Major Exchanges Restart Bitcoin and Litecoin Withdrawals
On June 1st, leading cryptocurrency exchange Huobi resumed Bitcoin and Litecoin withdrawals. This followed OKCoin's announcement on May 31st evening about reopening BTC/LTC withdrawals with daily limits per user. According to Reuters, BTCChina CEO Bobby Lee confirmed they've begun testing withdrawal functionality after upgrading their KYC and AML systems.
Key Development: This marks the first withdrawal resumption by China's top three exchanges since January's regulatory crackdown.
Phased Withdrawal Restoration
Exchange representatives clarified:
- OKCoin is currently in a "trial operation" phase
- BTCChina and OKCoin enforce a 10-BTC daily withdrawal limit
- Systems are being restored gradually with enhanced compliance measures
Regulatory Timeline
January Crackdown
Jan 11: PBOC launched on-site inspections at major exchanges including BTCChina, Huobi, and OKCoin
- Focus areas: Business scope, financial licenses, market manipulation, AML compliance, and fund security
- Joint检查组 (inspection teams) examined foreign exchange and anti-money laundering regulations
February Freeze
Feb 9: PBOC mandated exchanges to:
- Cease margin trading services
- Strengthen anti-money laundering protocols
- All major platforms suspended withdrawals for system upgrades
Core Keywords
- Bitcoin withdrawals
- Cryptocurrency exchange
- AML compliance
- PBOC regulations
- Huobi
- OKCoin
- BTCChina
- Digital asset trading
FAQ Section
Q: Why did Chinese exchanges freeze withdrawals?
A: Due to PBOC's regulatory requirements focusing on AML compliance and preventing financial risks.
Q: When will withdrawals fully normalize?
A: Exchanges are implementing phased restorations with daily limits - full functionality depends on regulatory approval.
Q: What changed in exchanges' systems?
A: Upgraded KYC procedures, enhanced AML protocols, and stricter withdrawal monitoring systems.
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Industry observers note this development signals cautious progress in China's cryptocurrency regulatory framework, with exchanges demonstrating improved compliance capabilities.