China-based bitcoin exchange OKCoin, one of the largest in the country, announced today they will be halting OTC trading services indefinitely starting from 6 pm Beijing Time on April 10th, 2017.
OTC is used for buying and selling in bulk. Both the web platform and API will cease on the above date.
The exchange notification mentioned for users to cancel their OTC orders and revise their API program in case of unnecessary loss. Active orders will be automatically canceled on the above date. If anything changes additional updates will be provided here. This does not affect spot or futures trading on the exchange.
The OTC suspension applies to both OKCoin’s International and China-based offices.
OKCoin International’s headquarters are situated in Hong Kong and services only non-Chinese customers. Meanwhile, Chinese clients with OKCoin China, still have bitcoin withdrawals suspended, pending further regulatory conversations.
The official announcement can be seen below:
In order to prevent money laundering activities utilizing OTC trading, we will cease to provide OTC trading services starting from 18:00 April 10, 2017, for both Web and API. Please cancel your OTC orders and revise your API program in case of unnecessary loss. Active orders will be automatically canceled by the time of cessation. Thank you for your support and cooperation for OKCoin!