WTF?
This is NOT really news, is it? What is the change, exactly that supposedly took place since we found out about this in December 2013, no?
Well, it seems that most of the Chinese exchanges were still using bank transfers to/from corporate accounts and some form of payment through 3rd party processors (prepaid cards?) for CNY deposits and withdrawals. Even BTC-China, which avoided banks after the December decrees, eventually started doing the same.
One by one, the exchanges are reporting now that those channels are being closed; most are suspending CNY deposits, one (BTC38) suspended also CNY withdrawals it seems, another (FXBTC) said it will stop CNY withdrawals next Sunday.
It is not clear exactly which of the two methods are closed in each case (I do not know exactly how the "cards" they use work). However, on the whole it seems that deposits through both channels are being blocked already, it is just a matter of days; and withdrawals very probably will be blocked too soon afterwards.
The Cryptocoins News article dis not mention BTCTrade; that was one more for the list.
OK Thanks. That does sound as if it is more significant than what had been announced in December 2013 - especially if it is unclear about whether there will be effective work arounds. I do have some confidence that the Chinese will find some work arounds; however, if there is movement from the "open" to the "black market," then that would likely dry up a lot of volume... and in that regard, it would make sense that we may continue to get considerable downward pressure on BTC prices to account for these current circumstances.
Regarding price, though it does still seem too soon to sell b/c it remains somewhat unclear that prices will for sure continue to drop or whether the most impact of the news has already been priced in to the current price. The news will continue to make us a little more on pins and needles, so additional negative news could cause some further price pressures.. especially given what appears to be ongoing relatively low volume.