China's Top Bitcoin Exchanges Extend Suspension of Withdrawals
- The move follows warning to exchanges to curb money-laundering
- Suspension will be dropped after regulatory approval
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China’s three largest bitcoin exchanges have extended a self-imposed moratorium on all coin withdrawals for an indefinite period, as they seek regulatory approval for a crypto-currency that’s gained popularity with local investors as an alternative to the yuan.
BTC China, Huobi and OKCoin said in separate statements Wednesday that the suspension will lift only after regulators approve internal compliance upgrades. The three temporarily halted withdrawals last month, citing central bank requirements to re-tool such systems. Huobi and OKCoin have said it will take about a month to adjust to the new guidelines. BTC China didn’t give a time.