Two Chinese bitcoin trading platforms announced to close for the policy

[best-miner.com]

With a closing recharging way ,a Chinese trading platform Linkcoin was forced to close .This is the fifth Chinese bitcoin trading platform closing after the notice on 5th December was released by central bank of China .
Linkcoin announce :
Announce on 1st May :We decide to close the website on 11th May for the policy .Please withdraw CNY and virtual currency as soon as possible .If you withdraw deposit after 11th May ,you can add the qq group :57427770 or QQ :800061722 to withdraw artificially .
Announce :We have received the notice from the third-party that they will close CNY recharging way tonight ,but CNY withdraw deposit will not be affected .
Meanwhile ,a Chinese famous bitcoin trading platform FXBTC also announced to stop running for the policy on 2nd May .
FXBTC also released the announce on its official website at 2:40pm ,2nd May .
With the policy released by central bank of China ,we have suffered a strong pressure ,including recharging and withdrawing deposit .During our running ,we are supported by clients constantly .Though experiencing many problems ,we struggle to go ahead .However ,facing up to the long-term blockade ,we get a big loss and decide to stop running FXBTC finally .Thus ,we will close the website before 10th May ,2014 ,please clients withdraw deposit as soon as possible .Thank you for your support again .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.

[erono]

It's a real currency but you're not allowed to buy through a Chinese platforms.

[DRZoidberg]

I am new to crypto world and wonder if Bitcoin was always  under governments pressure? as nowadays I can see that in many countries govs are concerned about the issue of Bitcoin and and its regulation (especially in USA). Is it temporary situation or permanent ?

[innocent93]

just a rumour , but, stay stuned ,China monthly Ban coming soon.

[crazy_rabbit]

It doesn't surprise me, and it doesn't worry me either. Scores of bitcoin exchanges have closed in the past- for both regulatory reasons (bitfloor) and incompetence (the list is too long to bother writing). If chinese exchanges don't have the capital or connections to navigate the Chinese regulatory environment, then they should close as they present a threat to the users who hold funds there.

[dreamspark]

Now just for the rest of them and we can stop looking over their despite the fact that they probably don't hold anywhere near as many coins as others will have you believe.

[Abdussamad]

I am new to crypto world and wonder if Bitcoin was always  under governments pressure? as nowadays I can see that in many countries govs are concerned about the issue of Bitcoin and and its regulation (especially in USA). Is it temporary situation or permanent ?

My understanding is that bitcoin first got a government's attention last year when the Fincen guidelines came out. Ironically enough that gave a boost to prices. Since then it's come under increasing scrutiny from governments around the world. Lots of governments have weighed in with their opinion on bitcoin now. There is a site bitlegal that tracks bitcoin's legality in various sovereign countries around the world.

[1Referee]

This is fantastic news, China will close all exchanges, if they manage to shut down everything, there will be nothing left to ban 

[dreamspark]

This is fantastic news, China will close all exchanges, if they manage to shut down everything, there will be nothing left to ban 

They will probably still ban it weekly...

[LiteCoinGuy]

the bigger exchanges already said that they will go to other countrys and operate there.

"International expansion

When I asked him which geographic markets he would target first, he said that they were going to go after all the countries outside of China with equal fervour, and that thanks to the funding raised, he has a whole team of lawyers advising him as to the regulatory concerns of each jurisdiction.

On the subject of funding raised, he had some interesting commentary to provide. OKCoin recently announced that it had raised $10m in a Series A led by Ceyuan Ventures, a fund led by Bo Feng, a famous venture capitalist. Apparently Bo is personally a great fan of bitcoin, and has been investing in the asset for a while.

Said Star:

    “He gave me a verbal offer after just a ten-minute meeting. When I told him I didn’t need this much money, he told me that I should plan for the long-term, and that bitcoin is a decade-long endeavour. I must say I got very lucky he is such a big supporter.”"

