BTC China Halts Yuan Deposits from Bank of China

Chinese exchanges have suffered major setbacks recently after banks finally responded to repeated directives from the PBOC.

May 6, 2014 at 10:15 a.m. UTC
Updated Sep 11, 2021 at 10:44 a.m. UTC

BTC China announced to its English-speaking users via Twitter today that it has suspended yuan (RMB) deposits from the Bank of China.

In its second such announcement since 26th April the exchange said in a (since-removed) tweet:

— BTC China (@btcchina) May 6, 2014

Chinese exchanges have suffered major setbacks recently after banks finally responded to repeated directives from the People's Bank of China (PBOC) – China's central bank – and shuttered all relationships with bitcoin businesses.

All are said to be looking for new business opportunities after seeing trade volumes plummet.

Bank forces closures

Some smaller exchanges have shut down their businesses altogether, including FXBTC and the boutique exchange Linkcoin.

Both exchanges cited central bank policy as the reason for shutting down, acknowledging they could not stay in business without banking access.

Linkcoin, which reportedly had only a handful of customers, posted the following statement:

"May 1st announcement: due to policy reasons the deposit channel is blocked – our site will be closed on May 11th. Users please withdraw your RMB and cryptocurrency. If you still have assets after the 11th our website [sic] you can contact us to process it manually.

We will keep the contact channel active for one month, if there is any policy change we don't deny the possibility of bringing our website back online."

In further news, CoinDesk reported earlier today that CEOs of five major Chinese bitcoin exchanges have withdrawn from this weekend’s Global Bitcoin Summit in Beijing, also in relation to central bank restrictions on bitcoin activity.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Crypto Asset Managers Chase Yield With New Investment Products

A cocktail of high inflation and cash-hungry crypto firms are prompting fund issuers like Bitwise and 21Shares to get creative.

A cocktail of high inflation and cash-hungry crypto firms are prompting fund issuers like Bitwise and 21Shares to get creative.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Bitcoin Dominates but Altcoins Lurk

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

CoinDesk - Unknown
3
CoinDesk - Unknown
NEAR Protocol

CoinDesk - Unknown
4
CoinDesk - Unknown
MOBOX

CoinDesk - Unknown