It appears as if Chinese bitcoin exchanges are slowly finalizing the new AML requirements implemented by the PBoC. CHBTC, one of the smaller Chinese exchanges announced they have upgraded the user authentication procedure. This also means customers will have to go through some additional steps before they can make of all platform functionality again, though.
CHBTC Gets Closer To Resuming Withdrawal Services
Over the past few weeks, there have been various reports about how users of Chinese bitcoin exchanges will need to go through additional verification requirements. Video verification has been implemented b various platforms already, yet CHBTC is taking a slightly different route to verify user identities. That is, assuming their transactions are for small amounts.
Everyone who uses the CHBTC platform will need to ensure they use their real name. More precisely, accounts will need to be registered to the name printed on the bank card they use for all RMB transactions. Anyone who has already done so will not need to take additional steps and can continue their card as always. Users who use a card registered under a different name will need to update their account and provide the necessary documentation to back it up too.
Anyone who completes a transaction with any of the supported digital assets for the amount of RMB 50,000 or more will need to go through video verification. It was only to be expected, such a measure would be implemented for larger traders. Then again, it is doubtful any of the platform users have anything to hide, thus no one should have a problem with video verification.
The verification procedure of users’ real names will occur through the QQ instant messenger. CHBTC has an official company number for QQ on their website, which will be used for basic account verification. Do keep in mind this service will only be available during business hours, which was to be expected. It is interesting to see the company use one of China’s largest messaging platforms, though.
The video verification, on the other hand, will be conducted in a different manner. To complete this process, users will need to prepare documentation to prove their identity. These documents must be provided either through the QQ or WeChat platform. This type of video certification has been employed by other non-bitcoin companies in the past and seems to do the job just fine.
Do keep in mind the CHBTC platform is still not processing bitcoin, litecoin, and Ether withdrawals as of right now. This service will remain suspended until further notice. It is unclear when users will be able to withdraw cryptocurrencies again, although it appears that may just be a few weeks away from today. It is good to see CHBTC being so transparent about the changes they are implementing moving forward.
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