OKCoin, FXBTC, and BTC38 Announce The End Of Chinese Yuan Deposits Starting April 3, 2014

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The last few weeks of March were rife with misinformation out of China regarding a mysterious notice from the PBOC supposedly sent to regional banks and 3rd party payment processors.  Original news of the notice was misinterpreted and leaked on 3/21/14 leading many to dismiss all news out of China in subsequent days.  On 3/27/14, Chinese reporters from Caixin claimed to have seen the PBOC document and published a synopsis of its contents.  The title of the supposed notice is this: 关于进一步加强比特币风险防范工作的通知, or the Notice on Further Strengthening Bitcoin Risk Prevention Measures.  In the notice, the PBOC called for strict adherence to its 12/05/13 statement, informing these entities that they needed to halt all business with Bitcoin related companies and sites by 4/15/14.

A few days ago, Chinese Bitcoin and altcoin exchange Bter was the first to announce the suspension of deposits.  OKCoin, FXBTC, and BTC38 today join the ranks of Chinese Bitcoin Exchanges that have received notice of the PBOC’s notice from their banks or 3rd party payment processors.  Notably, only FXBTC has received notice from its commercial bank, and in contrast has not received any notice from its 3rd party payment processor.  In contrast, BTC38 has temporarily halted all trading in response.  Obviously, Chinese Bitcoin exchanges are still in the process of receiving this news.  Most of these notices were put up by the Chinese Bitcoin exchanges in the evening of 4/2/14 in China, it is entirely possible that the other 11 exchanges on the list have not yet informed their users of the changes to Chinese Yuan deposits.  If the Chinese people have trouble getting Bitcoin into Chinese exchanges, they may end up trading at offshore exchanges like BTC-e, which recently launched offshore Chinese Yuan deposits.  However, Chinese Yuan deposits would be limited to $50,000 USD per person per year due to strict Chinese laws.

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I have provided human translations of the three new Chinese Bitcoin Exchange announcements.  A translation of Bter’s announcement can be found here.

OKCoin’s announcement:

亲爱的OKCoin用户:

由于点卡代理商刚刚收到第三方支付机构通知暂停支付通道,OKCoin将于4月3日0点前停止点卡充值,银行卡转账充值不受影响,人民币提现不受影响,给大家带来的不便深表歉意。

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OKCoin比特币交易平台

2014-4-2

 

Dear users of OKCoin:

Because our 3rd party payment card dealer (payment processor) just received notification to suspend our payment channel, Starting at 0:00 on April 3rd we will stop prepaid card recharges.  Bank transfer recharge cards for yuan withdrawals are not effected.  We apologize for any inconvenience.

OKCoin Bitcoin Trading Platform

2014-4-2

 

BTC38′s announcement:

亲爱的用户:

您好,我们抱着遗憾的心情告诉您,受央行政策影响,比特时代一直以来采用的第三方支付将于今晚起暂停使用,今晚24点后无法继续使用。根据要求,我们会同时撤销银行卡转账的充值方式。

前一段时间,网上流传4月15日叫停比特币交易平台的说法,已经得到央行的辟谣。然而,央行近期根据去年12月5日的五部委通知的内容,进行进一步整顿,是确定存在的事实,我们今日傍晚已经从银行和第三方支付接到这一消息。

我们将严格遵守央行的通知和规定,暂停人民币的充值,而人民币的提现业务,虚拟币的冲提业务,依然是完全正常的。比特时代拥有超过用户总资产100%的准备金,用户无须担心资金安全问题。

针对这个问题,我们已经有了一些后续的运营优化方案,时代亦会正常运营,但在这种敏感的时刻,我们暂时无法透露更多。

同时,我们希望大家从这样的事件中意识到,近期行业乱象已经太多,各种集资敛财手段层出不穷,行业的混乱最终伤害了行业本身,我们呼吁大家从行业健康的角度出发,自觉抵制乱象。

不过,无论前路如何,请大家给这个新兴行业一些正气、给我们这个新兴平台一些激励,比特时代的服务将会一如既往地让您舒适,也会一如既往地专注于虚拟币领域的健康发展。

比特时代
2014年4月2日

 

To our valued customers:

Hello, it is with deep regret that we must inform you, because of the Central Bank’s policy implementation, the 3rd party payment processor long used by BTC38 will tonight cease their usefulness, at the 24th hour they will stop working with us.  As a result of additional requests, we will also simultaneously end the use of bank transfer cards as a recharge method.

