China Bitcoin's Exchanges news - Shutdown Orders and when they close - september 16, 2017

in bitcoin •  2 years ago  (edited)

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Some quick news regarding China's Bitcoin Exchanges.

Closing date for China's bitcoin (and altcoins) exchanges is september 15 and october 31, 2017.

BTCC and ViaBTC already took steps - Huobi and OKCoin haven't made yet any comments.

Coindesk cites a leaked document - No matter what we have, are scattered from P2PBUCKS - microblogging and

from local exchange executives, issued on condition of anonymity, China’s regulators have now issued verbal directives indicating how they expect the businesses to wind down operations due to the fact that they are operating domestically without a formal license.

According to that document, the new regulations have a guidance on how to coordinate with local regulators and how they should handle banking relationships and customer data.

Translated text from the document here: China's Bitcoin Exchanges Receive Shutdown Orders and Closure Timeline - CoinDesk

china-closing-exchanges-leaked-document-16.09.17-1200px.jpg

Four exchanges, already made announcements for their closure, citing the statement issued by authorities on september 5 - BTCC, ViaBTC, Huobi and OKCoin.

I put below screenshots with their announcements.

ViaBTC on their website:
AnnouncementAnnouncement on closing ViaBTC exchange platform | ViaBTC-Your Cryptocurrency Expert

and
ViaBTC-Your Cryptocurrency Expert

china-exchanges-closing-16.09.17-viabtc-2-1200px.jpg

BTCC on twitter:
"4/ BTCChina Exchange and BTCChina Blockchain+ have enough funds to accommodate all customer withdrawals, including CNY, BTC, LTC, BCC, & ETH"

and

BTCC - Your Bitcoin Company

china-exchanges-closing-16.09.17-btcc-1200px.jpg

OKCoin.com
Ok okin.cn on the Stop Trading of RMB Transactions The Leading Global Bitcoin Exchange | OKCoin.cn

okcoin-closure-announcement-2017-09-15-2136_cr-1200px.jpg

HUOBI
Announcement on the sale of all virtual currency transactions on the bank (huobi.com)

huobi-closure-announcement-2017-09-15-2127_cr-1200px.jpg

The exchanges are still functional. That will be for clients to have time for fund withdrawals till the deadline made for the exchanges.

On Charlie Lee's twitter we have some retweets about some changes:
cnLedger on Twitter: "OKCoin & Huobi have announced to stop CNY <-> crypto-currency trading services on Oct 31

From exchanges listed on Coinmarketcap any of them could announce their closure tomorrow, next week, next month... who knows. Logically we should see closure to all of them and then a comeback to the accepted ones with proper licenses.

So, from my pov it means that some exchanges may come back with proper licenses and get in the exchange "game" again.

Also, it could appear new ones with same people from closed ones or maybe some operated under government power...

NEWS sources:

It seems that we go on a right path. The changes will come and the bitcoin should be tougher than before.

Feel free to comment and say what you think about it and share the love here with a resteem and on other social media

Cheers to all


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China Bitcoin's Exchanges news - Shutdown Orders and when they close - september 16, 2017

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Oh yes, I do believe believe the heavy hitters we be back! The govt just wanted a piece of that. Most likely their going to go get the proper licensing and may change up the name to avoid the steep hill of skeptics that may have resulted after the action of them being closed down. We shall see.

In a chaotic world, it needs to be some rules. I agree with that too.
But we'll see where it goes.
The bitcoin for china is a big golden goose so imo they will try to squeeze it legally as much as they can.

All this games with news playing around with noobs minds create the FUD.

I think the exchanges will be back. They could give to the government heck of a lot of money through fees.

But, this is crypto world ;-)

Totally agree with you @the21plus and many more will follow if they see money going into the coffers.

Governments take @ilvstranger interesting times in all Fintech and Blockchain

Yes they are. Because they see the potential and the quick things that can be done there.
So, being paranoiac it is good regarding where you keep your assets not to new things that show a good way along the existing one.

Who knows how all this will play out?!?

In the meantime I will continue to buy and hold BTC and other coins with clear utility - such as Steem

Cheers

That's the beauty here. Some quiet times with some big stormy moments that helps it grow and grow.

As on here, on steemit i like what i see. We should be able to see and tell each other where we see scams, schemes and other bad things, that can't be controllable by anybody even in current system we live, so... and to go on with good things we see.

HODL!

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YourBTCC BTCC tweeted @ 15 Sep 2017 - 11:04 UTC

4/ BTCChina Exchange and BTCChina Blockchain+ have enough funds to accommodate all customer withdrawals, including CNY, BTC, LTC, BCC, & ETH

cnLedger cnLedger tweeted @ 15 Sep 2017 - 13:43 UTC

OKCoin & Huobi have announced to stop CNY <-> crypto-currency trading services on Oct 31th
okcoin.cn/t-2510731.html
huobi.com/p/content/noti…

Disclaimer: I am just a bot trying to be helpful.

This post has received a 0.52 % upvote from @drotto thanks to: @banjo.

Pretty crazy news. It's always interesting to see where this kind of thing will take bitcoin and cryptos in general, I guess we will just have to wait and see. Thanks for the breakdown and info!

Yup.

I think this kind of "wars" strengthen the projects. In this way it shows that have got more trust and more people involved in it. With real support, some good things will come along with the bad.
This is life.

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If China decides to ask for formal license before bitcoin operates in there country, other countries will want to follow d same procedure and this will have a negative effect on bitcoin

Since i entered the bitcoin world, hearing all that decentralized word and seeing how uncertain companies are, exchanges, mining ones, charts etc i was thinking what is the reason to invest your hard money when you can't trust even the big companies now on the market.

There should be a responsibility for this companies to don't scam the people when they want. I don't agree with regulations and SEC things, but how can we have a secure future if we can't trust not even 10% that places where we use our money are secure and will not run with all of them

As coinbase said before august 1st:

If you want to have your decisions on your assets don't give them to third parties

So, if they don't care and just fuck off with all the people, what is the reason to go on?

Unfortunately, it should be some institution to can track them and make them offer stability and certitude.

If China goes down with Bitcoin, it may go down for a while. But as i see, China is not the only place that know and work hard on Bitcoin. Other states and some companies moved from US and China and working from other places.

If Bitcoin is good, it will resist even without China. It is my opinion. Dunno.