• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Exchanges
Nexo

China: PBoC Says Exchanges ‘Violated Rules,’ Repeats Investor Warnings

William Suberg by William Suberg
5 years ago
in News, Bitcoin, Bitcoin Exchange, Bitcoin Regulation, Breaking News, News teaser
0

Bitcoin started dropping in price once again Wednesday after Chinese authorities stated exchanges “were violating rules.”


PBoC: Rules ‘Violated’, AML Measures ‘Not Sound’

Inspections conducted on Huobi and Okcoin by a joint group of overseers including the People’s Bank of China (PBoC) revealed what a statement calls “margin trading which violated rules, resulting in abnormal price fluctuations on the market.”

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Capital

“During the inspection, it has also been discovered that these platforms had not established [a] sound [anti-money laundering] system according to regulations,” the statement, translated by Chinese news portal CnLedger, continues.

Regarding China’s flagship exchange BTCC, also known as BTCChina, the inspectors’ statement commented:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Preliminary inspections showed that BTCChina has problems including operating beyond [its] scope of business, offered… loans which violated rules [and] not implementing [a] 3rd party depository of investors’ funds.

The PBoC continued that it “wants to remind institutional and individual investors to pay close attention to the risks of the platform, and properly safeguard their property.”

Price Slides Slightly, But PBoC Ban Not Possible

These warnings to potential investors and suspicions cast over the operations of all three exchanges are the likely cause of Bitcoin suddenly dropping around 2-3% today.

Exchanges

Previously, the market dropped significantly after the inspections were announced but then steadied as exchange staff said there was no reason to panic or suspect Bitcoin would be banned in China.

CnLedger repeated in light of the findings that it was furthermore “beyond the jurisdiction” of the central bank to introduce any blanket bans on Bitcoin usage.

Note that CN already defined bitcoin as "Virtual Good" in 2013 . So never again say PBoC bans BTC. They can't. It's out their jurisdiction!

— cnLedger (@cnLedger) January 18, 2017

Nonetheless, trading levels among Chinese Bitcoin users have tailed off dramatically since the start of January.

Speculation is meanwhile rife following a deluge of media reports suspecting the worst for the future of the Chinese Bitcoin economy, reports which exchanges and others called for users to exercise caution while reading.

A rumor earlier this week even suggested senior managers at Okcoin had had their freedom of movement restricted, which was subsequently formally stated as “fake news.”

1/ #FakeNewsWarning: Someone lied on WeChat channels that senior managers of 3 CN exchanges been restricted in freedom and cannot leave CN

— cnLedger (@cnLedger) January 16, 2017

While further reactions from BTCC and other exchanges have yet to go public, BTCC CEO Bobby Lee has been vocal about the need to cooperate with authorities with an eye to formalizing China’s regulatory climate.

“[The PBoc] is reminding exchanges to do two things: one is to comply with KYC and anti-money laundering rules and regulations. The second thing is to remind our traders and customers that Bitcoin is very volatile… and they should not overspeculate,” he said in a television interview.

BTCC CEO @bobbyclee discussed the guidance that the PBOC gave to Chinese #bitcoin exchanges in early January 2016 in a recent TV interview. pic.twitter.com/5u16H1XVuM

— BTCC (@YourBTCC) January 17, 2017


What do you think about the latest developments in China? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
William Suberg

William Suberg

Related Posts

Follow The Money screenshot

Let’s Dissect The “Follow The Money #1” Documentary, Pt. 1- Salvadoran Confusion

40 mins ago
Magic Johnson

Magic Johnson Unveils NFTs Showcasing The Basketball Legend’s Iconic Moments

1 hour ago
Peter McCormack screenshot

Wright Vs. McCormack, The Bitcoin Trial Of The Year Began In London

5 hours ago
Bitcoin BTC BTCUSD

Rich Dad Author Recommends Bunkering Down With Food, Guns, And Bitcoin

18 hours ago
liquidations

Liquidations Settle As Bitcoin Regains Footing Above $30,000

19 hours ago
Balenciaga

Balenciaga To Accept Bitcoin And Ethereum Payments In The U.S.

21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.