Growing tired of the China situation?
I’ve long since lost my marbles when it comes to the situation, but some news coming from BTC China on Saturday is making its rounds throughout the crypto-sphere.
The exchange, which saw monumental levels of trading activity last year (and still does today, although not as much), announced that they have stopped accepting CN¥ (also referred to as the RMB, Renminbi) deposits to trading accounts.
The announcement came in the form of post on the exchange’s Weibo page (Weibo is a Chinese social network).
Translated provided by bitcoin news website CryptoCoinsNews:
[blockquote style=”2″]Because of this morning’s announcement by the China Merchants Bank, BTC China, in the interest of its users and platforms security, has decided to suspend Chinese RMB recharges (deposits). For subsequent updates, please follow our official website and Weibo account, thanks again for your patronage and support of BTC China #BitcoinAnnouncement#[/blockquote]
The move isn’t at all surprising. The uncertainty of bitcoin in China is something the community has learned to deal with. From almost weekly rumors of bans, to exchanges slowly but surely reducing their connections to traditional financial institutions.
This is likely not the last we hear from China.