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Author Topic: China exchange FXBTC Closing down  (Read 693 times)
RockHound
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May 02, 2014, 05:17:23 PM
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http://www.cryptocoinsnews.com/news/chinese-bitcoin-exchange-fxbtc-closing-510-unprecedented-pressure-peoples-bank-china/2014/05/02

Chinese Bitcoin Exchange FXBTC Is Closing 5/10 Because Of Unprecedented Pressure From People’s Bank Of China
Caleb Chen
02/05/2014
Announcements, Bitcoin News, Breaking News, Exchanges, Litecoin News, News, Translation

fxbtcFXBTC posted an announcement to their website earlier today, 5/2/14.  The announcement let FXBTC customers know that FXBTC would be shutting down its site on 5/10/14.  Users have until 5/10/14 to withdraw their funds from FXBTC.  Unfortunately, withdrawals in Fiat at Chinese banks has been closed, at least to FXBTC customers, for over a month now.  Furthermore, FXBTC’s volume has been down for weeks now, and I highly doubt that there are many more customers with funds stuck there.  FXBTC’s announcement comes on the heels of Chinese news claiming that the People’s Bank of China (PBOC) is renewing their efforts to end the flow of Chinese RMB into Chinese Bitcoin exchanges, after the previous 4/15/14 “soft” deadline.  FXBTC used to be a destination for Chinese Digital Currency enthusiasts because it offered both Bitcoin and Litecoin trading for Chinese RMB.
CCN

 

The Chinese announcement:

由于近期央行的政策,我们受到前所未有的压力,包括无法充值提现,导致无法正常运营,决策困难等方面的问题。本网站上线一年多以来,一直深得广大用户支持,虽然经历很多问题,但我们都努力坚持了下来,但这次面临央行的长期封锁,目前来看我们无能为力,历经长期亏损,我们最终决定停止运营FXBTC,为了方便用户提现,我们将开放网站至2014年5月10日,请广大用户在5月10日前尽快提现,之后我们将关闭网站,FXBTC团队再次感谢广大用户长期以来的支持!

Human English translation:

Due to recent changes in PBOC policy, we have faced unprecedented pressure head-on, including the inability to deposit or withdraw which has prevented normal operation and caused issues and caused difficult decisions to be made.  The website has been online for over a year, and has continually earned customer support despite running into problems; however, no matter how hard we work, when faced with the PBOC’s blockade, we are essentially powerless.  After long-term losses, we have finally decided to stop operating FXBTC.  In order to convenience customer withdrawals, the site will remain open until May 10th.  To the majority of FXBTC users, please withdraw before 5/10 because afterwards the site will be closed.  FXBTC’s team would like to take this opportunity to thank all of our users’s long term support, once again!

 

FXBTC first received notice on 4/2/14 that their commercial bank would no longer be serving them.  That day, multiple other Chinese Bitcoin exchanges had similar announcements; all of the Chinese Bitcoin exchanges cited phone conversations with the local branch of their Chinese bank.  FXBTC took the opportunity to tell the public that the Notice on Further Strengthening Bitcoin Risk Prevention was very real.  However, once 4/15/14 passed, some Chinese Bitcoin exchanges were still operating with a combination of vouchers and codes for withdrawals and deposits on the fiat side, as opposed to bank transactions.  The PBOC was not happy with this, and starting 4/22/14 was having interviews/inquiries with Chinese banks, 3rd party payment processors, and Bitcoin exchanges in a bid to clarify their position: To completely cut off funding to Chinese Bitcoin Exchanges.  Since last week’s most recent “Chinese Bitcoin ban” (There is still no Chinese Bitcoin ban), FXBTC is the first official casualty.  However, CryptoCoinCharts shows that FXBTC’s volume has been stagnant since their 4/2/14 announcement.  Some Chinese Bitcoin exchanges are adapting; others are not.  However, all across the board, BTC/CNY trades’ volumes are stagnating.  CNY to BTC trades used to account for double digit percentages of total Bitcoin exchange volume; presently, it is sitting at 7% and shrinking.

Other Chinese Bitcoin exchanges are also facing identical pressure from the PBOC.  Generally, different banks and 3rd party payment processors in China have interpreted the PBOC’s statements in their own way.  This is the reason why some, larger, Chinese Bitcoin exchanges were able to maintain quasi-normal operations despite continued PBOC pressure.  The newest, more personal pressure, in the form of interviews and a stated mission statement is forcing Chinese Bitcoin exchanges to adapt, or die out.  Chinese Bitcoin exchanges have to rely on new, often buggy, methods to accept Chinese RMB deposits.  Some Chinese exchanges are moving their sites, and presumably their banking, offshore.  Others are planning to set up physical ATMs or to release software that Chinese Bitcoiners can use to trade on the ground in China without any bank interactions.  Understandably, the PBOC is only able to pressure parts of the financial sector into severing their connections with Chinese Bitcoin exchanges.  Bitcoin transactions, and even Bitcoin trading, is not banned in China; the thing that is banned in China is capital flight.
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May 02, 2014, 05:19:18 PM
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Stop spreading FUD. This exchange is marginal, their volume has been quite low for months.  They would probably close down anyway. There is nothing MAJOR here.

