With BTCChina Ready to Stop Withdrawals, China Bitcoin Gates are Closing

On Oct. 23, BTCChina, the largest Bitcoin trading platform in China, has updated an announcement that it will shut down the exchange business and stop providing withdrawal services on Oct. 30.

For speeding up its shutdown, BTCChina is going to adjust the withdrawal transaction fee to remind and urge users to withdraw as soon as possible.

Until Oct. 25, the platform will remain with the previous withdrawal transaction fee standards:

  • Withdrawal transaction fee for BTC: 0.0015 BTC;
  • Withdrawal transaction fee for LTC: 0.001 LTC;
  • Withdrawal transaction fee for ETH: 0.01 ETH;
  • Withdrawal transaction fee for BCC: 0.0005 BCC.

Start on Oct. 25, new withdrawal transaction fee standards will be activated:

  • Withdrawal transaction fee for BTC: 0.0045 BTC;
  • Withdrawal transaction fee for LTC: 0.003 LTC;
  • Withdrawal transaction fee for ETH: 0.03 ETH;
  • Withdrawal transaction fee for BCC: 0.0015 BCC.

After Oct. 30, the platform is very likely to stop the service of online withdrawals. By announcing the increase in withdrawal transaction fees beforehand, BTCChina wants to check out and return all money on time.

With the final date coming, the largest Bitcoin trading platform is to say goodbye to its users and the market.

The job of checking on and returning funds is the last step of BTCChina’s shut down. On Sep. 27, the platform stopped accepting CNY and Digital Asset deposits. On Sep. 30, it stopped accepting fiat and cryptocurrencies and shut down all trading functionality on BTCChina Exchange.

Besides BTCChina, other Bitcoin Chinese trading platforms like OKCoin and Huobi have also announced that they will close CNY trading market based on the “Seven Regulatory Bodies” Announcement issued before by the regulators.

Hopes

However, though the Chinese government currently bans Bitcoin trading, the government didn't consider it absolutely illegal. Some scholars believe that this means that Chinese government might free Bitcoin trading under certain circumstances in the future.

When the regulation system is complete, the Chinese government might reopen the gate for Bitcoin.

Additionally, both Huobi and OKCoin stated that they would keep communicating with regulators and try to recover CNY trading market in the future.


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