ViaBTC to launch bitcoin exchange overseas after Beijing bans trading at home

Kyraishi

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There is really no other way than to relaunch their services overseas if they wantod to continue to take advantage of their pretty big user base that they've established. Once China is cracking down on exchanges, setting up a headquarter in the US or other country will be imminent.

Quote from: warningsigns on September 22, 2017, 06:23:52 PM

Is it just the exchange which will cease to operate or which they are displacing? Or their entire company? Will this affect their mining operation? I'm asking because they have an excellent transaction accelerator. Not sure if that will stop too.

China is aggressively going after the corrupt rich. Bitcoin is viewed as a way to channel the proceeds of corruption which is why it is a target of authorities.

ViaBTC should shift their operations to Taiwan. It is a bitcoin-friendly jurisdiction.

Unless China actively goes after their mining operation there shouldn't be a problem with that continuing. Acceleration service should be there as long as their mining services are still there. Taiwan is probably not the best place, they aren't exactly anti-bitcoin but they're not pro- either.

btcney

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Quote from: alyssa85 on September 22, 2017, 10:46:06 AM

http://www.scmp.com/tech/start-ups/article/2112339/viabtc-launch-bitcoin-exchange-overseas-after-beijing-bans-trading

Quote

“A third of our customers come from outside China, and I believe these overseas users will continue to use the ViaBTC platform, so we can still provide value,” said Yang Haipo, chief executive of the exchange during a global blockchain event in Hong Kong on Thursday.

He said there was no time frame yet to relaunch the platform abroad, and urged current users to withdraw their assets before the company stops its domestic services on September 25.

“We have enough liquidity to support all of our customers’ withdrawals,” he said.

The Shenzhen-based firm announced a week ago that it would shut down its Chinese exchange business by the end of the month. Other mainland platforms such as BTCChina, OkCoin and Huobi have also said they will cease trading following Beijing’s orders.

ViaBTC is a miner and I presume they NEED to have an exchange in order to dispose of the coins they mine.

There was really no other choice than to relocate because Chinese government is shutting down all exchanges. As ViaBTC said, there is a pretty large base of foreign users that will continue to use their service once it relocates.

Obviously though, they will be losing a huge market.

Deposits and withdrawals in yuan will probably be removed due to the regulations though, and it'll be dealing with USD or EUR only.

warningsigns

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Is it just the exchange which will cease to operate or which they are displacing? Or their entire company? Will this affect their mining operation? I'm asking because they have an excellent transaction accelerator. Not sure if that will stop too.

China is aggressively going after the corrupt rich. Bitcoin is viewed as a way to channel the proceeds of corruption which is why it is a target of authorities.

ViaBTC should shift their operations to Taiwan. It is a bitcoin-friendly jurisdiction.

xypos

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Yeah that had to do it, otherwise they would have no way to operate anymore.

I wonder if BTCChina, OKCoin and Huobi would do the same thing when the Chinese government shuts them down(move to another country as their HQ). Either that, or they will start being traders on localbitcoins. The money that would be lost through simply complying to the regulation is too much imo.

Anyways, this proves that chinese gov banning bitcoin isn't as big a news as people rumor it to be. Bitcoin is global.

deadsilent

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They got not choice but to migrate. Because of the ban of exchanges on their country, their business closed just like that. Also many traders from China will migrate to other exchanges to trade. They should do that before China government announce the total ban for cryptocurrency. I know it's impossible to happen. But keep in mind that they already closed exchanges on that country. What's the use of crypto there if theres no exchange to trade your cryptos.

Quote from: Zicadis on September 22, 2017, 02:12:46 PM

I do not know how these exchanges will operate properly when their bosses are also banned from leaving the country as reported here---> https://www.cryptocoinsnews.com/chinese-bitcoin-exchange-executives-banned-leaving-country-report/ but frankly speaking taking their businesses where their operations will be acceptable is the only solution left unless they come to some agreement with the authorities.

That's very bad. Now exchanges executive there were unable to leave the country? Isn't that a violation of their rights? You are right. They have no choice but to have an agreement with government to operate their exchange or wait for announce of the government about legalization of exchange there. Anyway, i found out that the government are going to license all exchange because exchanges there are getting out of hands.

MAbtc

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Quote from: alyssa85 on September 22, 2017, 10:46:06 AM

ViaBTC is a miner and I presume they NEED to have an exchange in order to dispose of the coins they mine.

