4th LARGEST chinese bitcoin exchange, FXBTC Chinese announces CLOSURE by May 10

[yomofo]

https://www.fxbtc.com/news?id=4

google translated:

we finally decided stop operating FXBTC, in order to facilitate the user to cash, we will open the site to May 10, 2014, please the majority of users in the May 10 withdrawals as soon as possible, then we will close the site, FXBTC team thank customers for long-term support again! FXBTC Team 2014-05-02

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

FXBTC cited “unprecedented pressure” from the People’s Bank of China (PBOC) as well as restrictions on its banking services that have resulted from the central bank’s policies as deciding factors.

FXBTC said that long-term financial losses stemming from what it termed a “blockade” by the PBOC resulted in the management team deciding to end the service.

According to a translated statement from CryptoCoinsNews, the management team was unable to envision a successful future due to growing negative pressure from the PBOC.

[1713405172]

1713405172

[1713405172]

1713405172

[1713405172]

1713405172

[1713405172]

1713405172

[Biodom]

and why anybody gives it a second thought?

[kooke]

Shouldn't these posts be in the press section?

[Hunyadi]

China...pfffff...nobody cares 

[y3804]

Good find. I thought they stopped operating a while ago. Apparently not

[p0peji]

FUD

[RockHound]

FUD

Here's Coindesk's interp:

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

[Krabby]

China...pfffff...nobody cares 

Sadly the market still does...

[p0peji]

FUD

Here's Coindesk's interp:

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

It was just a bit of sarcasm. It is actually funny to read the comments on the coindesk article and get a feel for what the general emotion is about the PBOC bans. Those comments are a clear indication of the fact that China bans are not yet calculated into the current bitcoin price.

[bitcoinsrus]

FUD

Here's Coindesk's interp:

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

It was just a bit of sarcasm. It is actually funny to read the comments on the coindesk article and get a feel for what the general emotion is about the PBOC bans. Those comments are a clear indication of the fact that China bans are not yet calculated into the current bitcoin price.

That umi in the comment section (coindesk article) is trolling everybody lol

[slapper]

So is the fake chinese-wannabe who is saying he will hold on to 50 BTC for his life, so others should be like him too 

[leopard2]

I don't understand the Chinese system.

PBOC is not a lawmaker and not a court.

Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge? 

Nulla poena sine lege, not in China or what? 

[YipYip]

Great news hopefully my special fried chikun orders wont be late anymore

[Wandererfromthenorth]

China...pfffff...nobody cares 

Sadly the market still does...

not much anymore apparently. The news is pretty serious stuff, and price only dropped $10... and still in a short term uptrend from last monday.

We are not reacting to china news like before, that's a fact. my take is that eventually people will stop giving a flying fuck.
Big money from the west can easily replace china, which is obviously gonna find loopholes to still be in the game anyway.

[Ibian]

Kick the boy in the teeth and feed him to his wolf.

[jl2012]

I don't understand the Chinese system.

PBOC is not a lawmaker and not a court.

Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge? 

Nulla poena sine lege, not in China or what? 

In China, onlY the communist party matters. Lawmakers, media, PBOC and courts are all sock puppet of the communist party

[Torque]

Gosh, oh gee wiz, this May 10th date seems really REALLY important you guyzzzzz!!?!?!?!  Because China, guyzzz?

It can't possibly be because the China banks want to spread more FUD ahead of the Global Bitcoin Summit 2014 conference in Beijing on May 10th - 11th?  To try to disrupt that event and sway the Chinese even further against bitcoin?  Naw, nothing at all to do with that, huh?  Nope, not at all.

http://www.globalbtcsummit.com/en/

 

[DustyRah]

I don't understand the Chinese system.

PBOC is not a lawmaker and not a court.

Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge? 

Nulla poena sine lege, not in China or what? 

Dude its a totalitarian commi country...everything including that PBOC crap belongs to the government.

I HOPE BTC IS FULLY BANNED IN CHINA so we can move on with our lives without these commies screwing around like bitches!

[Sawadekub]

fuck u yomofo = your a mutha fooker haha haha.. shorting btcs? just minor drop +-10usd.. hahaha

[JorgeStolfi]

PBOC is not a lawmaker and not a court.
Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge? 

I woud think that the PBoC has the legal power to issue such orders to the banks.  In the US it may be the Federal Reserve Bank ("the Fed") and/or the Securities and Exchanges Comission (SEC) have some such powers, I don't know.  Here in Brazil the Central Bank has substantial regulatory powers over the banks, by law.

The Exchanges could try to challenge the PBoC orders, but I doubt that they would have a leg to stand on.