Topic: China Bitcoin exchangers banned (Read 1603 times)

Nobody really believes that any more. It's been six months since they paid out USD. They could have found some banking relationship by now if they wanted to.

I see this news for sina on Reddit:

http://www.reddit.com/r/Bitcoin/comments/1t52ab/%E5%A4%AE%E8%A1%8C%E7%BA%A6%E8%B0%88%E7%AC%AC%E4%B8%89%E6%96%B9%E6%94%AF%E4%BB%98%E5%90%8E%E7%9A%84%E6%AF%94%E7%89%B9%E5%B8%81%E4%BA%A4%E6%98%93%E5%B8%82%E5%9C%BA%E5%B0%86%E6%9B%B4%E5%8A%A0%E7%81%AB%E7%88%86/

it's too late for BTC China. With or without license, the China gov has banned all the financial companies to deal with Bitcoin.

BTC China must close the business until January 30

That "giant", multi-millionaire company is closing in 30 days. Funny! 

Many people were thinking that nobody will touch BTC China but...surprise !

Interesting, why the "until" part?
If they were trying to completely shut it down they would say "its illegal, period, forever (unless a new law is made)".
But what they said instead is that we are closing for a month and a half. Seems like forever to us people who actually work, but to a parasite aka politician this would be an extremely short delay while they are working things out

Btcchina is talking for regulators and asking for it. 
http://paymentweek.com/2013-12-2-largest-bitcoin-exchange-btc-china-seeks-regulation-3772/

Why will be outlawed if they do the first step to be regulated?

Also, to be regulated in China its more easier than USA because only one regulation (not one for every state).

You cannot exchange in China if you are not regulated. BTC China is out of law as it is CoinBase in USA. They are not licensed. It is a matter of time until CoinBase will be closed by US Gov.

Also, Bitcoin is not regulated and this is the main issue. It is anonymous. You cannot deal with anonymous systems while you are financial licensed.

Ok, in the future all is possible. But the question for this topic and for today is about facts not about imagination...

So, the question with payment processors is related to the only one statement published by China central Bank:
http://www.reddit.com/r/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
Not more statements published for the moment...

And in this same statement, this central bank, wrote some questions  about trading and regulating exchanges, with telecommunitions regulation
authorities. Why they would be interested in regulatory issues, if they will going to ban all diposit options, like your are thinking???


here some quotes:

3 Strengthening regulation of Bitcoin websites
According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.
The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.

4 Prevent possible Bitcoin money laundering risk
Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring.
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police.

 “But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk”

“The Notice requires, that Bitcoin websites that act as the main trading platform, should follow the Telecommunications Act and the Regulation on Internet Information Service, and register according to law. Also, because Bitcoin has a higher risk of money laundering and being used by criminals, the Notice requires the relevant organizations to follow the requirements of the Anti-Money Laundering Act and fully comply with the legally required anti-money laundering procedures like KYC and suspicious transaction reporting, to prevent Bitocin related money laundering risks”

Nothing has been officially published that make sense, about banning exchanges instead of regulate them

Yes, I see China closing all the bank accounts related to any millionaire or billionare. Who is BTC China for the chinese gov?  Nobody.

 Are you joking or what?   We are talking about China.

 I saw USA who seized MT Gox accounts too. China can do that without any problem.

 China banned the financial companies to deal with Bitcoin. It is a fact.
The financial companies(banks, insurers, exchangrs etc) must stop accepting any Bitcoin business(to open accounts and so on).

Normally, all the exchangers from China must be licensed but they are not because they must follow strict rules after that.
Even the exchangers should not be licensed(let's take this way too), the banks will not allow them to keep their accounts because they are dealing with Bitcoin.

I am not interested what OKcoin or BTC China is saying. I am interested what the China gov is saying.  The China gov said "all the financial companies must closed their businesses related to Bitcoin".

This is totally false. Sources are only related to third part payment processors. january 30 is only related to payment processors.

Third part payment processors have no influence in the future of exchanges. No problem with wire transfers have related
and some payment processors yet are working with exchanges, because they are linked to bank accounts.

Anyone really thinks that bussiness like btcchina or okcoin with millionary venture capital investments, are going to close??


