No one is able to withdraw any kind of crypto from the major Chinese exchanges. AFAIK, crypto deposits are still allowed, although I believe that KYC will most likely be required for a withdrawal of any kind, so if you are considering depositing crypto, I would recommend getting KYC approved first.
Both CNY deposits and withdrawals are allowed currently, provided that a trader has been KYC approved.
The result of the above is that the price on the Chinese exchanges are depressed by several percentage points when compared to the Western exchanges, although buying on the Chinese exchanges is not without risk, as there is no guarantee that withdrawals will be allowed in the future for KYC approved traders (although I would find this unlikely to be the case).
As mentioned above, OkCoin.com is unaffected, although AFAIK, they are under the same ownership structure as OkCoin.cn and I would not rule out the possibility of similar KYC requirements being instituted on OKCoin.com in the future. I believe that OkCoin.com now requires some actual KYC verification for BTC withdrawals, when very shortly prior to this, they allowed traders to simply state their KYC information.
Topic: Huobi/OKCoin suspend Bitcoin withdrawals - What does that mean? (Read 366 times)
February 24, 2017, 06:11:18 PM
The details aren't enough. I'm not too sure myself about this freeze since I don't use them. (I try to stay away from Chinese exchanges)
By 'bitcoin withdrawals', they probably mean bitcoin to yuan trading and withdrawals. And sending bitcoins to addresses outside of huobi and okcoin is still possible.
Also, there's been an update regarding that article, "Update: This article has been updated to clarify that only OKCoin's OKCoin.cn platform is affected by the withdrawal freeze."
By 'bitcoin withdrawals', they probably mean bitcoin to yuan trading and withdrawals. And sending bitcoins to addresses outside of huobi and okcoin is still possible.
Also, there's been an update regarding that article, "Update: This article has been updated to clarify that only OKCoin's OKCoin.cn platform is affected by the withdrawal freeze."
February 24, 2017, 01:25:17 AM
I guess It's possible to trade however you simply can't withdraw your funds yet , It was because PBOC ordered it and they are trying to fight money laundering.
February 23, 2017, 05:55:56 PM
As reported here, Huobi and OKCoin suspended Bitcoin withdrawals for a month (starting 9th February).
I have never used Huobi and OKCoin, but I'm wondering: What does that mean?
Are people with BTC in their wallet on Huobi/OKCoin not allowed to trade it back to CNY/USD anymore?
Or how should I interpret a "Bitcoin withdrawal suspension"?
I have never used Huobi and OKCoin, but I'm wondering: What does that mean?
Are people with BTC in their wallet on Huobi/OKCoin not allowed to trade it back to CNY/USD anymore?
Or how should I interpret a "Bitcoin withdrawal suspension"?
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