[franky1]

some exchanges are closing due to the fact that they are not using BUSINESS bank accounts, instead they were using personal accounts.

chinese central banks are not commercial banks. they are personal banks. and if a exchange cant handle or be bothered to get a business account, which requires registering a business name with the government, getting tax registration numbers and showing the bank a business plan.. then do you really want to be trading with it, as that is normally a big neon sign that they dont want to be official. and that glows as "risky".

take intersango.. not chinese, but shutdown due to using an account not aimed for business purposes (you truely think amir taaki went through all the proper red tape??? come on!! think about it)

the problem with banks is not actually bitcoin, its lack of transparancy. this is why bobby Lee's chinese exchange is still running, and all the other basement dwelling exchange operators had to close shop.

so the basic point is, if you want to do business with bitcoin, do not use personal accounts.

it is even written by the chinese government themselves in their guidelines that bitcoin exchanges need to get government registered and to do it right. the same goes for any country. china is a no big news event. its the same story as intersango and the other exchanges across the world, in the past.

[jabo38]

the strong, savvy, and smart will survive.  China reminds me of Gox.  I have taken all my money off of Chinese exchanges.

[dreamspark]

some exchanges are closing due to the fact that they are not using BUSINESS bank accounts, instead they were using personal accounts.

chinese central banks are not commercial banks. they are personal banks. and if a exchange cant handle or be bothered to get a business account, which requires registering a business name with the government, getting tax registration numbers and showing the bank a business plan.. then do you really want to be trading with it, as that is normally a big neon sign that they dont want to be official. and that glows as "risky".

take intersango.. not chinese, but shutdown due to using an account not aimed for business purposes (you truely think amir taaki went through all the proper red tape??? come on!! think about it)

the problem with banks is not actually bitcoin, its lack of transparancy. this is why bobby Lee's chinese exchange is still running, and all the other basement dwelling exchange operators had to close shop.

so the basic point is, if you want to do business with bitcoin, do not use personal accounts.

it is even written by the chinese government themselves in their guidelines that bitcoin exchanges need to get government registered and to do it right. the same goes for any country. china is a no big news event. its the same story as intersango and the other exchanges across the world, in the past.

This isn't really the impression that I or most people are getting.

They want to / have stopped all payment processors working with exchanges and that includes the banks. Nowhere does it say its due to using a personal account could you provide a source for this? Yes they are not banning Bitcoin itself but all ways of it interacting with the traditional fiat system unless it is in person cash transactions. Why would OKcoin be talking about moving off shore if all they have to do is register with the government? 

You make it sound like the Chinese are cool with exchanges and Bitcoin trading you just need to register which isn't really the case is it?

[franky1]

This isn't really the impression that I or most people are getting.

They want to / have stopped all payment processors working with exchanges and that includes the banks. Nowhere does it say its due to using a personal account could you provide a source for this? Yes they are not banning Bitcoin itself but all ways of it interacting with the traditional fiat system unless it is in person cash transactions. Why would OKcoin be talking about moving off shore if all they have to do is register with the government?  

You make it sound like the Chinese are cool with exchanges and Bitcoin trading you just need to register which isn't really the case is it?

well your impression is from reading reddit and forum opinions. but if you read the actual announcements from the chinese authority and look at which banks they have talked to (central not commercial). then read on further to the bits where the government asks bitcoin exchanges to register in regards to the telecommunications regulations. you will see that government is not say bitcoin exchanges F**k off, they are saying that bitcoin exchanges should not be using central banks(personal accounts) and should be registering.

as for OKCoin. if you compare their closing down statement with amirs statement in regards to intersango.. you'll get my point.
some basement dwellers and antigovernment types like to think they are bitcoin businesses. but from a banks point of view, they are using FIAT, thus thy need to conform to fiat regulations. i am more suprised that OKcoin didnt just turn themselves into a bitcoin-alt exchange and just remove the fiat aspect. but oh well atleast thats one less unprofessional hobbyshop out of the ecosystem

alot of people think that exchanges are run by professional adults that want to be transparent. well intersango proves otherwise. the previous owners of cryptorush (who were teenagers) have proven otherwise. these type of people do not want to get government registered and be fully legit, so it is expectant that things wont go their way, especially in intersango and OKCoins cases where they were touching and handling a government owned product(FIAT)

Bobby Lee's exchange is fine, why? . because he is an adult, that has registered his business and is now using a commercial bank account.. hense why he is not having an problems.

[dreamspark]

This isn't really the impression that I or most people are getting.

They want to / have stopped all payment processors working with exchanges and that includes the banks. Nowhere does it say its due to using a personal account could you provide a source for this? Yes they are not banning Bitcoin itself but all ways of it interacting with the traditional fiat system unless it is in person cash transactions. Why would OKcoin be talking about moving off shore if all they have to do is register with the government?  

You make it sound like the Chinese are cool with exchanges and Bitcoin trading you just need to register which isn't really the case is it?

well your impression is from reading reddit and forum opinions. but if you read the actual announcements from the chinese authority and look at which banks they have talked to (central not commercial). then read on further to the bits where the government asks bitcoin exchanges to register in regards to the telecommunications regulations. you will see that government is not say bitcoin exchanges F**k off, they are saying that bitcoin exchanges should not be using central banks(personal accounts) and should be registering.

as for OKCoin. if you compare their closing down statement with amirs statement in regards to intersango.. you'll get my point.
some basement dwellers and antigovernment types like to think they are bitcoin businesses. but from a banks point of view, they are using FIAT, thus thy need to conform to fiat regulations. i am more suprised that OKcoin didnt just turn themselves into a bitcoin-alt exchange and just remove the fiat aspect. but oh well atleast thats one less unprofessional hobbyshop out of the ecosystem

alot of people think that exchanges are run by professional adults that want to be transparent. well intersango proves otherwise. the previous owners of cryptorush (who were teenagers) have proven otherwise. these type of people do not want to get government registered and be fully legit, so it is expectant that things wont go their way, especially in intersango and OKCoins cases where they were touching and handling a government owned product(FIAT)

Bobby Lee's exchange is fine, why? . because he is an adult, that has registered his business and is now using a commercial bank account.. hense why he is not having an problems.

Didnt BTC China get their account closed hours ago?

[franky1]

Didnt BTC China get their account closed hours ago?

it appears that last month i "thought" they moved over to a commercial bank. but it appears they are using bank of china (central bank). so i guess they have to now get a commercial bank account like i thought they already had.. my mistake

guess the news last month was fud, or that bobby lee swapped one central bank for another..

lets hope atleast he follows regulation and gets a proper business account away from central banks, that the business is registered with the telecommunications regulators and all the other red tape or all of this stuff will just roll on forever.

all this chinese stuff is starting to confuse even me, as you rip one layer of fud off, another layer appears.

either way bobby lee's exchange is still online, so atleast they are trying to push forward instead of giving up

[pabpete]

I don't understand china. So many other virtual currencies legal but not bitcoin.

[antirack]

There's a place for everything in China.
Gambling is in Macao (open a casino in China and you will be in trouble, open one in Macao and you'll be their best friend).
Off-shore banking is in Hong Kong. Open an exchange there and you'll be fine. They sure don't want you to go to Singapore

https://anxbtc.com/

[BitCoinDream]

There's a place for everything in China.
Gambling is in Macao (open a casino in China and you will be in trouble, open one in Macao and you'll be their best friend).
Off-shore banking is in Hong Kong. Open an exchange there and you'll be fine. They sure don't want you to go to Singapore

https://anxbtc.com/

Macau & Hong Kong are the two Special Administrative Regions of the People's Republic of China. That is why the rules are curbed at these 2 places.

But as long as the thread is concerned about China ban ...watch out this => https://imgur.com/a/KDwtE

[Beef Supreme]

China crud has gotten quite old by now.

Just ban it and be done.

Quite frankly, I am tired of hearing about it.

Sell all your coins china folk, drive the price low, and I will buy every gd one of them on the cheap.