After Margin Halt, Chinese Bitcoin Exchanges Now Impose Trading Fees
- BTCC, Huobi and OKCoin have notified clients of a major change to how Bitcoin trading has worked so far in China.
We could be seeing the end of the era of extreme Chinese 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 volumes unfolding in front of our eyes as the major venues in the country are curbing the features that made it so popular. After years of operating on a zero fee model, major Bitcoin exchanges BTCC, Huobi and OKCoin have now notified Chinese clients of a new 0.2% transaction fee.
Want to learn more? Bobby Lee, the CEO of BTCC, will be giving the keynote speech about Bitcoin and China at the iFX EXPO in Hong Kong, register now.
The new fee will come into effect tomorrow and it follows the move from earlier this month when the Chinese exchanges suddenly stopped offering leveraged trading on margin. Surprisingly, the BTC/USD exchange rate has remained stable in face of the news with the price of Bitcoin now at about $920.
At the beginning of the year the Chinese central bank revealed that the authorities are conducting an inspection of Bitcoin exchanges in China. It is focused on whether they went beyond the authorised scope of the market, whether or not they have a license to carry out credit, payment, exchange and other related business, as well as whether there is any market manipulation, 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.
This latest move confirms what Bobby Lee, the CEO of BTCC, told Finance Magnates at the time - halting leveraged trading was just one of many more possible tweaks to the service to come, as the exchanges are trying to adapt to the demands of the regulators, while nothing official has been decided yet.
We could be seeing the end of the era of extreme Chinese 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 volumes unfolding in front of our eyes as the major venues in the country are curbing the features that made it so popular. After years of operating on a zero fee model, major Bitcoin exchanges BTCC, Huobi and OKCoin have now notified Chinese clients of a new 0.2% transaction fee.
Want to learn more? Bobby Lee, the CEO of BTCC, will be giving the keynote speech about Bitcoin and China at the iFX EXPO in Hong Kong, register now.
The new fee will come into effect tomorrow and it follows the move from earlier this month when the Chinese exchanges suddenly stopped offering leveraged trading on margin. Surprisingly, the BTC/USD exchange rate has remained stable in face of the news with the price of Bitcoin now at about $920.
At the beginning of the year the Chinese central bank revealed that the authorities are conducting an inspection of Bitcoin exchanges in China. It is focused on whether they went beyond the authorised scope of the market, whether or not they have a license to carry out credit, payment, exchange and other related business, as well as whether there is any market manipulation, 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.
This latest move confirms what Bobby Lee, the CEO of BTCC, told Finance Magnates at the time - halting leveraged trading was just one of many more possible tweaks to the service to come, as the exchanges are trying to adapt to the demands of the regulators, while nothing official has been decided yet.