Signs are rising that a long-lasting bitcoin withdrawal freeze in Chinese bitcoin and cryptocurrency exchange surroundings is eventually thawing. A representative for has OKCoin showed a report that withdrawals had resumed at the exchange, one of the biggest in the world by volume. The spokesperson noted that Bitcoin and cryptocurrency withdrawals could be contingent on passing a verification requirement and prescribing to a one million dollar annual restriction.
Nevertheless, signs suggest that OKCoin might not be alone in resuming operations. The representative additionally noted that OKCoin’s bitcoin and other cryptocurrency withdrawals were being reactivated. At time of writing, it stays unclear if fellow cryptocurrency exchange BTCC is on the cusp of resuming withdrawals as well. A consultant for the startup did not respond to a request for comment.
Although, sources say the sudden change is the result of a thawing of sentiment at the people’s bank of China, which has been increasingly more active on blockchain R&D and more information of bitcoin’s function in the growing technology business.
The China’s bitcoin and cryptocurrency exchange freeze, put in place amid an escalating price at the begginning of the 12 months, has thus far lasted for months, after China’s exchanges, following warnings from regulators, such as the People’s Bank of China froze bitcoin and cryptocurrency withdrawals and started overhauling their systems.