OKCoin, FXBTC, and BTC38 Suspend Chinese Yuan Deposits

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BTC-e Introduces New Trading Instruments for Chinese Traders

ForexMinute.com – Responding to a PBOC order, leading Chinese Bitcoin exchange OKCoin, FXBTC and BTC38 today announced to suspend Chinese Yuan deposits, which will be effective from April 3rd, 2014.

PBOC had earlier issued a warning to all the Bitcoin exchanges and 3rd party payment providers, ordering them to withdraw their money from China’s commercial banks before April 15th, 2014. The news, which was originally published by Chinese newspaper Caixin, was first considered to be a rumor. BTC-China’s CEO Charles Lee had also issued a statement that they will react only when they will receive a proper notification from the Chinese Central Bank.

OKCoin, FXBTC and BTC38 reported to have received the mysterious notice from PBOC and their respective banks, asking them to drain their funds as per the aforementioned deadline. Among them all, only FXBTC hasn’t received any notification from its 3rd party payment processor.

Another cryptocurrency exchange Bter had earlier taken the same decision, owing to the news of PBOC supposedly ordering commercial banks to freeze the accounts of Chinese Bitcoin Exchanges. BTC-e had also reacted to the news but in a different manner. The exchange simply transferred its Chinese Yuan offshore, setting up a trading limit of $50,000 per person per year, as per the Chinese laws.

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So basically, it is five down out of the total of eleven cryptocurrency exchanges in China. The rest of the exchanges might still be in the process of receiving the official notice from PBOC. The news will arrived shortly indeed. We’ll keep you updated meanwhile.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com