Subscribe to Our Newsletter
Thursday May 26, 2022
Bitcoin (BTC) $29,088.00   Ether (ETH) $1,815.91
  • 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
Swap USDT (TRC20) Instantly
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
Changelly
CryptoNinjas
Home China

RMB pulled from China’s bitcoin exchanges, start-up platform ViaBTC closes

Published by CryptoNinjas.net
09/15/2017
PBoC bans RMB from bitcoin exchanges in mainland China

At last, it was made public by several mainland China-based bitcoin exchanges that new policy will see renminbi disallowed on exchanges. The PBoC and Chinese financial regulators finally stopped dragging Chinese exchanges through one policy change to the next regarding renminbi, although there may be more to come.

Already having banned ICO financing and trading in ICO generated tokens, the halting of trading and transactions in renminbi is not surprising for the country which tightly controls its national currency.

Crypto to crypto trading will still be allowed and exchanges, for now, if they choose, can carry on business without uncertainty on the RMB issue. It remains to be seen how popular the exchanges will remain without the ability to transfer profits on crypto assets and convert them to the renminbi.

OKCoin, Huobi, and CHBTC, which are considered leading mainland Chinese bitcoin exchange put notifications regarding these changes on their websites, also in emails to users.

Another major Chinese exchange BTCChina announced yesterday they were saying bye to the mainland totally.

These exchanges are just too big to shut down RMB transactions on, anticipating a queue of CNY withdrawals were in consideration when the policy instructed to officially stop RMB business by October 31st. Starting now, exchanges will gradually be discontinuing pairings of digital assets against RMB. Users must also be informed of these changes by September 30th.

Additionally, one company has elected to just close its platform as it was announced that Chinese mining pool operator ViaBTC will close its newly started up exchange launched back in May. Initially, ViaBTC wanted to focus on domestic Chinese users with plans to then further expand out internationally.

After CNY was disallowed, the only asset the company had left to offer was Bitcoin against Bitcoin Cash, so not a hard decision from ViaBTC. We’ll see if they relaunch an exchange sometime soon for the international market minus mainland China. ViaBTC mining pool (pool.viabtc.com) and cloud mining services will not be affected.

To note, regulators did not announce bitcoin and other digital asset protocols are illegal. They are however pulling RMB out of the bitcoin exchange business, with no plans on sight to lift these policies in the near future.

Since January, Chinese bitcoin exchanges have responded diligently to a range of reforms to comply with increased inspection by Chinese regulators. The bitcoin industry was thrown into confusion on September 4th when China issued a directive banning initial coin offerings (ICOs) and trading in tokens generated by them.

Vlad Zamfir, a researcher at the Switzerland-based Ethereum Foundation told Reuters that it was no surprise China is moving against such currencies as Beijing has capital controls that are “in direct tension with the free ability to send any amount of money anywhere without any kind of delay.”

16
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

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

Decentralized oracle solution Umbrella Network adds Huobi as validator node

04/08/2021
Decentralized oracle solution Umbrella Network adds Huobi as validator node

Umbrella Network, a decentralized oracle solution that facilitates the flow of pricing data for DeFi and other decentralized applications, has announced a partnership with the world's second-largest cryptocurrency exchange, Huobi Group. Huobi will serve...

Read more

Huobi lists 75x margined IOST/USDT swap

01/20/2021
Huobi lists 75x margined IOST/USDT swap

Today, cryptocurrency exchange Huobi launched IOST/USDT margined swaps, deposits, and all transactions are now enabled supporting 1x to 75x leverage. IOST is the 50th token in this contract, which also includes leading tokens such...

Read more
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Kiln completes $5 million funding round to grow blockchain staking platform

Kiln completes $5 million funding round to grow blockchain staking platform

05/19/2022
Crypto transaction monitoring platform Merkle Science adds support for 1,200+ ERC-20 tokens

Crypto transaction monitoring platform Merkle Science adds support for 1200+ ERC20 tokens

05/20/2022
Legion Network launches app with crypto wallet, NFTs, play2earn, watch2earn, launchpads, rewards and more

Legion Network launches app with crypto wallet, NFTs, play2earn, watch2earn, launchpads, rewards and more

05/24/2022
TRON network integrated with blockchain infrastructure provider Ankr

TRON network integrated with blockchain infrastructure provider Ankr

05/23/2022
Cosmos creator and co-founder of Tendermint Jae Kwon launches NewTendermint

Cosmos creator and co-founder of Tendermint Jae Kwon launches NewTendermint

05/25/2022
Polygon forms a multi-million dollar fund to assist Terra projects in migrating

Polygon forms a multi-million dollar fund to assist Terra projects in migrating

05/25/2022
Fairmint launches new tokenized equity platform for startups

Fairmint launches new tokenized equity platform for startups

05/25/2022
Japan exchange Coincheck lists SAND, the crypto asset of The Sandbox metaverse

Japan exchange Coincheck lists SAND, the crypto asset of The Sandbox metaverse

05/24/2022
  • 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