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New KYC and AML rules for Chinese Bitcoin users

Thursday 23 March 2017 09:28 CET | News

Chinese Bitcoin exchanges have begun to require users to provide detailed information on their funds sources, and how they intend to use the funds they acquire.

Still, Huobi, a Chinese Bitcoin exchange, clarifies on a Twitter post: survey regarding the source of the funds is just for users with potential money laundering risks, not for all users.

CNLedger team said for CoinTelegraph that users are formally required to submit four documents in order to trade with any Bitcoin exchanges within the Chinese market. These requirements are part of the PBoC’s new KYC and AML systems drafted for Bitcoin exchanges.

Here are some of the bank’s requirements for Bitcoin exchange users: account info at Huobi, login info, account UID, explanations of the sources of your funds, bank transfer records to Huobi bank account, explanation of the sources of the funds users transferred, relevant proof that can back up point b., provide sources of funds, historical bank transfer record details, text description of the fund source, screenshot or pictures of bank information, use of Bitcoin or litecoin particularly how the user intends to use the funds.

Furthermore, CNLedger noted that only after these KYC and AML policies were added to Huobi and OKCoin were they able to operate again. Since the document has been sent out to their users, CNLedger states that Huobi and OKCoin will soon release user funds and allow users and traders to withdraw their funds again.


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Keywords: Huobi, OKCoin, Bitcoin exchanges, blockchain, cryptocurrency, China, AML, PBoC, KYC
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies