Bitcoin Exchange BTCC Sets Deadline for Yuan Withdrawals
China's oldest bitcoin exchange has released new details on how it will end yuan trading following a crackdown by the domestic government.
Cryptocurrency exchange provider BTCC told its China-based users today that they must withdraw funds by October 30th ahead of a previously announced shutdown of services.
In a new blog post, BTCC affirmed it will no longer accept yuan or cryptocurrency deposits as of 12 p.m. local time on September 27. Withdrawals will be available until 12 p.m. local time on October 30 and will be completed within 72 hours of being requested, according to the post.
"If the user does not wish to retain the digital assets, please redeem it for [yuan] as soon as possible," the post explained.
The exchange, the country's oldest, first announced it would halt trading on September 30 following an alleged, though not exactly confirmed, directive from the Chinese government. Huobi and OKCoin – two of China's "Big Three" exchanges – are also moving to stop yuan trading by the end of October.
Nonetheless, BTCC appears to be taking the most active steps in winding down trading – indicating it would stop cryptocurrency deposits at a time when Huobi and OKCoin say they aim to continue crypto-to-crypto trading.
BTCC went on to add that its other domestic services, including its mining pool, are not affected by the announcement.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BTCC.
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