Chinese Bitcoin Exchange BTCC Stops Withdrawals for a Month

Major Chinese exchange BTCChina has announced the suspension of bitcoin and litecoin withdrawals. In effect, all of China’s ‘big 3’ bitcoin exchanges have now enforced a month-long suspension of cryptocurrency withdrawals.

The suspension will last until March 15th as the exchange underlines the move as a compliance measure after the central bank’s crackdown against bitcoin exchanges in the country continues.

In an announcement on its homepage, the bitcoin exchange underlines the same reasons offered by the two other major exchanges in OkCoin and Huobi, both of whom suspended withdrawals a week ago. BTCChina says it is upgrading its customer verification system in adherence to the anti-money laundering norms enforced by the People’s Bank of China (PBoC) upon the bitcoin trading industry. BTCChina adds that the suspension will be lifted if the system upgrade is completed before the 30-day period.

When reached for comment, BTCChina shared its customer circular to offer more details of the suspension.

BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal

Read more ... source: TheBitcoinNews

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