Bitcoin China real-name registration: 75% of valid users have completed registration within three days

One day after the People's Bank of China issued the "Notice on Preventing Bitcoin Risks" (hereinafter referred to as the "Notice") (December 6), the world's largest bitcoin trading website, Bitcoin China (BTCC), officially launched the real-name registration system, becoming the first bitcoin trading website to implement this measure.

"We require newly registered users to provide their real name, ID type and ID number. Existing users must also complete the above information before they can conduct transactions." A relevant person in charge of Bitcoin China told the reporter of "China Business Daily" that in just three days, users who have completed real-name registration accounted for 75% of valid users (users who have completed at least one transaction).

“It’s a tough move. If you don’t fill in your identity information, you can’t trade,” the person in charge told our reporter. “If users fill in false information, they will bear any direct or indirect losses and adverse consequences. Bitcoin China will not bear any responsibility for this. In the future, we will also consider connecting to the ID card verification system or mobile phone verification and other verification measures.”

Surprisingly, Bitcoin China users did not express "dislike" for this measure. On the contrary, several users interviewed by our reporter said that "this is a necessary step" and it is also good for protecting their Bitcoin assets. The day after the announcement, Bitcoin China's 24-hour Bitcoin trading volume exceeded 150,000, setting a record high.

In addition to requiring real-name registration, Bitcoin China also stipulates in the new version of the service agreement that if the daily withdrawal exceeds RMB 100,000 or Bitcoins exceed 30, the user must upload a photo of the front and back of the real-name ID or a scanned copy; if the daily withdrawal exceeds RMB 200,000 or Bitcoins exceed 100, in addition to uploading a photo of the front and back of the real-name ID or a scanned copy, the user must also upload a photo of the front of the ID holding the above documents. Currently, Bitcoin China does not support transactions involving daily withdrawals of more than RMB 500,000 or more than 300 Bitcoins.