Major Chinese Exchanges Announce Extended Bitcoin Withdrawal Delays

 

It is not surprising various Chinese bitcoin exchanges make a joint statement at this crucial time in cryptocurrency history. Albeit most platforms already had their withdrawals suspended for quite some time, it looks like that period will be extended. OKCoin, BTCC, and Huobi all made similar statements as part of a coordinated PR campaign to let the public know about this withdrawal delay extension.

MORE WITHDRAWAL DELAYS FOR CHINESE EXCHANGE USERS

About a month ago, the PBoC sat down with various Chinese bitcoin exchange owners to discuss their guidelines regarding AML. At that time, it was decided nearly all exchanges would delay bitcoin withdrawals for a month until the companies could get everything sorted out. That decision is anything but a popular one, yet people understood the reasoning behind it. Ever since that time, no one has made a big fuss about these withdrawal delays, which is somewhat surprising.

Fast forward to today, and an update regarding the withdrawal delays has been provided by these Chinese exchanges. Unfortunately, the news is not all that positive, as it appears further delays are in order. OKCoin, BTCC, and Huobi have all announced they will delay the withdrawals once again, as they need to make some more changes based on feedback provided by the regulatory authorities. This is not entirely unexpected given yesterday’s PBoC statement.