China's "Big Five" bitcoin exchanges issue joint statement of self-regulation

Home » China's "Big Five" bitcoin exchanges issue joint statement of self-regulation

Earlier today, China’s five largest bitcoin exchanges released a joint statement on the Twitter-like social-networking site Weibo. The statement acts as both a mea culpa for the ongoing problems in with bitcoin in China, as well as the first public announcement of a move towards self-regulation for the exchanges. The five participating exchanges are OKCoin, BtcTrade, Huobi, BTCChina and CHBTC.

In a translation of the announcement posted to bitcoin-oriented website Bitell, the exchanges note that Chinese regulators have offered a “relatively tolerant regulatory environment for bitcoin,” and that trading has largely been allowed to happen freely in the country. This statement seems to be directly contrary to recent actions taken by Chinese banks to halt transactions to or close bitcoin-related bank accounts.

The exchanges also place the blame for the recent issues with bitcoin squarely on themselves. noting their role in prices rising “too fast,” market manipulation, and a lack of risk alerts for investors. In an effort to curb these issues, the big five released an eight-point self-regulation plan. The “joint commitment” includes several surprising agreements, many of which seem aimed at lowering bitcoin’s profile in the country.

1. Make risk warnings for bitcoin trading, guide public with normal investment concepts.

2. Not organize or participate in large marketing-natured bitcoin meetings or gatherings, lead the development of bitcoin industry meetings to the direction of technology, innovation and applications.

3. Abide policies and regulations, operate the trading platforms under the framework of legal and regulatory compliance. Stop new money and bitcoin financing service before 10 May. Stop all leveraged transactions after money and bitcoin financing being paid back.

4. Curb excessive speculation and protect small investors. Charge certain amount of trading fee for high-frequency tradings, we five exchanges will discuss a unified rate later.

5. Promote the transparency of the exchanges, control the risk in account clearing and settlement segments.

6. Abide the requirements of relevant government departments, stick to real-name certification strictly, track and feedback suspicious transactions and perform anti-money laundering obligations.

7. Establish sound information disclosure mechanism so that investors have the full right to know.

8. Take the initiative to report regularly the latest developments and risks of the industry to authorities etc.

In addition to these new commitments, the CEOs of all five exchanges have pulled out of this weekend’s Global Bitcoin Summit in Beijing.

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