Bitcoin withdrawal services are gradually resuming across major Chinese trading platforms after a nearly four-month suspension.
Key Platforms Restart Services
Three leading Bitcoin exchanges—OKcoin, Huobi, and Bitcoin China—began trial operations for Bitcoin withdrawals on May 31, 2017. According to an OKcoin representative, this decision resulted from industry consensus rather than explicit regulatory approval.
Background: Regulatory Scrutiny
The suspension originated from:
- January 2017: Central bank inspections of domestic Bitcoin platforms
- February 8: Regulatory meetings with nine Beijing-based exchanges
- March 8: Extended suspension announcements citing anti-money laundering (AML) compliance needs
OKcoin clarified that the pause was proactive—a coordinated industry effort to strengthen AML systems while maintaining communication with regulators.
New Withdrawal Parameters
Current trial features:
- OKcoin: 20 BTC daily maximum per transaction
- Huobi: 50 daily transactions (max 50 BTC each)
Platforms have implemented upgraded systems including:
- Enhanced customer identification
- Stricter fund source verification
- Improved AML protocols
- Suspicious activity reporting mechanisms
User Verification Requirements
Mandatory steps for high-volume accounts:
- Submit government-issued ID
- Complete video authentication
- Link verified bank card and phone number
Market Response
Post-resumption trends:
- 8% price surge over two days
- Trading range: ¥17,190–¥17,366
Frequently Asked Questions
Q: Is this a full regulatory approval?
A: No—this remains an industry-coordinated trial pending official authorization.
Q: How long will withdrawal limits last?
A: Duration depends on regulatory evaluations and platform announcements.
Q: What triggered the price increase?
A: Renewed investor confidence following improved AML transparency.
Q: Are other cryptocurrencies affected?
A: Current measures specifically address Bitcoin transactions.
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The industry continues refining AML processes while monitoring regulatory developments. Users should consult official platform notices for updates.