RockHound
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May 02, 2014, 05:26:17 PM
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Appreciated your insight Ivan, but respectfully this is not FUD, they have publicly made this announcement just a few hours ago.

Whether you believe this will have impact on other exchanges, is up to you.

FXBTC was once a well respected, popular exchange. if not for the PBOC, would have continued as profitable business for CEO.

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May 02, 2014, 05:27:19 PM
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Lasseiz-Faire

BTC Honey Badger DON'T CARE
http://youtu.be/4r7wHMg5Yjg

PS: I appreciate the info bro!
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May 02, 2014, 05:53:36 PM
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Lasseiz-Faire

BTC Honey Badger DON'T CARE
http://youtu.be/4r7wHMg5Yjg

PS: I appreciate the info bro!

Cheers LF, Honey Badger is Strong!!!

As a BTC investor for gosh 13 months, I think China(+Asia) and BTC economics is still pretty significant. Although we are all tired with China's series of "Bans"  Smiley

I retail BTC, and frequently buy more (pretty much everyday) My new clients often want the best possible price, which is understandable as it's a big investment.
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May 02, 2014, 06:15:24 PM
 #6

Appreciated your insight Ivan, but respectfully this is not FUD, they have publicly made this announcement just a few hours ago.

Whether you believe this will have impact on other exchanges, is up to you.

FXBTC was once a well respected, popular exchange. if not for the PBOC, would have continued as profitable business for CEO.



To be fair, when I read "Major China exchange FXBTC Closing down" I immediately assumed Huobi or OKCoin were closing (which would be major news). It's good you've amended the thread's title.

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RockHound
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May 02, 2014, 06:18:08 PM
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Do... Not... Care...

Know where you are coming from, I too am pretty sick of China&Bitcoin  Undecided

I think a lot of Chinese bitcoiners share your opinion posted on your footer:

Bitcoin must have unqualified fungibility to survive as a form of money.  We must support all efforts that protect and improve the fungible nature of Bitcoin and stand firmly against anyone or anything which threatens this essential property.

PBOC being the threat, I am just saying it's not fair (raw deal) for our fellow Chinese bitocoiners

RockHound
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May 02, 2014, 06:19:56 PM
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Appreciated your insight Ivan, but respectfully this is not FUD, they have publicly made this announcement just a few hours ago.

Whether you believe this will have impact on other exchanges, is up to you.

FXBTC was once a well respected, popular exchange. if not for the PBOC, would have continued as profitable business for CEO.



To be fair, when I read "Major China exchange FXBTC Closing down" I immediately assumed Huobi or OKCoin were closing (which would be major news). It's good you've amended the thread's title.

Yeah my bad brother, thought the same  Smiley   - back in the day (not too long ago) FXBTC's trading volume was up there with the best of them.
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May 02, 2014, 06:23:53 PM
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PBOC... that explain why btc price not going up.

thanks for this info.

:3
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May 02, 2014, 06:30:03 PM
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Yeah my bad brother, thought the same  Smiley   - back in the day (not too long ago) FXBTC's trading volume was up there with the best of them.

No worries! I can still remember when MtGox was the exchange - and it was based in the US (and only handled Dollars Sad ). It's a fast moving game, this Bitcoin malarky!

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hxtop
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May 02, 2014, 06:49:52 PM
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Do... Not... Care...

Welcome to chinese bitcoin website: http://www.hxtop.com  ;I am planing for bitcoin business in china,if you interesting mail me:swemp@qq.com or skype: swemp.chen QQ:970617
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May 02, 2014, 07:01:06 PM
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Do... Not... Care...

How can you not care when your business is "The Chinese Bitcoin information port www.hxtop.com"

 Cheesy just seems ironic to me
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May 02, 2014, 07:54:57 PM
 #13

Appreciated your insight Ivan, but respectfully this is not FUD, they have publicly made this announcement just a few hours ago.

Whether you believe this will have impact on other exchanges, is up to you.

FXBTC was once a well respected, popular exchange. if not for the PBOC, would have continued as profitable business for CEO.



Thx for amending the title, much better now. Do not expect anything to happen due to this shut down. Companies open and close down every day in BTC economy. I seriously doubt anyone would get upset about PBOC actions anymore. Unless they try to ban BTC.

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May 02, 2014, 09:48:13 PM
 #14

i hope all china will close BTC businesses, im tired of their sh*t
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