Unsolved Mystery of the Cryptocurrency World: Has the PBOC Given the Green Light for Bitcoin Withdrawal?

Last Wednesday, Okcoin took the lead and announced that they would allow 20 bitcoins to be withdrawn per day. And followed by Okcoin, BTCC and Huobi resumed their bitcoin and litecoin withdrawals. As Chinese bitcoiners are buzzing about the withdrawal, they are all asking the same question: has the PBOC finally allowed the big three to do so?

Operators at Okcoin claims that it has nothing with the PBOC.

“After talking with other industrial players, we reached the consensus that it is a good timing to resume bitcoin withdrawal. Plus, the PBOC never asked us to suspend bitcoin services, we only did that to better fight money laundering.”

Such remarks have led to heated discussion in the Chinese bitcoin community.

In the following days, whenever I am using WeChat, there are discussions about it. Here I’d like to share some discussion at a bitcoin group where there are people from exchanges and banks who might know what’s behind the withdrawal.

“OKcoin says the PBOC hasn’t nodded his head yes!”

“What! Does this mean the PBOC could suspend it at any time?

“@Liao you must know some inside story, do you?”

“Wait a sec, I will ask my friend at the exchange to see what’s going on.”

“I remember that when the PBOC investigated, it asked us to suspend leverage trades for anti-money laundering and KYC compliance. And the PBOC mentioned something about suspending bitcoin withdrawals, but it’s not like“I’m telling you guys bitcoin withdrawals must be suspended right away!” I guess the big three would not be so bold as to challenge the authority.”

“But a friend of mine at bank told me that they are still working on detailed regulations.”

“Last night I talked with people at Shenzhen.”

“So? It is the PBOC or not!”

“It is the PBOC! It is what I got from my friends.”

“Then why none of the exchanges admit that?”

“Of course they would not do that. The PBOC said they never asked them to suspend bitcoin services, so if the big three say thing like the withdrawal is allowed by the PBOC, it would be like a slap in the PBOC’s face.”

“Yeah, I agree. it’s like to do PR for a celebrity.”

“But is it possible that withdrawals would be suspended again?”

“It’s all the same. Now a withdrawal request would not be confirmed unless you pay 1000 yuan to make it faster.”

That’s true. There are posts complaining this all over 8btc(the largest bitcoin forum in China).

“It’s been five days! Still not confirmed!”

“Failed to withdraw! How about you people?”


“Already withdrew several times and now transactions cannot be confirmed!?”

So, what do you think? Has the PBOC given the green light for Bitcoin withdrawals?


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