Chinese crypto-instruments from tomorrow are closed; what does it mean?31st October 2017
In less than 24 hours, the Chinese stock exchanges will officially stop trading. Against the backdrop of rumors that the ban will be canceled, peer-to-peer sites offering crypto-currency trading services are opened in the country. Given the rise in the cost of bitcoins to $ 6000, the events of tomorrow can have a significant impact on all markets.
In this Halloween merchants crypto currency fear the Chinese events more than ghosts and witches. Even considering that bitcoin has reached yet another all-time high (this time over $ 6,000), there is uncertainty in the market, due to the fact that on October 31, 2017, Chinese stock exchanges cease trading as required by Chinese regulators. ETHNews provided a report on the events at the largest exchanges in China – Huobi, BTCChina and OKCoin.
Today in the announcement on the site Huobi explained that she “will stop trading CNY at 24:00 on October 31, 2017 (GMT +8)”. CNY is an abbreviation of the Chinese yuan. Since September 15, 2017, Huobi has stopped registering new users, as well as deposit services – immediately after receiving the appropriate instruction from the NBK regulator.
According to today’s release, users of Huobi will still be able to withdraw their yuan from the site “at any time after the completion of work.” Despite the fact that the trade is coming to an end, Huobi offers “free storage service for digital assets for all users.”
With the close of Huobi, the pair BCC / USDT and ETC / USDT started trading on the Huobi Pro site. Launched in July 2017, Huobi Pro was exclusively engaged in crypto-currency trading, while Huobi focused on exchanging Fiat / Crypto.
Earlier today, this global event was reported as follows:
“Huobi launches over-the-counter peer-to-peer trading in an effort to continue to support global exchange of currency and digital assets.”
It is unclear whether it is a question of the Huobi Pro service described above, but the fact is that over-the-counter trade in crypto currency obviously becomes more popular in China.
According to Coin.dance, the weekly volume of bitcoin exchange in China remains extremely high in cryptocurrency trading. The volume of the last week through physical ATMs amounted to about 80 million yuan (12 million dollars), and this week this figure was 65 million yuan (9.7 million dollars) to the current moment.
At BTCChina, another major China Stock Exchange, users were unable to withdraw funds from their accounts as of October 30, 2017, until 12:00 Beijing time. As previously reported, BTCChina chose the end of trading on September 30, 2017.
Like Huobi, OKCoin will stop trading tomorrow, however, it seems, the story does not end there. Late in the evening, CnLedger, a popular publication covering events around crypto currency and blockbuster in China, wrote in its Twitter journal about the opening of a new P2P bitcoin platform called OKEx.
“OkEx (and, most likely, Huobi Pro) will soon launch P2P bitcoin trading with the support of various financial currencies.”
In responses to users, cnLedger noted that OKEx is registered outside of China and claims to support CNY, as well as USD and JPY (Japanese yen). Several Twitter users asked about the differences between P2P OTC and stock trading. CnLedger explained that peer-to-peer platforms are not as convenient as exchanges, and less secure due to a large influx of scammers.
“But it’s still much better than nothing,” the publication reassures readers.