China Continues Bitcoin Exchange Inspections as Trading Volumes Evaporate

People’s Bank of China announced today that it will continue to carry out spot investigations at the country's leading Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term trading venues, in a statement on its Beijing head office website. This comes as volumes at Chinese exchanges are dropping considerably to levels more akin to those of the rest of the world.

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Two weeks ago the central bank revealed that the authorities have formed a joint inspection team to carry out on-site inspections at Bitcoin exchanges, focusing on checking whether there is any market manipulation, sufficient Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Read this Term) system implementation, financial security risks and so on.

Following that revelation, BTCC, Huobi and OKCoin first stopped offering leveraged trading on margin and then imposed a 0.2% transaction fee, drastically changing the way bitcoin trading was done in China.

Charles Hayter, the CEO of CryptoCompare.com, explains how the Chinese market is developing: "The market share has dropped from over 98% to just 29% after moves by the PBOC to limit trading on margin and marketing activities in the past two weeks.

This is an attempt to temper the bitcoin industry's exuberance at the end of last year. The Chinese bitcoin companies are bowing prostrate to the authorities hoping that by treading the line they won't face any more severe restrictions or punitive measures to their businesses."