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There’s a lot that’s unclear in China right now. Yesterday, we learned that several exchanges in the country have stopped some services.
Popular Chinese Bitcoin Exchange Huobi announced on its website that despite vicious rumors circulating that the People’s Bank of China will be forcing banks and third-party payment processors to sever ties with bitcoin exchanges, they haven’t heard any such news from the processors they work with.
One of the processors (which has remained unnamed), however, did contact Huobi to discuss what CoinDesk says is “the potential risk of continuing [a] partnership,” amidst the confusion.
Voucher Deposit Freeze
Huobi says that effective midnight, April 5th, it will be stopping the use of pre-paid voucher deposits. Many individuals have turned to deposit vouchers due to being unable to fund their accounts in traditional fashion following a PBOC (People’s Bank of China) guidance last year (with rumors similar to those we’re hearing now), which saw China’s volume decrease significantly.
These vouchers allow customers to purchase codes, which would apply a credit toward their account.
On the front of bank deposits, they remain unaffected, and Huobi says they’re processing the deposits 24 hours a day.
China’s bitcoin exchanges are taking things day-by-day and resuming business as normal until they get any sort of official word from authorities.
