Topic: [2017-01-23]China’s major Exchanges officially begin to Charge 0.2% Transaction (Read 1141 times)

Non-Chinese (or international) exchanges will find it difficult to attract Chinese customers because of the capital controls in place. Chinese bitcoin users will find it impossible to deposit or withdraw yuan from these exchanges. So the Chinese will have to get used to transaction charges at their bitcoin exchanges.

If you look at how popular the margin aspect was at these Chinese exchanges, then I wonder when the first non Chinese exchange will take over their traders. They can basically start to offer exactly what Chinese exchanges were offering, which is zero fees for their regular trading. But then again, I think due to the effectiveness of these PBOC sanctions, it will be just a matter of time before even non Chinese exchanges will be subject to the same regulations. But yes, we'll see the real impact somewhere in the coming weeks, perhaps months.

this is the"main bitcoin event" of the year so far
now we will see some drastic drop in trading volumes at chinese exchanges,less volatile(hopefully) bitcoin
and possibly a shift of the bitcoin capital from china to ,say,Japan or Europe
meanwhile ,chinese exchanges are in a state of shock,with their volumes dropping up to 10 times,some of it due to the automatic API calls to be changed
and trading algos corrected,but this is going on for two days already
some of the price checkers like bitcoinwisdom haven't updated their API access it seems and just don't display Huobi's price at all,it is at a standstill
all in all lets wait and see the full effect of it,give or take 10-14 days from now

https://coinmarketcap.com/currencies/bitcoin/#markets

If the government wasn't the one pointing Chinese exchanges at their wrongdoings, then who would? I sincerely hope that it will lead to less manipulation and fluctuations as that would be a welcome first step. With a relatively stable price, and less over-exaggerated dumps, it will make Bitcoin more appealing to the normal folks. Look at OKCoin's and BTCChina's volumes -- it's like 10% of what they are "normally". But still, USD exchanges aren't even close....

Let's hope it will make bitcoin a little more stable. Although less pumps may sound bad, but it also means less dumps and less fake volume (hopefully).
While the speculators love unstable currencies it's completely opposite with real businesses, so this might bring us one step closer to global acceptance.

I feel embarrassed liking something imposed by the government. But it's a good thing. At least we'll know the "real" price of bitcoin.

And now the real game starts. We will hardly see pumps like the ones we already had: I mean, we will have pumps but for the next times we could rely a bit more on China's volumes.
This is going to be interesting and fun to watch

China’s major Exchanges officially begin to Charge 0.2% Transaction fees
The long-anticipated move of charging transaction fees for China’s BTCC, OKcoin and Huobi as the responses to PBOC’s requirement to eliminate margin trading service has been officially confirmed by the exchanges today.

The official site of Okcoin:
Dear clients:

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.

Details：

SERVICE FEES OF TRANSACTION WILL BE BASED A CERTAIN RATE. RMB WILL BE CHARGED WHEN SELLING WHILE BITCOIN OR LITECOIN WILL BE CHARGED WILL BUYING.
SERVICE FEES APPLY FOR BOTH VOLUNTARY AND PASSIVE TRANSACTIONS.
THE RATE IS 0.2% OF THE TRADING VOLUME.
Tips: trading methods may need to be adjusted for API users.

OKcoin

January 22th 2017.
The offical site of Huobi:
Dear users:

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.

Details：

SERVICE FEES OF TRANSACTION WILL BE BASED A CERTAIN RATE. RMB WILL BE CHARGED WHEN SELLING WHILE BITCOIN OR LITECOIN WILL BE CHARGED WILL BUYING.
SERVICE FEES APPLY FOR 2-DIRECTION TRANSACTIONS
THE RATE IS 0.2% OF THE TRADING VOLUME.
Huobi

January 22th 2017.
The official site of BTCC:
To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017 Beijing time.

Details：

SERVICE FEES OF TRANSACTION WILL BE BASED A CERTAIN RATE. RMB WILL BE CHARGED WHEN SELLING WHILE BITCOIN OR LITECOIN WILL BE CHARGED WILL BUYING.
SERVICE FEES APPLY FOR BOTH VOLUNTARY AND PASSIVE TRANSACTIONS.
THE RATE IS 0.2% OF THE TRADING VOLUME.
 

BTCC

January 22th 2017.
8btc has long predicted that PBOC’s inspection of the exchanges mainly focuses on uphold financial stability which might be hindered by the Bitcoin price’s volatility which is mainly attributed to fake trading volume and large-scale margin trading. The suspension of margin trading service and the move to charge service fees are apparently the prompt responses to PBOC’s requirement/

Another focus of PBOC is whether exchanges are following the anti-money laundry law. It is highly likely the next move for PBOC is to require exchanges to build complete internal control systems as an important part efforts to combat money laundry.And again, possibility that exchange are suspended until they comply all the regulations can not be excluded.


http://news.8btc.com/chinas-major-exchanges-officially-begin-to-charge-0-2-transaction-fees