JISHOU, HUNAN — After five months of shutdowns, Chinese cryptocurrency exchanges have resumed Bitcoin and Litecoin withdrawals, meaning I could finally move the coins I’ve had at Huobi.com since February to my other wallets.
Chinese regulators forced BTCChina, Huobi and OKCoin to halt the withdrawals (but not Chinese yuan withdrawals) in January, pending “investigations.” Basically, it boiled down to the government telling the exchanges to tighten ship, monitor who was moving money through the exchanges, and add policies to limit margin trading and end fee-less trades.
Resumption of Bitcoin and Litecoin withdrawals comes a week after the three exchanges announced they would offer trading May 31 in Ethereum and Ethereum Classic — two of the hottest tokens in the markets. Interest in Ethereum has picked up in China, as I’ve mentioned before here.
Makes me wonder if the exchanges did some bargaining with the national regulators to allow the new trading platforms in exchange (pardon the pun) for complying with the new rules.
In any event, Bitcoin prices rose today over $2,400, perhaps in response to the Chinese exchanges regaining full integration with the world markets. The other two were also trading strongly today.
Also published on Medium.