On October 23, BTCChina, the largest Bitcoin trading platform in China, has updated an announcement that It will close the foreign exchange operations and stop
To speed up its closure, BTCChina will adjust the withdrawal transaction fees to remind and urge users to withdraw as soon as possible.
Until Oct. 25, the platform will remain with the previous standards of withdrawal transaction fees:
- Transaction withdrawal fee for BTC: 0, 0015 BTC;
- LTC withdrawal transaction fee: 0.001 LTC;
- ETH withdrawal transaction fee: 0.01 ETH;
- BCC Withdrawn Transaction Fee: 0,0005 BCC
Beginning October 25, the new withdrawal transaction fee standards will be activated:
- Withdrawal tr transaction fee for BTC: 0.0045 BTC;
- Withdrawal Commission for LTC: 0.003 LTC
- Withdrawal Commission for ETH: 0.03 ETH;
- Withdrawal commission for BCC: 0.0015 BCC.
After October 30, the platform is very likely to stop online withdrawals service. By announcing the increase in withdrawal transaction fees in advance, BTCChina wants to check and return all the money on time.
With the final date, the biggest Bitcoin trading platform is to say goodbye to its users and the market.
The work of checking and returning funds is the last step in closing BTCChina. On September 27, the platform ceased accepting CNY and Digital Asset deposits. On September 30, he stopped accepting fiat and cryptocurrencies and closed all the trading features on BTCChina Exchange.
In addition to BTCChina, other Chinese Bitcoin trading platforms like OKCoin and Huobi have also announced that they will close the CNY market based on the announcement of the "Seven Regulators" Previously published by the Regulators
However, although the Chinese government currently prohibits the trade of Bitcoin, the government did not consider it absolutely illegal. Some researchers believe that this means that the Chinese government could release the Bitcoin trade under certain circumstances in the future.
When the regulatory system is completed, the Chinese government could reopen the door for Bitcoin.
Huobi and OKCoin said that they would continue to communicate with regulators and would try to recover the CNY trading market in the future.