BTCChina, one of the three largest Chinese Bitcoin exchanges, announced today a new upgrade to its anti-money laundering and illicit activity tracking procedures. The exchange also extended delays on bitcoin and litecoin withdrawals from the initial 72-hour period:
“Initially, we estimated that withdrawals will be delayed by 72 hours, but we have now revised this estimate to roughly 10 days.”Additionally, BTCC said the amount of digital currency existing customers will be able to withdraw during the upgrade phase may be limited, “Bitcoin and litecoin withdrawal times will return to normal once the inspection and verification system has been upgraded.,” said BTCC.
The other two big Chinese exchanges - Huobi and OKCoin - also halted LTC & BTC withdrawals in light of PBoC’s recent statement concerning regulatory breaches at all cryptocurrency trading venues domiciled in China.
Unlike BTCC, Huobi and OKCoin halted withdrawals for up to one month as new procedures are being put in place to comply with demands by PBoC regulators.
Over the past two days, smaller exchanges like Yunbi, BTCTrade and CHBTC, have also announced similar upgrades.