Re: when will chinese exchanges resume withdrawals?

When do you think chinese exchanges will resume withdrawals?

Quite uncertain but i am concerned more on the market move after all this suspension will be lifted. What chinese traders are thinking to do when they will get their bitcoins in their hands from trading platforms. Roll Eyes

they have had their bitcoin from those platforms it is their money that is tied inside of these exchanges and that is because it is tied to the banks. in other words a bank is required to deposit or withdraw your fiat to and from an exchange but bitcoin doesn't need it and you can do it on your own.

and i thought they have resumed the process by now! it is strange because i can see their volume already picked up.

This situation still remain unclear, yiu maybe right due to Okcoin exchange has normal exchange rate but Huobi and BTCChina show the price under normal price around $1000. After PBoC investigators discovered irregularities in the operations of the three biggest exchanges in there, those exchanges has announced to halt withdrawal for bitcoin and litecoin for a month to improve their anti-money laundering capabilities and prevent illegal transactions, but it's already two months and there's no any information about it.

The People's Bank of China will not allow those exchanges to operate like they did before. They will only allow fiat deposits and withdrawals but not the deposit and withdrawals of cryptocurrencies. The risk for the PBOC is too much. They cannot allow their citizens to move value in and out without any control, and we know cryptocurrencies are very hard to control and track.