• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
PBOC Bitcoin
Nexo Logo

BTC Price Falls as Two of China’s Biggest Exchanges Halt Withdrawals

NewsBTC by NewsBTC
5 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Following the warning issued by China’s central bank to domestic exchanges earlier today, two out of three of China’s most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately.

The move to suspend any bitcoin and litecoin withdrawals appears to be a direct consequence of the closed-door meetings between the PBOC and bitcoin exchanges that happened yesterday and the warning issued earlier today.

Huobi and OKCoin just publicly announced in identical statements that the decision was taken to intercept any “illegal transactions” and fortify their anti-money laundering (AML) efforts. They informed the users that in a bid to ensure their compliance with local financial and money transmission regulations, they were being asked to upgrade their Anti-Money Laundering systems.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The decision to disable withdrawals was abrupt and no warning or notification was issued to the users.

Huobi and OKCoin jointly control approximately 25% of the global Bitcoin exchange market and are two of the largest bitcoin exchanges in China. On a daily basis, the two exchanges process litecoin and bitcoin almost worth 55 million dollars.

As a result, the bitcoin trade in China immediately plunged by 7% and in what is the third major price crash inspired by the PBOC; Bitcoin price nosedived back to below $1000.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The decision is to only prohibit only bitcoin and litecoin withdrawals, and will not have any influence on other services like Yuan recharge, withdrawals etc according to the exchanges.

Both Huobi and OKCoin were earlier criticized by the PBOC for flouting the local regulations by operating cryptocurrency businesses on top of an AML system.

The failure by the two exchanges to address the AML system issue during the preliminary inspection and visits by the PBOC has caused the PBOC to force the two exchanges to temporarily disable withdrawals and operations until the bolstering of the AML is undertaken.

There has been no update from BTCC, the third exchange comprising the ‘Big Three’ domestic exchanges in China.

Tags: bitcoinBitcoin Newsbitcoin pricebtccchinahuobiokcoinpboc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
NewsBTC

NewsBTC

Related Posts

Intel Blockscale chips promotional image

Intel Ships Blockscale ASIC Chips To Selected Bitcoin Mining Companies

3 hours ago
Bitcoin Long-Term Holder Capitulation Approaching Bottom Zone, But Not Quite There Yet

Bitcoin Long-Term Holder Capitulation Approaching Bottom Zone, But Not Quite There Yet

8 hours ago
bitcoin

Mounting Support For Bitcoin At $19,000 As Market Ushers In A New Week

10 hours ago
bitcoin performance

Bitcoin Ready For Fireworks? Long Positions See Uptick This 4th Of July

13 hours ago
Bitcoin Stagnates As Whales Continue To Dump

Bitcoin Stagnates As Whales Continue To Dump

15 hours ago
Bitcoin

Can This Bitcoin Ratio Have Hints For A Bottom?

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Mehracki (MKI), Dash (DASH) and Curve DAO Token (CRV) – 3 Solid Coins to Help You Survive the Crypto Crash

July 4, 2022

GBEX: The exchange token of a “new kind”.

July 4, 2022

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.