China’s new regulations for Bitcoin exchanges are a PITA

China's new regulations for Bitcoin exchanges are a PITA
JISHOU, HUNAN — If you’re not into Bitcoin, you may safely skip this post. Otherwise, read on to learn of my frustrations in complying with China’s new requirements for Bitcoin exchange users. I have accounts with two Chinese Bitcoin exchanges, and previously had no issues at all registering those accounts and submitting orders using my Chinese bank cards. But national banking regulators have recently compelled the exchanges to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, ostensibly to protect customers and cut off possible criminal activity, but mostly to restrict capital flight. Over the weekend, Bitcoin prices had dipped into the $900 range, and I was betting that they would bounce back. Assuming that these new KYC/AML regulations were not yet in effect, I made a 500 RMB ($73) deposit to my account. And nothing happened. Huobi did not credit the deposit to my account. Yesterday, customer service informed me that I had to upload a photo of my passport and a photo of me holding the passport next to my face. So I did that. Several times. Each time, there was an error message. First, I got “the image is not clear,” so I submitted ...
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