Chinese bitcoin exchange CHBTC completes upgrade of AML procedures

Chinese bitcoin exchange CHBTC today announced that in order to execute new requirements and regulations of the national anti-money laundering rules for cryptocurrency exchanges, the CHBTC platform has upgraded their user real-name authentication system. Specific adjustments are as follows:

1. New users need to adhere to the real name on the bank card used for the RMB transactions. Users who have already connected the bank card to their real name can continue to use it normally.

2. When a user completes transactions with the digital assets (BTC/LTC/ETH/ETC), and the total RMB exceeds RMB 50,000 (USD 7,200), video certification is required.

CHBTC users can complete the real-name authentication through the official business number using QQ instant messaging for video certification daily between 9:00-18:00. The exchange noted that for video certification, users should prepare legitimate and valid documents and keep their video QQ or WeChat online.

At present CHBTC noted that the BTC/LTC/ETH offer business is not open, for specifics on when available again, the company will make an official announcement.