OTC crypto trade returns to China

OTC cryptocurrency trade in China appears to be very much alive despite the regulations
26 September 2017   998

It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. However, this was not the end of the restrictions. Beijing News reported that executives of Chinese Bitcoin trading platforms may not leave the country, per industry insiders. 

Yet, it seems like cryptocurrency is here to stay. This week, as reported by ethnews.com, over-the-counter (OTC) trade in Chinese yuan reached an all-time high on LocalBitcoins, demonstrating how peer-to-peer economies continue to overcome heavy-handed institutions.

For now, OTC cryptocurrency trade remains legal and unrestricted. The peer-to-peer platform is emblematic of Bitcoin itself, as citizens have bypassed government to transact with one another directly.

Weekly LocalBitcoins volume on coin.dance Weekly LocalBitcoins volume on coin.dance

During the week, the volume of Chinese yuan exchanged on LocalBitcoins reached an all-time high. According to coin.dance, last week on LocalBitcoins, the exchange of more than 115 million yuan (approximately $17.4 million USD) could be seen. On top of that, over the last two weeks, global volume on LocalBitcoins has also reached all-time highs. 

Bitcoin price charts on coinmarketcap.comBitcoin price charts on coinmarketcap.com

Meanwhile, at the time of writing, Bitcoin price is about $3908.84, its market capitalization is $64,841,890,061, which allows the cryptocurrency to hold the first place in the list.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   110

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.
 

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.
 

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.