The main domestic Bitcoin trading platform at a glance

No regulatory communication, did not see red issued, a bank salesman notice, Bank recharge Channel Stop, this is the current Chinese Bitcoin trading platform facing regulatory dilemma.

"We want to be regulated, but there is no regulatory authority to contact us. We received a telephone call from the Customer Manager of China Merchants Bank on April 28, asking us to go to the business outlets of CMB. "China's largest currency trading platform Bitcoin Chinese CEO Li Qiyuan said.

From April 2 onwards, almost all the domestic Bitcoin trading platform, like Bitcoin China, received the bank's customers notice. In mid-March, the central bank issued a circular to the central Bank to branch offices on further strengthening the risk-prevention work of Bitcoin, which requires banks and third-party pay agencies to close all trading accounts in more than 10 domestic bitcoin platforms, according to the Caixin network.

The above-mentioned notice requires that all commercial banks and third-party payment agencies to close all accounts of these platforms, the deadline is April 15, this date is also known as the industry "415 deadline."

Li Qiyuan said Bitcoin China had never been notified of the Caixin report, nor had any regulatory authorities communicated with them. As far as he knows, the only red about bitcoin regulation is the circular issued last December by the central bank on guarding against Bitcoin risk.

A bit currency industry veteran told Sina Technology, as of May 1, almost all the domestic Bitcoin platform received a bank notice, stopped the bank card channel recharge. "This is the equivalent of a baby being cut off and suddenly entering a state of shock." Either explore other unusual channels to recharge, or wait for the platform's money to be slowly raised, and then die. ”

The tide of bankruptcy will be

With regulatory escalation, the Bitcoin platform has begun to fail individually. May 2, the bitcoin exchange FXBTC (www.fxbtc.com) suddenly announced closure, all the users QQ group are also dissolved. In the past few days, all customers cash and Bitcoin can not be mentioned, customer service response is a systematic reason.

In fact, FXBTC was also the first bit-currency platform to announce notification to a bank pin. April 2, FXBTC announced that the central bank issued a notice to require any commercial banks and third-party payment agencies for the bitcoin and other business to provide liquidation services, the closure of all Bitcoin-related Web site funds to account.

At that time, users questioned, FXBTC issued an emergency notice may be lying, deliberately exaggerated the extent of the impact, the closure of bank accounts may be due to FXBTC personal reasons. FXBTC quickly returned to the denial of lying, saying that the bank received a line of three administrative documents, according to the executive order to close the account.

Sina Science and technology from a FXBTC rights group to understand, FXBTC before the closure of the notice, said that the site will be open to May 10, to require users to the platform before the cash or Bitcoin proposed, but May 9, FXBTC has been unable to access, many users have not had time to withdraw money and currency , involving an amount of hundreds of thousands of yuan.

Sina technology to link up with a self-proclaimed FXBTC staff, he gave Sina science and technology a statement said, "due to the recent central bank policy, we are under unprecedented pressure, including the inability to recharge, resulting in the inability to operate properly, decision-making difficulties and other aspects of the problem." Faced with the long-term blockade of the central bank, we are now looking at nothing we can do, and after a long loss, we finally decided to stop operating FXBTC. ”

However, for the user cash withdrawal problem, the above person noncommittal. As of press, Sina technology can not contact FXBTC official customer service and legal representative Cai Dunhuang.

A senior person in the Bitcoin industry revealed that, in addition to FXBTC, there was also a recent announcement of the closure of an exchange called the AU Bitcoin, with many small trading platforms struggling, in name only, as bank channels ceased. He predicted that the Bitcoin trading platform would suffer a wave of bankruptcy, as users worried about the security of funds, the user will be a rapid loss of Taiwan.

Bypassing regulatory recharge

According to Sina Science and technology to domestic more than 10 bit currency trading platform investigation, after the bank channels stop, they recharge the way only three kinds: Recharge code recharge, cash recharge or overseas recharge.

Cash recharge is the most troublesome, to the user to the Bitcoin trading site of the office to pay cash, and recharge code is used most. Fire Money Network related responsible person revealed that they received the bank notice before the recharge code is ready to recharge, bank card channel a stop recharge code immediately opened.

However, recharge code channels and bank recharge channels exist the same risk, at any time may be stopped. According to the central bank's "notice on the prevention of bitcoin risks" issued last December, financial institutions and payment agencies are not allowed to buy or sell Bitcoin as central rivals, and should not directly or indirectly provide customers with other Bitcoin-related services.

Sina technology from the Bitcoin China official recharge page, they provide users with 10 ways to buy recharge code, but 6 of them are traded through Taobao.

Alipay as early as April 25 issued a notice, requiring any institution and individual shall not be Alipay for the transaction of money to recharge and cash transactions, purchase and sales of related transactions recharge codes and other activities, not through Alipay services to transfer related transactions funds. Once discovered, Alipay has the right to stop the service immediately.

