How to use China bank in BTC exchange?

[expert-lister]

Hi guys,

I have a import question,
Why OKcoin and china people can use china bank? how?
Unless Bank of china warns to used Bitcoin? bank of china don't block bank accounts?
How can used CNY in these exchange platforms? Okcoin, BTCchina, ANX

[fa]

Hi guys,

I have a import question,
Why OKcoin and china people can use china bank? how?
Unless Bank of china warns to used Bitcoin? bank of china don't block bank accounts?
How can used CNY in these exchange platforms? Okcoin, BTCchina, ANX

There're middle men, mate.

For instance, a guy named A want to exchange money for btc,
1 A transfers money to B, who is OKcoin's trusted middle man (mostly through bank accounts. BTCChina also accepts face-to-face exchange in a few places like Shanghai).
2 Once B confirms the money transfer completion, B sends A activiation code (actually it's a pair of AB code).
3 A then fill the code in OKCoin website.
4 OKcoin validates the code, and A can happily buy btc in OKcoin with that money.


So... it's pretty troublesome and causes distrust a lot due to the middle man involved procedure.

Chines  Gov did not ban btc at all, and deem btc as normal commodity. It's just banks in China that hate btc and forbids direct exchange of money for btc.

[nextblast]

Why not just ban it thoroughly? Ban, reban, re-reban...

[yitingyou]

you need a bank account in china firstly, then you can deposits/withdrawals via it.

but, deposits/withdrawa code is only supported on btcchina, huobi, okcoin

so, you can do trading on lakebtc & anx, that's more simple

[Nrcewker]

They do not use a bank account, you can use okcoin code / btcc code to complete the transaction.

[expert-lister]

Your alright friends, but i don't understand it.
Look for e.g:
(A man) want to buy BTC from Okcoin.
He send CNY to okcoin china bank account (example Bank of China) True? and after do it, he can buy btc from (B man).
So why use okcoin code? required?