In the recent past, the Internet circulated a statement calling for the ban of Bitcoin trading platforms by 4/15, the Central Bank has since denied those rumours.  However, that the Central Bank has, in accordance with their December 5th notice, taken further marshaling steps seems to be true based on the extant facts and that we have today received this news from our bank and our 3rd party payment processor.

We plan to strictly comply with the Central Bank’s notice and rules by suspending RMB recharges and RMB withdrawals.  Virtual Currency liquidity though, is still completely normal.  BTC38 in total has over 100% of user’s reserves on hand, users do not need to raise questions about financial security.

To address this problem, we already have some operation optimizing developments planned, BTC38 will try to resume normal services.  However, in this sensitive moment, we are unable to reveal more information at this time.

Meanwhile, we hope that everyone can learn something from times like these, today’s chaos has already been too much.  Too much greed in this industry ultimately causes the most hurt on the industry itself.  We encourage everyone to consider the health of the industry and to consciously resist the “chaos Elephant.”

Regardless where the future road takes us, we hope that everyone gives this industry a healthy atmosphere, to encourage the competitiveness of emerging platforms.  BTC38′s service will always make you comfortable and BTC38 will continue to focus on healthy development in the virtual currency industry.

BTC38

2014/04/02

 

FXBTC’s announcement.

今日,FXBTC管理层如同一些同业网站一样,收到多家商业银行电话通知,要求尽快到银行办理销户,为落实央行下发的加强比特币风险防范工作的通知,有的银行甚至要求明天必须销户,FXBTC在此澄清,此次事件并非谣言,央行确实下发通知要求任何商业银行和第三方支付机构不得为比特币等业务提供清算服务,要求关闭所有比特币相关网站的资金来往账户,FXBTC虽然一直努力为广大用户服务,提供各种充值提现渠道,但对于各家银行要求马上销户,否则将冻结账户的要求,也无能为力,公司讨论决定,2014年4月3日0点后,不再处理银行充值,本周日以后,暂停银行卡提现业务,目前财付通充值提现暂未收到任何通知,可继续使用,对您造成的不便我们深感歉意。

FXBTC新闻部
2014-04-02

 

Today, FXBTC management along with some industry peers, received phone calls from commercial banks urging them to go to their bank to cancel their account as soon as possible.  This is in order to strengthen the implementation of the Notice on Bitcoin risk prevention measures.  Some banks requested that the accounts be closed as early as tomorrow.  FXBTC would like to clarify that this incident is no longer a rumor.  The Central Bank really did issue a notice forcing commercial banks and 3rd party payment processors to stop providing clearing services for Bitcoin businesses, as well as demanding the closure of accounts belonging to Bitcoin related sites.  Even though FXBTC has been working hard on the behalf of its users by offering various prepaid withdrawal channels, the bank requires us to immediately cancel the account, or risk having the account frozen.  The company has discussed and decided that starting 4/3/14 at 0:00 hour, we will no longer be accepting recharges via bank.  After Sunday, we will also suspend bank card withdrawals.  As of now, we have not received any notice from TenPay about withdrawals or deposits.  We apologize for any inconvenience that we have caused you.

FXBTC News Department

2014-04-02

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Editor at CryptoCoinsNews.com. Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia. Please direct all inquiries and corrections to Caleb at [email protected]

6 Responses

  1. noMoreInflation

    Suprise bitcoin is banned in china. Guess what it’s still a better currency than you’re Yuan or dollars. Those are worthless because they are own and printed by central banks.

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