It has been a while since we received an update regarding Chinese exchanges. All major platforms suspended cryptocurrency withdrawals some time ago. It now appears OKCoin is one of the first to resume withdrawals, albeit with limitations. The Chinese version now allows BTC and CNY withdrawals and deposits. This is great news for cryptocurrency in general.
OKCoin is Getting Back on Track
Ever since the PBoC scrutinized Chinese exchanges, things have been in a state of flux. All major exchanges were forced to shut down cryptocurrency withdrawals. Conversions to Yuan would still be processed without delays. This move is a direct result of the new AML guidelines put in place by the PBoC. It now appears some companies are close to finalizing that process.
BREAKING: We received report that OKCoin (CN site) resumed withdraws!
W/d limit based on vip level, starting from 10BTC/200LTC/1000ETH daily— cnLedger (@cnLedger) May 31, 2017
More specifically, OKCoin.cn has resumed withdrawals in both, Ethereum, and Litecoin. There are still limits in place based on user level. In most cases, users can withdraw 10 BTC or 200 LTC or 1,000 ETH per day. Those are all small amounts, except for the Bitcoin one. It is a starting point, to say the least. It is unclear if users need to submit additional documentation to improve those limits.
Contrary to what some people expect, the Bitcoin price was not affected in a negative way. Instead, we see a healthy bitcoin price increase. One BTC is now valued at US$2,375, up from US$2.175 a day or two ago. It remains unclear if this sharp rise will lead to another sharp decline, though. Nothing is holding back a massive Bitcoin price growth right now. Chinese OKCoin users had months to sell their Bitcoin for CNY again. Anyone who expected a massive Bitcoin price drop is sorely disappointed right now.
It is quite interesting to see OKCoin get back on track at this time. A few days ago, the company announced they would support Ethereum trading as well. Many people assumed that news would send the ETH value skyrocketing. That has not happened either. Thanks to the increasing Bitcoin price, it is very likely Ethereum will lose some steam. An interesting development, that much is evident.
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