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BTC · 48w

Chinese Bitcoin Exchanges Will Likely Not Be Banned After All

to operate within the country.

According to Bitcoin.com, many regional news publications have also stated that the ban will only apply to fraudulent projects and exchanges that are not on par with industry standards and regulations. Leading exchanges like Huobi, OKCOin and BTCC, the three largest bitcoin exchanges in China, will likely be eligible to file for a license if and when the Chinese government officially introduces its new set of regulations for the bitcoin and cryptocurrency exchange markets.

NIFA, PBoC, local financial regulators and regional news publications have clarified that bitcoin is not illegal and that the government is planning on providing a licensing program for bitcoin exchanges in the upcoming months. Several bitcoin exchanges that are not eligible for licensing due to poor Anti-Money Laundering (AML) and Know Your Customer (KYC) systems and a failure to comply with existing regulations could face temporary suspensions.

However, as of now, Chinese financial regulators are focusing on providing stricter regulation and licensing programs to exchanges, not imposing a nationwide ban on bitcoin exchanges.

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