China's Largest Bitcoin Exchanges to Allow Withdrawals Again
- Cryptocurrency rises as much as 8.5 percent as rally resumes
- Resumption of withdrawals ends almost four-month moratorium
Looking for a Bubble in Bitcoin's Recent Bounce
This article is for subscribers only.
China’s three biggest bitcoin exchanges are ending a self-imposed moratorium on withdrawals, helping the cryptocurrency to resume its record-breaking rally.
The exchanges suspended withdrawals almost four months ago following increased scrutiny from Chinese authorities amid concerns of capital flight and money laundering. In February, the People’s Bank of China told bitcoin venues that it would close exchanges that violate rules on foreign exchange management, money laundering and payment and settlement.