The People’s Bank of China, the PBOC, has recently begun to regulate the Bitcoin exchanges. Now a surprising model emerges, as the stock exchanges have to determine the identity of their customers. At the same time, the first exchange will start asking its customers about the origin and the purpose of the funds.
After the first talks with the major Chinese exchanges in China, the PBOC had to take these discriminatory measures to ensure that they comply with the requirements of the PBOP. The major Chinese exchanges Huobi, OKCoin and BTCChina have temporarily stopped all Bitcoin payments from the customers. Actually, the lock should only last 30 days; But now it was extended indefinitely. As long as the stock exchanges have done all that the PBOC demands.
A strict anti-money laundering regime also belongs to the regulation of exchanges. According to a tweet by @cnledger, the PBOC is currently discussing a draft with the stock exchanges, according to which they have to examine the identity of their customers in physical presence, as far as amounts of more than 50,000 yuan (almost 10,000 euros) are concerned. Otherwise the exchanges should identify the identity of the customers by video ident.
So far this rule is just a suggestion, and @cnledger notes that it is still under discussion: “No stock market in other countries asks customers to travel so far to be personally identifiable.” Should this rule come into force, The stock exchanges in all major cities would have to open stores for identification – which would also be good again, cnledger: “Excellent for face-2-face advertising”. If this is implemented, so cnledger, it would probably be possible again to pay Bitcoins from the exchanges.
In addition to this information, cnledger also publishes a translation of an e-mail from Huobi to a customer.
BREAKING: Chinese #bitcoin exchanges asking detailed explanations/proof of customers’ fund sources & withdraw destinations.(unconfirmed yet) pic.twitter.com/Ozjt3l8H8j
— cnLedger (@cnLedger) March 21, 2017
In this e-mail, Huobi asks for information about the origin of the credit balances and the determination of withdrawals. This is the customer’s screen shots with which bank transactions he has uploaded his account at Huobi, explain where the credit comes from, and if possible, document further documents.
Furthermore, the customer should explain to Huobi where he assigns Bitcoins. With a screenshot, he is to prove that he assigns bitcoins, for example, to his own wallet or to the wallet of another platform. The information submitted by the customer will be communicated to the national supervisory authorities, where they are archived as proof.
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