Another Chinese bitcoin exchange has been forced to make several changes as the People’s Bank of China (PBoC) continues its crackdown in the digital currency space.
Shenzhen-based bitcoin marketplace BitKan is the latest platform to announce that it will halt new registration as the company upgrades its anti-money laundering (AML) checks. The exchange, which supports currencies like yuan, rubles and U.S. dollar, also suspended over-the counter (OTC) trades for 72 hours for users who registered last Feb. 13. Those who opened an account with BitKan before that date will not be affected, according to the company.
The company plans to make some changes to its anti-fraud and AML procedures, a process that can take up to 30 days. This, in turn, means that the company will not accept new registrations until the changes have been implemented.
BitKan is the latest domestic bitcoin company to adhere to the new guidelines set by the Chinese central bank. This week, bitcoin mining company HaoBTC announced that it is closing its exchange operation “given the fact that the prospect of a regulatory policy for a bitcoin exchange isn’t clear yet.”
China’s so-called “Big 3” exchanges—Huobi, OKCoin and BTC China—also halted bitcoin and litecoin withdrawals while they undergo an upgrade to fight “money laundering, exchange, pyramid schemes and other illegal activities.”
Impossible to kill bitcoin
The central bank may force bitcoin companies to make changes, but a former PBoC executive admits it’s impossible to kill the popular digital currency.
“Bitcoin was built on a platform without national boundaries. If you want to kill bitcoin, it will be an impossible task. So, it will continue to exist. What’s important now is that we should properly regulate it,” former PBoC Governor L H Li said in an interview with state broadcaster CCTV.
Current bitcoin price
Bitcoin continues to fly above $1,000 level, trading at $1,010.22 early Wednesday morning.
