Bitcoin is about to officially bid farewell to the RMB market, and overseas competition is beginning to intensify

All Bitcoin exchanges in China are less than a week away from officially bidding farewell to digital asset-RMB business.

Recently, BTCChina, China's oldest Bitcoin exchange, updated its announcement, saying that it will stop cash withdrawals at 12:00 noon on October 30, Beijing time. At the same time, in order to complete the withdrawal and liquidation work as soon as possible, BTCChina has implemented a tiered fee system for withdrawals, urging users to withdraw as soon as possible.

Before October 25, the platform's withdrawal fee standards were:

Bitcoin withdrawal fee: 0.0015 BTC;
Litecoin withdrawal fee: 0.001 LTC;
Ethereum withdrawal fee: 0.01 ETH;
Bitcoin Cash (BCC) withdrawal fee: 0.0005 BCC.

As of press time, BTCChina has raised the withdrawal fee to three times the original fee. That is: BTC withdrawal fee: 0.0045 BTC; LTC withdrawal fee: 0.003 LTC; ETH withdrawal fee: 0.03 ETH; BCC withdrawal fee: 0.0015 BCC.

As the final date approaches, the country's oldest Bitcoin exchange will bid farewell to the RMB market.

In addition to BTCChina, exchanges such as OKcoin and Huobi have also announced that they will gradually stop all digital asset trading against RMB by the end of this month.

Although all major domestic digital currency exchanges will stop trading against RMB, this does not mean that they will leave the industry.

It is reported that many domestic exchanges have shifted their business focus to overseas markets, competing with established USD/BTC exchanges such as Bitfinex, GDAX, and Bitstamp.

(Data from: coinmarketcap.com)

Beware of risks in overseas transactions

However, commentators also expressed concerns about "offshore transactions".

Xue Hongyan, director of the Internet Finance Center of Suning Financial Research Institute, recently warned of the risks of overseas transactions. He said:

"Except for a few countries that have included virtual currency exchanges in the regulatory framework by issuing licenses, virtual currency exchanges in most countries and regions have no regulatory endorsement and have not put into place preventive measures such as fund custody and virtual currency custody."

What do you think?