Subscribe to Our Newsletter
Sunday August 07, 2022
Bitcoin (BTC) $23,104.19   Ether (ETH) $1,704.70
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Easily Swap USDT (TRC20) & More
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
Koinly
CryptoNinjas
Home China

BTCC considers trading fees with margin lending suspended

Published by CryptoNinjas.net
01/21/2017
Mainland Chinese bitcoin exchange BTCChina to cease operations and focus internationally

It was last week when we learned that the major Chinese bitcoin exchanges shut down their margin lending and leveraged trading for users. As such, it was revealed from BTCC that they are now considering implementing commissions on trading.

While not illegal as no decree was issued during the probing from the People’s Bank of China (PBoC) on visits to the major exchanges last week, it’s understood that combined with increased pressure from regulators and the recent volatility in bitcoin due to Chinese yuan policy, the exchanges have indeed indefinitely halted margin for whatever reason.

According to reports from Reuters, CEO of BTCC Bobby Lee, late this week denied media reports that the central bank had ruled it was offering margin loans illegally, and he affirmed the platform is operating normally.

However, as noted above Mr. Lee did say the company had stopped offering margin alongside competitors OKCoin and Huobi, after “discussions” with the PBoC.

“No one has said that margin trading for bitcoin is illegal,” Mr. Lee told Reuters.

He continued:

“The media reports were not based on any official documentation. So as far as I’m concerned, at this moment, we have not received any official documentation, verbal or written feedback from the PBoC with regards to their conversations with us over the last two weeks.”

On the implementation of trading charges, BTCC put out the following statement on Friday, January 20th:

BTCChina ceased offering margin loan services as a result of the recent extreme volatility in bitcoin price. To curb market manipulation and reduce market volatility, BTCChina is also considering charging trading fees, as is the case with other bitcoin exchanges. We will keep customers informed of any changes.

So if the issue of margin trading on crypto exchanges can’t be resolved, one wonders how this will affect BTCC’s plans to ramp up activity on their institutionally focused ‘Pro’ exchanges. The company recently revamped its BTC/USD Pro exchange platform in order to diversify company volume away from BTC/CNY.

An interesting chart from Twitter user WillyWoo, who provides commentary during the week on the markets, showed the impact of volume on Chinese exchanges since the PBoC probes, you can check it out below:

Chinese marketshare of global #bitcoin exchange volume since PBoC investigated and suspended margin trading. pic.twitter.com/KuDmhhj41W

— Willy Woo (@dangermouse117) January 20, 2017

34
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

DeFi oracle solution Pyth integrates data from crypto exchange Huobi

07/19/2022
DeFi oracle solution Pyth integrates data from crypto exchange Huobi

Pyth Network, an oracle solution for financial data, today announced a new data-sharing partnership with cryptocurrency exchange Huobi Global. Huobi Global will share its valuable cryptocurrency data directly on-chain to Pyth, enabling it to...

Read more

Apifiny rollsout new crypto algo trading library with Okcoin as partner

06/07/2022
Apifiny rollsout new crypto algo trading library with Okcoin as partner

Apifiny, a cross-exchange digital asset trading network, today announced the launch of Apifiny Algo, an advanced crypto trading library in C++ for High-Frequency Trading (HFT) and latency-sensitive traders. The trading library is being rolled...

Read more

Crypto exchange Huobi Japan approved to offer derivatives trading

10/18/2021
Crypto exchange Huobi Japan approved to offer derivatives trading

Huobi Japan, a bitcoin and crypto exchange company, today announced it has received approval from Japan's Financial Services Agency (FSA) to register as a Type I Financial Instruments Business, as designated under the Financial...

Read more

Solana blockchain receives $100M investment from 5 different funds to grow its ecosystem

05/07/2021
Solana blockchain receives $100M investment from 5 different funds to grow its ecosystem

The Solana Foundation, overseers of the upstart layer-1 proof of stake (PoS) Solana blockchain protocol, announced today it has partnered with exchanges Huobi and Gate Labs, plus investment funds NGC Ventures and HashKey Group,...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
ELLIPAL now supports Zcash (ZEC) for cold storage and trading

ELLIPAL now supports Zcash (ZEC) for cold storage and trading

01/14/2020
TRON (TRX) network now supported on Crypto APIs blockchain dev suite

TRON (TRX) network now supported on Crypto APIs blockchain dev suite

08/03/2022
Korean crypto exchange KODA to use Uppsala to boost AML and threat detection

Korean crypto exchange KODA to use Uppsala to boost AML and threat detection

08/01/2022
Crypto intel platform Metrika adds support for Hedera network activity & performance

Crypto intel platform Metrika adds support for Hedera network activity & performance

08/03/2022
New Overledger release now supports QRC-721 NFTs on Tokenise developer API

New Overledger release now supports QRC-721 NFTs on Tokenise developer API

08/05/2022
CME Group set to list euro-denominated Bitcoin (BTC) and Ether (ETH) futures

CME Group set to list euro-denominated Bitcoin (BTC) and Ether (ETH) futures

08/04/2022
Polkadot-based gateway Astar Network now supported on blockchain development platform Alchemy

Polkadot-based gateway Astar Network now supported on blockchain development platform Alchemy

08/04/2022
Crypto intel platform Metrika adds support for Hedera network activity & performance

Crypto intel platform Metrika adds support for Hedera network activity & performance

08/03/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

Go to mobile version