Last updated on August 26th, 2016 at 06:16 pm
Three major Bitcoin exchanges – BtcChina, BtcTrade and OKCoin – are said to be suspending their trading fees starting this Monday (30), but the news is yet to be confirmed by official sources.
After finding a way around China’s latest prohibitions (the People’s Bank of China ordered third-party payment providers to stop working with the platforms dealing with Bitcoin), this could be the next step in the exchanges’ fight for more volume. By making this decision, the three platforms would be following Huobi’s footsteps, which already removed all fees.
Huobi is actually the new big dog in the Chinese crypto-scene. The exchange has emerged as China’s largest Bitcoin trading platform in the last few days, replacing the previous leader BtcChina, Wantchinatimes.com reports. The site reveals that the daily transactions processed by Huobi are now around 50,000 BTC.
Regarding BtcChina, BtcTrade and OKCoin, only the latter has confirmed the removal of all fees.
But how are the exchanges going around the prohibition? BtcChina is one of the Chinese exchanges now allowing deposits again thanks to some crafty workarounds that erase the need of a third-party payment processor to fund the platforms. In BtcChina’s case, there’s a code (much like a voucher) that the users can buy, providing them access to Bitcoin through the exchange.
Huobi chose another way around it: the exchange started accepting RMB wire transfers directly, an action that apparently doesn’t break any laws or rules set by the Chinese government.