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Report: China's major bitcoin exchanges to resume bitcoin withdrawals after halt

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Report: China's major bitcoin exchanges to resume bitcoin withdrawals after halt

Major bitcoin exchanges in China, including OkCoin, BTCChina and Huobi, have decided to resume bitcoin withdrawals following a four-month halt and increased scrutiny imposed by the central bank, Reuters reported June 1.

Two industry sources told Reuters that OkCoin had resumed bitcoin withdrawals, while an OkCoin spokeswoman declined to comment. The decision to resume withdrawals was taken after the central bank indicated that withdrawals were not banned, one of the industry sources said. Customers of BTCChina and OkCoin were allowed to withdraw a maximum of 10 bitcoins a day, the source said.

However, the person added that it remained unclear when more formal regulation of the industry would be issued.

In addition, BTCChina has started "testing" withdrawals after upgrading its know your customer and anti-money laundering systems, according to a statement from Bobby Lee, the exchange's CEO.

Meanwhile, Huobi is expected to resume withdrawals June 1, the news outlet cited a statement from Huobi as saying.

The exchanges suspended withdrawals of the cryptocurrency in early February in response to warnings issued by the central bank. The exchanges were warned that they would face the risk of being shut down if they are found to be violating rules on foreign exchange management, money laundering, and payment and settlement.