Given the recent turmoil most bitcoin exchanges find themselves caught up in, one would tend to forget there are trading platforms not suffering issues. BTCC, one of China’s largest bitcoin exchanges, still provides USD deposits and withdrawals without any problems. Moreover, it appears bitcoin withdrawals have come back online as well.
BTCC Is Well Worth Considering Right Now
Even though the past few months have not been overly great for Chinese exchanges, it looks like they provide a silver lining during these difficult fiat-related times. US Banks have stepped up their AML and KYC requirements and are effectively blocking transfers to and from any institution not adhering to these guidelines. This decision has widespread effects on most major bitcoin exchanges, with a few exceptions.
At the current time, it is very difficult to send USD deposits or receive USD withdrawals from most major bitcoin exchanges. Bitfinex, BTC-E, and a few other platforms are no longer able to honor these requests. Incoming transfers are bouncing automatically and outgoing transfers are rejected by the intermediary banks. A very awkward event that forces users to buy back bitcoin and keep driving the price up since that is the only asset they can transfer across exchanges without problems.
Luckily, there are some platforms where USD deposits and withdrawals are still possible. The Kraken exchange recently implemented support for USD, and BTCC has had no issues with these transfers so far. In fact, this may cause some money to flow back to Chinese exchanges after their recent reforms due to more strict AML guidelines. Unfortunately, most Chinese exchanges have halted bitcoin and litecoin withdrawals as well, yet BTCC can – according to Reddit – process these transfers just fine.
Although most users may not be looking to sign up for a Chinese exchange right now, using BTCC could be well worth considering. After all, they are one of the few platforms dealing with incoming and outgoing USD transfers without issues. It is being unclear how long that situation will remain, but for now, it is a good alternative. The bitcoin price will start to drop sooner or later, and traders need to be prepared to exit the volatile market once that happens.
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