Market Shift Towards Altcoins
Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and other altcoins have surged in value, with trading activity increasing significantly. This has led to a noticeable decline in Bitcoin's dominance within the cryptocurrency market share.
Resumption of Withdrawals
Following the suspension of withdrawals in February, China's three major Bitcoin exchanges—OKCoin, Bitcoin China, and Huobi—have now fully reinstated withdrawal services.
Key Details:
- Platforms quietly resumed withdrawals without official announcements.
- Upgraded anti-money laundering (AML) systems are now in place to comply with regulatory requirements.
- Earlier this year, Chinese authorities mandated stricter AML, foreign exchange, and payment regulations for crypto platforms.
Regulatory Background
In 2017, the People’s Bank of China (PBOC) enforced rules prohibiting:
❌ Financial services like margin trading
❌ Money laundering activities
❌ Violations of foreign exchange/payment laws
FAQs
Why did Bitcoin exchanges suspend withdrawals earlier?
Exchanges paused withdrawals to upgrade AML systems and align with China’s stricter cryptocurrency regulations.
Which altcoins are outperforming Bitcoin?
Ethereum, Ripple, and Litecoin have shown significant price rallies and increased trading volumes.
Are withdrawals fully operational now?
Yes, OKCoin, Bitcoin China, and Huobi have confirmed the resumption of withdrawal services.
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