China’s major Exchanges officially begin to Charge 0.2% Transaction fees

The long-anticipated move of charging transaction fees for China’s BTCC, OKcoin and Huobi as the responses to PBOC’s requirement to eliminate margin trading service has been officially confirmed by the exchanges today.

The official site of Okcoin:

 

Dear clients:

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.

Details:

  1. Service fees of transaction will be based a certain rate. RMB will be charged when selling while Bitcoin or Litecoin will be charged will buying.
  2. Service fees apply for both voluntary and passive transactions.
  3. The rate is 0.2% of the trading volume.

Tips: trading methods may need to be adjusted for API users.

OKcoin

January 22th 2017.

The offical site of Huobi:

Dear users:

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017.

Details:

  1. Service fees of transaction will be based a certain rate. RMB will be charged when selling while Bitcoin or Litecoin will be charged will buying.
  2. Service fees apply for 2-direction transactions
  3. The rate is 0.2% of the trading volume.

Huobi

January 22th 2017.

The official site of BTCC: 

To confine speculation and avoid drastic fluctuation of Bitcoin price, Okcoin will begin to charge service fees for transactions from10:00 am, January 24th, 2017 Beijing time.

Details:

  1. Service fees of transaction will be based a certain rate. RMB will be charged when selling while Bitcoin or Litecoin will be charged will buying.
  2. Service fees apply for both voluntary and passive transactions.
  3. The rate is 0.2% of the trading volume.

 

BTCC

January 22th 2017.

8btc has long predicted that PBOC’s inspection of the exchanges mainly focuses on uphold financial stability which might be hindered by the Bitcoin price’s volatility which is mainly attributed to fake trading volume and large-scale margin trading. The suspension of margin trading service and the move to charge service fees are apparently the prompt responses to PBOC’s requirement/

Another focus of PBOC is whether exchanges are following the anti-money laundry law. It is highly likely the next move for PBOC is to require exchanges to build complete internal control systems as an important part efforts to combat money laundry.And again, possibility that exchange are suspended until they comply all the regulations can not be excluded.

See our articles  Why PBoC’s Inspection of Exchanges Matters for Bitcoin Trading to be Better and  Analysis: PBOC Possible Stepping in as a Third-party Custodian for Bitcoin Exchanges is Good news as 8btc’s view on PBOC ‘s move.

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