawals using the recharge codes it uses the same A and B two part system. Please do not reveal your code’s Part B(private key) to others.

Note: (1) A minimum of 100RMB and a maximum of 1,000,000RMB can be withdrawn with no fees. (2) OKCoin recharge codes require both part A and B to recharge. (3) Recharge codes may be used by ones self, or alternatively can be given to other OKCoin users to be used by them. (4). Part A is used to validate. After Part A has received an inquiry the code will be frozen for one(1) hour, during which time other users will not be able to inquire about the code. After an hour, it will return to normal. It is recommended that the buying and selling parties complete the transaction within the hour. Part B is used to recharge. After the buyer takes control of Part B, recharges will be frozen for an hour. After the seller confirms the transaction the code can be used to recharge the account. If the buyer doesn’t confirm the transaction for 7 days, it will automatically be transferred to your account. (5) Please choose a reputable seller to buy recharge codes, disputes arising from transactions due to recharge codes must be resolved by the buyers and sellers of said codes, OKCoin is not responsible for resolving such disputes. (6) You can(and we suggest you do) choose to buy your recharge codes from an OKCoin certified dealer. Please charge the card first and then make the remittance.

So, an example of how this would work is below:

You would like to buy 1000 USD worth of BTC. You go to our webpage and find a verified seller(Account Management—>Recharge RMB—>OKCoin Recharge Code Dealers, scroll down for our verified sellers). You would contact him and tell him you would like to charge 1000 USD. He would then send you Part A(the public key) of the recharge code to validate the amount. This freezes the recharge code for the next hour as to keep the selling party from withdrawing the funds after you check. The selling party then sends you Part B(the private key) and then you send them the 1000 USD at which point they will confirm the transaction. You have now successfully purchased a recharge code with which you may recharge your code.

TL;DR OKCoin/Huobi become eBay-like platforms where you buy BTC directly from the owners

Reason why this hasn't been posted on the website: Fear of "effecting" the price. This is old news, posted 13 hours ago.

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[1714490441]

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[Wilhelm]

OK if your an OP and you post a big block of text with a TL;DR; on your behalf why do you post it?

The topic subject is utter BS.

This only affects recharge codes. Recharge codes is just anonther escrowish way of injecting money into an exchange if you can't do a direct bank transfer.
As what I can read they are revising some code/method to enhance stability. You can still withdraw so you should not get goxxed.

Stop the FUD!!

[y3804]

OK if your an OP and you post a big block of text with a TL;DR; on your behalf why do you post it?

The topic subject is utter BS.

This only affects recharge codes. Recharge codes is just anonther escrowish way of injecting money into an exchange if you can't do a direct bank transfer.
As what I can read they are revising some code/method to enhance stability. You can still withdraw so you should not get goxxed.

Stop the FUD!!

This is not a repost AFAIK. I don't care how people interpret it.

[esse83]

OK if your an OP and you post a big block of text with a TL;DR; on your behalf why do you post it?

The topic subject is utter BS.

This only affects recharge codes. Recharge codes is just anonther escrowish way of injecting money into an exchange if you can't do a direct bank transfer.
As what I can read they are revising some code/method to enhance stability. You can still withdraw so you should not get goxxed.

Stop the FUD!!

Where does it say it only affects recharge codes? From what Im reading recharge codes are now the only way to deposit.

[ElectricMucus]

Reason why this hasn't been posted on the website: Fear of "effecting" the price. This is old news, posted 13 hours ago.

Effectively all the reason anybody even reports news at all.

[Wilhelm]

OK if your an OP and you post a big block of text with a TL;DR; on your behalf why do you post it?

The topic subject is utter BS.

This only affects recharge codes. Recharge codes is just anonther escrowish way of injecting money into an exchange if you can't do a direct bank transfer.
As what I can read they are revising some code/method to enhance stability. You can still withdraw so you should not get goxxed.

Stop the FUD!!

Where does it say it only affects recharge codes? From what Im reading recharge codes are now the only way to deposit.

Good point I read it differently and now it's confusing me even more  . Why do they call it "suspend all bank recharge functions" and not "bank deposits"?
"bank recharge functions" and "recharge codes" seem very similar terms...

[ElectricMucus]

Stop the FUD!!

Yes stop reporting news altogether.

[esse83]

OK if your an OP and you post a big block of text with a TL;DR; on your behalf why do you post it?

The topic subject is utter BS.

This only affects recharge codes. Recharge codes is just anonther escrowish way of injecting money into an exchange if you can't do a direct bank transfer.
As what I can read they are revising some code/method to enhance stability. You can still withdraw so you should not get goxxed.

Stop the FUD!!

Where does it say it only affects recharge codes? From what Im reading recharge codes are now the only way to deposit.

Good point I read it differently and now it's confusing me even more  . Why do they call it "suspend all bank recharge functions" and not "bank deposits"?
"bank recharge functions" and "recharge codes" seem very similar terms...

He is chinese, perhaps they use the word recharge as we use the word deposit. Seems like it from this quote:

"If you run into any issues while recharging your account.." I assume he is talking about users OKCoin account.

[jamesc760]

So, which is it, suspension of ALL bank deposits or change in recharge method? OP's title is quite misleading. Stop the FUD. Nobody gives shite about China anymore.

[esse83]

Nobody gives shite about China anymore.

So that is why stamp is following Huobi like a slave. Gotcha.

[dropt]

Nobody gives shite about China anymore.

So that is why stamp is following Huobi like a slave. Gotcha.

You act as if it's people doing that.  I thought the general consensus was that it's arbitrage bots?

[esse83]

Nobody gives shite about China anymore.

So that is why stamp is following Huobi like a slave. Gotcha.

You act as if it's people doing that.  I thought the general consensus was that it's arbitrage bots?

The general consensus is generally wrong. People follow the market movers. Bots or not, its simply irrelevant. 

[jl2012]

Stop the FUD!!

Yes stop reporting news altogether.

The news is true, but "OKCoin/Huobi become eBay-like platforms" is purely FUD