All three major Bitcoin platforms have suspended Bitcoin withdrawal services

DoNews February 10 news (Reporter Zhou Qinyan) Bitcoin China issued an announcement on the evening of the 9th, immediately suspending the withdrawal of Bitcoin and Litecoin. The announcement stated that the move is to further curb speculation in the Bitcoin market and prevent the possibility of illegal pyramid schemes, money laundering, and currency exchange activities through Bitcoin. So far, Huobi.com, OKCoin and Bitcoin China, the three major Bitcoin trading platforms, have all suspended the withdrawal of Bitcoin and Litecoin.

On the afternoon of the 8th, the central bank summoned nine Bitcoin trading platforms including "China Bitcoin", "Bitcoin Trading Network", "Good Bitcoin", "Yunbi", "Yuanbao", "BTC100", "Jubi", "Bibei", "Dahonghuo", etc., and the content involved anti-money laundering.

The central bank also made clear requirements for Bitcoin trading platforms: they must not engage in financial businesses such as financing and currency lending in violation of regulations, must not participate in money laundering activities, must not violate national financial laws and regulations on anti-money laundering, foreign exchange management, payment settlement, etc., and must not violate national taxation and industrial and commercial advertising management laws and regulations. If a Bitcoin trading platform is found to violate the above requirements and the circumstances are serious, the inspection team will request the relevant departments to shut it down and abolish it in accordance with the law.

This is also the second time the central bank has taken action after the central bank's business management department conducted inspections on the two major Bitcoin trading platforms, Huobi and Bihang, in early January.

After the central bank made its statement, Huobi and OKCoin, two bitcoin trading platforms, took the initiative to release an announcement on "relevant measures to comprehensively upgrade the anti-money laundering system within the platform". According to the regulatory authorities' requirement that "bitcoin trading platforms must not violate national anti-money laundering, foreign exchange management, payment settlement and other financial laws and regulations", they will strictly follow relevant national laws and regulations, combine industry operating experience, and work with industry peers to formulate anti-money laundering standards for the bitcoin industry and comprehensively upgrade the platform's anti-money laundering system.

In order to avoid illegal transactions that may continue before the system upgrade is completed, the two platforms announced that from now on, they will completely suspend the withdrawal of Bitcoin and Litecoin, while RMB withdrawal and other businesses will not be affected. The industry standard formulation and system upgrade are expected to take one month, and the Bitcoin and Litecoin withdrawal services will be resumed on the same day after the system upgrade is completed.