It's pretty well-known that ViaBTC is just a proxy for Bitmain, so anything that applies to Chinese miners generally may not apply to them. They are extremely well-backed and have operated openly for years. And Jihan Wu has appeared not to be concerned at all about the prohibitions. He indicated that exchanges would be reopened with licenses.

Regarding your point about overhead costs, miners can easily point their hash power overseas and sell for USD. Since that USD is particularly valuable to Chinese investors, they can even charge a premium for it. The main issue is whether these rumors about banning mining outright could be true.

audaciousbeing

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Quote from: alyssa85 on September 22, 2017, 10:46:06 AM

http://www.scmp.com/tech/start-ups/article/2112339/viabtc-launch-bitcoin-exchange-overseas-after-beijing-bans-trading

Quote

“A third of our customers come from outside China, and I believe these overseas users will continue to use the ViaBTC platform, so we can still provide value,” said Yang Haipo, chief executive of the exchange during a global blockchain event in Hong Kong on Thursday.

He said there was no time frame yet to relaunch the platform abroad, and urged current users to withdraw their assets before the company stops its domestic services on September 25.

“We have enough liquidity to support all of our customers’ withdrawals,” he said.

The Shenzhen-based firm announced a week ago that it would shut down its Chinese exchange business by the end of the month. Other mainland platforms such as BTCChina, OkCoin and Huobi have also said they will cease trading following Beijing’s orders.

ViaBTC is a miner and I presume they NEED to have an exchange in order to dispose of the coins they mine.

For this to be happening from ViaBTc then all the rumors is true and I am actually surprised how it got to this point without all the big shots in the crypto industry could not do anything about it.

Going abroad is just the best thing for them to do now because if a country does not want you, the best is to seek comfort in another country's abode who is open to such arrangement.

They just need to do their due diligence well and be sure the country they are going, their body language is not in favor of crypto currency which could eventually still force them out. The Chinese population is the one that will bear the brunt of all this because that means they are being cut off from the future.

Zicadis

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Dump it!!!

I do not know how these exchanges will operate properly when their bosses are also banned from leaving the country as reported here---> https://www.cryptocoinsnews.com/chinese-bitcoin-exchange-executives-banned-leaving-country-report/ but frankly speaking taking their businesses where their operations will be acceptable is the only solution left unless they come to some agreement with the authorities.

mk4

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Paldo.io 🤖

Quote from: mobnepal on September 22, 2017, 11:53:33 AM

Quote from: alyssa85 on September 22, 2017, 10:46:06 AM

ViaBTC is a miner and I presume they NEED to have an exchange in order to dispose of the coins they mine.

Yes I think that's why they are opening up new trading platforms to have some buyers to atleast buy coins they will mine and also they want to keep their income stream open and running.

China might not ban bitcoin mining and OTC trading, also they might add some licensing for new bitcoin trading platform which we might have by next year.

What's the difference between having a website for selling bitcoins and selling bitcoins in an existing exchange (like Bittrex, Bitfinex) though? Besides ViaBTC being able to set their own prices of course. I guess so that they can receive their payment in FIAT? I'm not exactly sure since I really don't know how ViaBTC's exchange works.

mobnepal

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Quote from: alyssa85 on September 22, 2017, 10:46:06 AM

ViaBTC is a miner and I presume they NEED to have an exchange in order to dispose of the coins they mine.

Yes I think that's why they are opening up new trading platforms to have some buyers to atleast buy coins they will mine and also they want to keep their income stream open and running.

China might not ban bitcoin mining and OTC trading, also they might add some licensing for new bitcoin trading platform which we might have by next year.

alyssa85

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http://www.scmp.com/tech/start-ups/article/2112339/viabtc-launch-bitcoin-exchange-overseas-after-beijing-bans-trading

Quote

“A third of our customers come from outside China, and I believe these overseas users will continue to use the ViaBTC platform, so we can still provide value,” said Yang Haipo, chief executive of the exchange during a global blockchain event in Hong Kong on Thursday.

He said there was no time frame yet to relaunch the platform abroad, and urged current users to withdraw their assets before the company stops its domestic services on September 25.

“We have enough liquidity to support all of our customers’ withdrawals,” he said.

The Shenzhen-based firm announced a week ago that it would shut down its Chinese exchange business by the end of the month. Other mainland platforms such as BTCChina, OkCoin and Huobi have also said they will cease trading following Beijing’s orders.

ViaBTC is a miner and I presume they NEED to have an exchange in order to dispose of the coins they mine.

Topic: ViaBTC to launch bitcoin exchange overseas after Beijing bans trading at home (Read 336 times)