You can see todays infos from okcoin

http://www.reddit.com/r/Bitcoin/comments/1t2iay/okcoincom_present_situation_in_china_to_clear/

OKCoin.com - present situation in China to clear some confusion (self.Bitcoin)

submitted 13 hours ago* by Aan2007

Funding account with RMB using your bank card through paygate Yeepay is for free without any fees and works fine. Until today they were using paygate Tenpay, today they switched to same as BTCChina.

Withdrawing RMB is possible only to your chinese bank account where you must enter your name and your bank account (no anonymous withdrawals), withdrawal fee is 1% of transfered amount, minimum 2RMB and minimum amount to withdraw is 100RMB.

OKCoin today followed BTCChina and introduced 0.3% transaction fee for your buy/sell orders and it's charging 0.0001BTC to withdraw BTC to different BTC address. At 1PM local time there is no lag on the market.

EDIT: Only official statement from OKcoin today:

https://www.okcoin.com/t-1005042.html

3rd party processors should be really forbidden to manipulate with money related to bitcoin (which would explain why BTCChina switched today from Alipay processor (by far almost monopoly in China like Paypal in US) to Yeepay and why OKcoin switched from Tenpay (2nd biggest owned by Tencent, owner of biggest IM ntwork in world QQ) processor to Yeepay), but you can still fund/withdraw directly with your Chinese bank account which works fine even today both ways and it's instant when funding (when withdrawing it always took longer like 1-3 days). Nothing else about end of this in Spring festival (end of January 2014). Most of the announcement tell people to be reasonable, use common sense and explain why they had to introduce 0.3% transaction fee after zero fees until now. Most of the responding Chinese in forum don't care at all to ask about those rumors (3rd party processors, Spring festival doomsday) and just discuss fees.

[edit] ah! and related to some articles like this one of forbes. Sadly some journalists are very confused adding personal comments without confirmed sources. the question of languaje + the question of legal language are creating big confusion issues

I have the same thought too about Maocoin (since Chinacoin is already taken), although I don't see why they would want to do that since they can't really control a truely decentralised currency, unless.... they want one they can pre-mine first before letting it lose in the wild. I am keeping an eye out for one though.

When Google was restricted in china, it was not the end of the road for Google. They are still the dominant in search market across the globe, where Baidu dominate only in China. Even if the Chinese completely ban bitcoin, that wont be the end of road for Bitcoin in general. They'll probably have a MaoCoin and we will continue to use bitcoin.

Now stop speculating and start donating me in the address below 

How is it that we are moving between 'china legalized bitcoin' to 'bitcoin illegal in china'? The amount of fud regarding this matter is epic high, no matter the truth.

What do you mean by "reserves"? You do realize that no trade can occur at an exchange without users who have deposited the traded goods (BTC, USD, EUR, ...) with the exchange before? It's not like a second-hand shop who will simply buy stuff from you.

The reason for Mt.Gox taking months for payout is as well not because they don't have the money (granted, some was seized by the US government) but because of limits of their banking account.

Correct. Not end of Bitcoin, but will put a big dent in the price by end of the year.

It's much worse than that, as you can see from this official statement from the PBOC.  They have declared bitcoin illegal and intend on blocking all bitcoin transactions with the Great Firewall of China.  The exchanges must shutdown, and they intend to work to get all banks worldwide, and all 3rd party payment processors to ban all transactions to bitcoin companies or exchanges.  Sources on twitter and coindesk have confirmed this.  Some tweets have, unfortunately been deleted.

Yes, I am new on this forum so you may call me noob

A "noob" like me is coming with facts : http://www.forbes.com/sites/kashmirhill/2013/12/17/bitcoin-crashes-as-china-cracks-down-further-on-use/

I didn't say that Bitcoin will die. I am just saying that the Bitcoin chinese exchangers will be closed within 30 days.

the complete forum is full of noobs that predicts the end of bitcoin.

i say: welcome noobs  !

That's in one and a half months ...

A bit early to start panicking?

All the Bitcoin chinese exchangers will be closed until January 30.

BTC China is forced to close its business after China gov clarifies that all financial companies including "exchangers" must stop accepting Bitcoin.

MTGox is almost dead too. The withdrawals are taking months.

The market will face big changes. BTC-e seems to be on top now after MTGox and BTC China collapse.

I doubt that BTC-e has enough reserves to cover the massive sells that it will come after BTC China will close.