Topic: [796 Exchange] related policy and news (Read 1260 times)

Thanks, good to know that!

796 operates from Hong Kong, which has a large degree of autonomy on domestic matters. It issues its own currency (Hong Kong Dollar), so PBOC's protectiveness of the RMB doesn't really extend to Hong Kong.

Quote from: http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/


How will this affect future operations of 796.com?

The new business of gold futures is now available in 796 Exchange with margin at 0.1BTC per lot. Users may visit: https://796.com/goldFutures/buy. We apply weekly settlement at 10：00am on Saturdays(GMT+8). We’re levying 0.03%-0.06% fees.

The current stocks in circulation on 796 Exchange are 796Xchange-MRI and ASICMINER-796. It’s been 2 months since the IPO of 796Xchange-MRI. 796Xchange-MRI has passed the period of great price volatility risk. As for ASICMINER-796, it’s predicted that the volatility would be alleviated after drop in the earlier stage.

In order to promote the circulation efficiency of funds, 796 Exchange has decided to make such adjustment as follows:
Original weekly interest rate:    60% for 1 Week; 
                                          50% for 2 Weeks;
                                          40% for 3 Weeks;
                                          30% for 4 Weeks

New weekly interest rate:       80% for 1 Week;
                                         70% for 2 Weeks;
                                         60% for 3 Weeks;
                                         50% for 4 Weeks

                Notification regarding withdrawal fee adjustment and chances for withdrawal for free each month


Considering the demands of our wide members and close attention from foreign investors, 796 Exchange has made a decision to adjust withdrawal fee and provide chances for withdrawal for free each month. The times for free withdrawal comes in line with your VIP tier. For example, VIP4 members could enjoy free withdrawal 4 times per month per account. Subsequent withdrawals within the same month are subject to a 0.3% fee.

So the withdrawal fee was worse than that at one time?

Hi,
I'm not sure about the precise hour.
It should be in the morning, on Sep. 1st.(UTC+8)

Kind regards,
796 Exchange

Hi,

Thank you for the clarifications.

Can you be more precise about the hour (GMT/UTC) when the dividend announcement will be released?

Hi there,

Yeah, there're 20% of them in circulation for the moment.
The 1st dividend will be on 1st, September. (first day of each month)
We'll publish financial report following the dividend.

Kind regards,
796 Exchange

* When is the 1st dividend release planned?
* Can you update the prospectus with clear figures regarding the total assets (1 million?) in virtual shares and how many are publicly traded (20% of them?)?

We’ve launched margin trading on our platform. All lenders would receive their principal and interest without any risks upon cut-off date as our platform performs settlement and ensures safety. We’re expecting that investors who’d like to hold BTC and stocks for a long term could enjoy the interest-earn opportunity. Also, investors who hold stocks may find other invest channels or even realize fund turnover by borrowing BTC. For those users who want to short sell stocks, they may achieve by securities loan.

You're welcome to give advice.

Kind regards,
796 Exchange

We’ll open margin financing following our successful IPO in about one week. By realizing margin trading, the funds flow will be largely increased as well as make stocks short sale come true.

Here’s our initial idea:
   > release liquidity, take interest from BTC and stocks
   > using BTC as collateral to realize stocks short sale, or using stocks as collateral to get BTC for other trading (currently, we have ASICMINER-796 and 796Xchange-MRI; we’ll open a specific section for other kinds of stocks if needed.)
        > by lending idle BTC, the creditors could get interest and more funds and stocks can be absorbed to make the market more live. It’ll be of great help to the exchange’s development once it’s on a large scale.

We're here to thanks all of our members for their support.

Kind regards,
796 Exchange

Trading volume on 796 Exchange has broken 100,000BTC in the last 24 hours. We were surprised by our members’ huge enthusiasm after we announced stock-for-stock and IPO seeking plan. We appreciate your approve and support and thank for your confidence on 796 Exchange. At the same time, it’s understandable towards members’ passion for stocks. However, we have to increase difficulty in getting stocks because of abusing action. Please check the notification for more details:https://796.com/other/stock.html?lang=en

Thanks!

In order to adapt to the high-speed development of our company and make 796 Exchange the leading virtual exchange in the Bitcoin world as soon as possible, the board of our company have discussed to make changes to several policies and map out the future development.

We will make changes to the following things from July 25th at 00:00am.

1. Lower the stocks trading commission
   Only charge commission for stocks selling
   VIP0  0.25%
   VIP1  0.25%
   VIP2  0.25%
   VIP3  0.20%
   VIP4  0.20%
   VIP5  0.15%
   VIP6  0.10%

2. Lower the withdrawal fee as following
   VIP0  0.30%
   VIP1  0.28%
   VIP2  0.26%
   VIP3  0.24%
   VIP4  0.22%
   VIP5  0.20%
   VIP6  0.18%

We will make changes to the following things from August 1st.

1. Suspend 796Futures-PD and convert it to official shares at ratio 3:1 from Aug. 1st
2. Lower the futures trading commission
   Only charge commission when close a position
   VIP0  0.30%  
   VIP1  0.30%    
   VIP2  0.30%
   VIP3  0.25%  
   VIP4  0.20%
   VIP5  0.15%  
   VIP6  0.10%  
3. Cancel referral program, stop 796Futures-PD gifting

Prepare for IPO
796 Exchange will increase fund infuse, expand current workplace, recruit R&D personnel, enhance English site team strength, intensify customer service training as well as perfect the R&D on futures, stocks, funds and other invest products in this year. We will finish iOS and Android mobile version development as soon as possible and enable the earlier stage survey on IPO at GEM board of SEHK. The IPO prospectus will be published later.

Thanks for our members' support.

sincerely,
796 Exchange