Alipay said, is inventory sales bitcoin trading platform Recharge Code shop, verified will be banned. Sina technology using "bitcoin recharge Code" and other keywords from the Taobao search results of 0. But bitcoin China's recharge channels are using the "Recharge platform safe and convenient to account for 1000 yuan" and other obscure statements, evade the Taobao platform's key words supervision.

The fire money Net is simply to transfer the recharge to QQ, in the official page, there are two agents, Sina Science and technology to contact a "currency letter" of "Gold certification" agents, he told Sina technology recharge the way is "to the designated account remittance, transfer PostScript fill uid, receive money, to the user card number and password, User clicks Recharge Card recharge can.

However, the "letter" to Sina Technology is a private bank card number, not the company account. A senior Bitcoin investor told Sina Technology, now the various platforms on the use of such a private bank card remittance to recharge the way abound, this way so that money away from the company, not only can avoid tax, but also completely escaped the supervision.

Financing and currency increase risk

Tantoux (alias) is a senior player with 2 years experience in bitcoin trading, he was "like cheated," from investing in bitcoin to digging mines to building Bitcoin forums, and even building up a small trading platform with friends for a while, after learning a lot about the Bitcoin platform.

He told Sina technology that the Bitcoin trading platform was initially profitable by charging transaction fees, such as the transaction fee rate at which bitcoin China initially bought and sold 0.6%. However, as the Bitcoin trading platform more and more fierce competition, transaction rates continue to decline, then the major platforms simply waive fees.

In bitcoin China, only a 0.5% fee is charged at present, and in the case of the currency, this rate can be lowered to 0.3% even if the user is high.

However, the network has a new way to make money: financing and currency. If the user determines the price of the bitcoin will rise, you can use the borrowing function to borrow renminbi to buy Bitcoin, and then sell the Bitcoin return system after the price of the bitcoin is increased, thus earning a profit on the difference. A VIP novice can borrow up to 100,000 yuan, and if the VIP5 loan amount reaches 800,000.

If the user determines that the price of the bitcoin will fall, you can use the debit function to borrow the bitcoin to sell, when the bitcoin price falls after the purchase of Bitcoin return system, so that when the bitcoin fell, users can borrow up to 500 Bitcoin, according to today's transaction price value of 1.42 million.

"The Birth of finance and currency, so that the risk of Bitcoin trading multiplied, but these loans of course not free." "Tantoux revealed that the total amount of money to lend to users is limited, which led to a lot of users can not borrow, after the launch of the network of the exchange of loans, and who booked the interest to lend, the annual rate of 100% or even higher.

Li Qiyuan, China's CEO, told Sina Technology, in order to cope with the growing regulation, bitcoin China, Btctrade, Okcoin,, CHBTC and other five domestic largest Bitcoin trading platform and May 6 issued a joint self-regulatory statement, decided to stop the new financing by May 10 To stop the trading business after all the financing or currency is paid off.

These five platforms admit that Bitcoin has some problems in the development of China, such as price rising too fast, dealer's operation, insufficient risk to retail investors, etc. "As a Bitcoin trading platform, we do have an unshirkable responsibility for the various problems that are emerging," he said. ”

Coin trading Platform for money

Tantoux says the money trading platform is far more than that. For example, the use of information to create bad or more profits, one can profit millions.

For example, he said, such as down a regulatory notice, the trading platform will first "cover the News", their own short, and then reassure investors that the regulatory order has little impact on their own short, and then put the news that regulation is very strict, resulting in the price of Bitcoin fell, to profit from it.

"Bitcoin platform is far more than a trading platform, or the biggest player. They can control the price of the platform accurately through the sale of large sums of money. "Tantoux said that the Chinese and foreign bitcoin exchange in the transaction will produce instantaneous price difference, trading platform often use high-frequency trading, domestic prices down from domestic to buy foreign sales, foreign prices down to buy domestic sales, through the instant trading, from the small difference.

Tantoux said, "The large Bitcoin platform will open the API interface, using these APIs can be completed hundreds of transactions per second." But the Bitcoin platform will blame the user, saying that some users use APIs for high-frequency trading, in fact they themselves are the largest high-frequency traders. ”

"Worse is the part of the platform to help people to transfer overseas assets or money laundering, the industry called ' moving bricks '." They first convert the money into Bitcoin and then transfer it to the overseas bitcoin exchange for a cash withdrawal. ”

"Because of the different prices of the Chinese and foreign bitcoin exchanges, they can find the opportunity to buy cheaply at home and then look abroad for a high price." The whole process can make two times money, one is the difference of Bitcoin, one is the transfer of the handling fee, steady earn not compensate. "Tantoux said.