Feeds

China's Bitcoin exchanges begin pulling down the shutters

PBOC crackdown taking effect

Internet Security Threat Report 2014

The Chinese central bank's Bitcoin crackdown, first signalled in December 2013, is coming to fruition as the middle kingdom's Bitcoin exchanges begin halting withdrawals.

The FXBTC exchange has posted a notice saying that it received the instruction by telephone as part of the central bank's “Bitcoin risk prevention work”, adding that commercial banks and third-party payment institutions have been told they “may not provide clearing services of Bitcoin businesses.”

FXBTC's notice, here (in Chinese), says it decided as of April 3 to “no longer deal with bank recharge after Sunday, [and] suspend bank card withdrawals”.

Exchange BTC38 has reported similar instructions here (also in Chinese), and has decided to suspend third-party payment and bank card recharges. The exchange reassures users that it has assets greater than its customers' Bitcoin reserve: the suspension, it says, won't risk the loss of users' funds.

The People’s Bank of China (PBOC) began its crackdown last December and followed that up with specific orders at the end of March. ®

Internet Security Threat Report 2014

More from The Register

next story
George Clooney, WikiLeaks' lawyer wife hand out burner phones to wedding guests
Day 4: 'News'-papers STILL rammed with Clooney nuptials
Shellshock: 'Larger scale attack' on its way, warn securo-bods
Not just web servers under threat - though TENS of THOUSANDS have been hit
Apple's new iPhone 6 vulnerable to last year's TouchID fingerprint hack
But unsophisticated thieves need not attempt this trick
PEAK IPV4? Global IPv6 traffic is growing, DDoS dying, says Akamai
First time the cache network has seen drop in use of 32-bit-wide IP addresses
Oracle SHELLSHOCKER - data titan lists unpatchables
Database kingpin lists 32 products that can't be patched (yet) as GNU fixes second vuln
Researchers tell black hats: 'YOU'RE SOOO PREDICTABLE'
Want to register that domain? We're way ahead of you.
Stunned by Shellshock Bash bug? Patch all you can – or be punished
UK data watchdog rolls up its sleeves, polishes truncheon
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.