Bitcoin Exchanges in China Ask Users For Funds Information

Bitcoin Exchanges in China Ask Users For Funds Information

Chinese Bitcoin exchanges have started to demand customers to offer specific information at the origin of their finances and the way they intend to use the finances they gather. customers of Bitcoin exchanges in China via the People’s Bank of China for weak Know Your Customer and Anti-money Laundering were requested to specify the origins of their finances, bank transfer information of transferring finances from a valid bank to Bitcoin exchange, explanation on the transfer and finally, in which the money is transferred to.


However, China’s Bitcoin exchanges will rapidly re-permit Bitcoin withdrawals after a month-long pause.

cnLedger published in Twitter:

“With this step, we assume #bitcoin withdraws from main exchanges become available soon.”

In a letter from one Bitcoin famous exchange, Huobi, translated by local information resource cnLedger, reference is made to Anti-money Laundering policies by authorities departments as the root motivation for requesting the information.

The letter states:

“According to Anti-money Laundering policies by government departments which includes the central bank and China Banking Regulatory commission, you are required to offer clarification of the sources of your finances, and the destinations of the crypto-coins you withdraw.”

In a curious measure in terms of protection, customers appear to be required to turn over exchange login details as part of the procedure. In terms of withdrawal destinations, financial institution account information need to be supplied, along with explanations of the sources of the finances transferred and relevant proof, which could back up. cnLedger stresses the data is as yet unconfirmed.


In step with the CNLedger group, customers are officially required to submit these 4 documents with a purpose to trade with any Bitcoin exchanges within the Chinese marketplace. these necessities are in part of the People’s Bank of China’s new know your consumer and Anti-money Laundering systems drafted for Bitcoin exchanges. CNLedger also mentioned that just after these Know Your Customer and Anti-money Laundering regulations were introduced to Huobi and OKCoin were they able to function again. Since the document has been sent out to their customers, CNLedger noted that Huobi and OKCoin would release consumer finances and permit customers and investors to withdraw their finances again.

Bitcoin traders in China have renewed buying and selling activities on opportunity assets, which includes LocalBitcoins during the last week ahead of probably regulatory movements. LocalBitcoins trading remains unregulated in China, the marketplace setting constant new highs week on week in the seven days to March 18, transferring over 60 million Yuan.

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