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China’s largest bitcoin exchanges to allow withdrawals again

Fintech

China’s largest bitcoin exchanges to allow withdrawals again

Bloomberg Published on Fri, Jun 02, 2017 / 7:35 AM GMT+8

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SEATTLE (June 2): 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.

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