Bitcoin Markets Recover as More Exchanges in China Cease Operations

As per the recent blog posts from two of the major Chinese bitcoin exchanges, Okcoin and Huobi will also be ceasing their operations on 31st October. At the same time, the bitcoin markets across the different regions of the world have recovered to the range of $3,640 after these announcements.

The majority of the bitcoiners had been awaiting the announcement from these two major Chinese exchanges: Huobi & Okcoin about their closing the operations. On 15th September, a reputed financial publication of China named Caixin unveiled that these two exchanges might stay open and resume their operations for longer. This was because the exchanges had a lot of users and the companies did not even participate in the ICO process. After this story on 15th September at 9:30pm, both the exchange parties announced that they would putting an end to their trading operations on 31st October. The blog posts released by both the companies are almost identical.

The announcement of both the Okcoin and Huobi explains that on 30th September, they will inform all their users about the stopping of their trading services, then, on 31st October, they would be gradually stopping all the digital asset exchanges that are associated with the RMB trading business.

The exchanges also mentioned the possibility of some waiting periods for the individuals who have more than 50,000 Yuan in the form of digital currency. In addition to this, refunds might take around 10-15 days to complete. Both the exchanges have already stopped accepting any new registrations. The individuals who are holding BCH (Bitcoin Cash) will be able to withdraw their funds by 20th September as explained by the trading platforms. To add to all the existing difficulties, both the exchanges are also asking for video verification by the users.

As per the anti-money laundering requirements in China, all bitcoin holders would still need to complete the video verification.
After the announcement made by these two major Chinese bitcoin exchanges, the price of bitcoin in the global markets have spiked in its value by reaching to a range of $3,640.