Bitcoin trading platforms to release industry standards

Updated 2017-03-09 08:51:32 Global Times

Leading Bitcoin trading platforms in China said on Wednesday that they plan to release industry standards and postpone the resumption of withdrawals.

Huobi.com said in a statement that it is discussing with its peers about the establishment of industry standards and they will resume withdrawal services once these standards are accepted by regulators.

Two other trading platforms, btcchina.com and okcoin.cn, made similar announcements on the same day.

The platforms suspended withdrawals on February 9, and they have since been working on establishing industry standards following discussions with the People's Bank of China (PBOC), the central bank.

The Operations Office of the PBOC spoke with nine trading platforms and provided operational requirements on February 8, after an investigation into major trading platforms huobi.com and okcoin.cn in January.

The PBC reminded the trading platforms that they are not permitted to raise funds or carry out money-laundering transactions. Also, they must follow financial laws and regulations covering money laundering, foreign exchange management, and payment and clearance services, according to a statement on the central bank's website in February.

Bitcoin trading platforms pose risks, including the security of clients' investment, the possibility of money laundering and leveraged trading, said Zhou Xuedong, director-general of the operations office at the PBOC, domestic news portal financialnews.com.cn reported Monday.

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