OKCoin and Huobi Move to End China's Bitcoin Withdrawal Freeze

China's major bitcoin exchanges are bringing withdrawals back online.

AccessTimeIconMay 31, 2017 at 7:00 p.m. UTC
Updated Sep 11, 2021 at 1:24 p.m. UTC

Signs are emerging that a long-lasting withdrawal freeze in China's bitcoin exchange ecosystem is finally thawing.

A representative for has OKCoin confirmed a report today that withdrawals had resumed at the exchange, one of the largest in the world by volume. The spokesperson added, however, that withdrawals would be contingent on passing a verification requirement and prescribing to a $1m annual limit.

Still, signs suggest that OKCoin won't be alone in resuming operations.

According to a representative for the exchange, withdrawals could be opened at Huobi as soon as tomorrow. The representative also confirmed that OKCoin's withdrawals were being reactivated.

At press time, it remains unclear if fellow bitcoin exchange BTCC is on the cusp of resuming withdrawals as well. A representative for the startup did not immediately respond to a request for comment.

Nonetheless, sources say the sudden change is the result of a thawing of sentiment at the People's Bank of China, which has been increasingly active on blockchain R&D and more understanding of bitcoin's role in the larger technology industry.

The exchange freeze, put in place amid an escalating price at the start of the year, has so far lasted for months, after China's exchanges – following warnings from regulators, including the People's Bank of China – froze withdrawals and began overhauling their systems.

Those upgrades were said to be completed in March.

Pete Rizzo contributed reporting.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BTCC. 

Flags image via Shutterstock


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