Most people are well aware of the issues affecting Chinese cryptocurrency exchanges. Withdrawals have been unavailable for quite some time now. Luckily, it seems things are finally getting back on track for most platforms. Both OKCoin and BTCC are effectively resuming cryptocurrency withdrawals. Users can apply for higher daily limits as well. This is good news for Bitcoin in general, and the price has gone up ever since these services resumed.
BTCC Is Getting Back In The Game
A lot of Chinese cryptocurrency traders are pleased withdrawals are available again. It has taken most exchanges several months to provide this service. Earlier this year, the PBoC intervened and told exchanges they need to step up their AML requirements. As a result, cryptocurrency withdrawals were halted indefinitely. This did not bode well for Bitcoin and other cryptocurrencies.
It now appears the long wait is over. BTCC and OKCoin have reinstated the cryptocurrency withdrawal option. Users will need to adhere to specific limits, though. However, it is possible to increase limits through an application process. One Reddit user claims this process takes about 20 minutes, which is not too bad. This application process puts the user at a 20 Bitcoin withdrawal limit per day.
It is good to see Chinese exchanges resuming their regular operations. Not all of the platforms in the country have reinstated withdrawals, though. Slowly but surely, these platforms are getting back to operating at full strength. Interestingly enough, this news has allowed the Bitcoin price to go up in value once again. An intriguing turn of events, to say the least. It is unclear what this means for the long-term though.
The bigger question is whether or not China can reclaim its status as cryptocurrency powerhouse. Before the AML investigations, Chinese exchanges dominated the landscape in trading volume. Ever since, they have been surpassed by Japanese and Korean platforms. If China can compete with those platforms based on volume, things will get very interesting for Bitcoin. An exciting future lies ahead, that much is evident.