Anti-money laundering measures are upgraded again, Bitcoin trading platform Bihang issued an announcement

Today, the Bitcoin trading platform OKCoin released the latest announcement on anti-money laundering and improving account security. The announcement stated that based on national anti-money laundering regulations and risk control considerations, several suggestions and requirements were formulated for users. These include requiring further video authentication when the account balance reaches a certain amount; recommending that users regularly change their account passwords and keys; correcting real-name authentication information; and deactivating single-signature Bitcoin addresses starting with "1" and single-signature Litecoin addresses starting with "L" before April 10 (multi-signature addresses starting with "3" are not affected).

The central bank's current round of rectification of trading platforms mainly starts with anti-money laundering. On February 9, three bitcoin trading platforms, BTCChina, Huobi.com, and Bihang, issued an announcement stating that in order to further curb speculation in the bitcoin market and prevent the possibility of illegal pyramid schemes, money laundering, and currency exchange through bitcoin, they will suspend the withdrawal of bitcoin and litecoin from today.

On March 8, three domestic trading platforms issued an announcement announcing the postponement of the opening of currency withdrawal services, and stated that according to the requirements of the regulatory authorities that "Bitcoin trading platforms must not violate national anti-money laundering, foreign exchange management, payment settlement and other financial laws and regulations", they will develop and upgrade the system based on relevant policy details, draw on global regulatory experience, and discuss with industry peers to formulate industry standards.

In mid-to-late March, there was news that the Business Management Department of the Central Bank had discussed relevant regulations with some Bitcoin platforms, and the draft was being promoted at that time. The announcement requirements issued by the Bank of China this time reflect substantial progress in anti-money laundering work and improving account security.

The full text of the announcement released by the Bank is as follows: