Two Of The Largest Chinese Bitcoin Exchanges, Huobi And OKCoin Bank Accounts Cancelled Following PBOC Ban

A number of Chinese Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchanges have just announced today that their bank accounts have been suspended or canceled, including two that have competed at times to be the largest in the world by market volume Huobi And OKCoin.

This is the latest development of the People’s Bank Of China (PBOC) renewed crackdown on Bitcoin exchanges by that required banks and payment companies to close all the accounts opened by the operators of websites that trade in the virtual currency by April 15. Some still claimed yesterday that the crackdown is just another rumor in the Chinese blogosphere after the deadline past and nothing extraordinary happened, but now it seems that the threat was indeed carried out in the end.

OKCoin posted this on its site (translated from Chinese):

Dear OKcoin users:

This afternoon, about 50 minutes or so, OKCoin received a phone call from the China Construction Bank saying: "higher authorities required CCB account will be suspended for the OKCoin services provider. Subsequently, we conducted in-depth communication with the bank immediately after issuing this announcement. This notice is oral notice, the CCB branch has not received any written document from higher authorities.

We have a proactive response program to prepare all kinds of emergencies, as far as possible to protect the interests of investors affected. We know that once this notice is issued, the parties will have been severely criticized; But as a platform, we can only be impartial, timely and efficient. We all know that domestic policy adjustments Bitcoin market will certainly have an impact, but we also know that Bitcoin has flames all over the world and today we are people of bit."

Huobi posted this on its site (translated from Chinese):

Dear fire coins (Huobi in Chinese) network users:

This afternoon we received a branch of China Construction Bank client manager notification that per requirements from higher up the line, CCB will suspend the provision of services for fire coins into the network. Due to the current banking policy uncertainties, we have decided to suspend the bank deposit this way (withdrawals are not affected), to be determined before making policy adjustments. Users can still use the recharge card, prepaid card supports all major banks, 7 * 24.

CHBTC.com posted this on its site (translated from Chinese):

With a very heavy heart that we publish the news, the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term is notified by the bank that it canceled the account. we formally received the Bank of China Beijing Branch Baijiazhuang branch off households notice, after our Beijing high-level verification, we carefully released this announcement.

We asked: "whether the bank received a specific file notice?"

Banks replied: "not convenient to say, but before we do not know your company is doing bitcoin"

We asked: "Is it necessary to cancel the account , clearing account okay? "

Banks replied: "I feel it appropriate to give to you this call today, meaning it should be clear. Some words inconvenient to say. "

We asked: "If we do not cancel the account must wait for a specific file notice of it? "

Banks replied: "That you see it yourself over the phone means that we want you to be able to? cancel the account or could we just executed directly, anyway, now you should immediately put money in the account to another bank, then tell us to handle formalities!"

We replied: "Well we respond to the call already! cancel the account . "

Banks replied: "Thank you very much for your cooperation!"

We asked: "Can tell you when to get a notification before April 15, or nearly two days?"

Banks replied: "not convenient to disclose the specific time, but we certainly will not drag on for this kind of thing, you are right to think for yourselves."

We asked: "All of the public accounts should cancel too? "

Banks replied: "I am only responsible for the private accounts, but the public accounts colleagues will immediately contact you."

We asked: "That there is no specific time to cancel the account? "

Banks replied: "The sooner the better!"

After our Beijing colleagues verified this bank notification is true, we decided to carry out the Bank of China account cancellation.