Chinese Exchanges to Resume Bitcoin Withdrawals Pending Regulator Approval

UPDATE (8th March 13:28 BST): BTCC, OKCoin and CHBTC have released statements announcing their plans to reinstate cryptocurrency withdrawals pending regulatory approval.

One of China's 'Big 3' exchanges has announced its intent to begin allowing customers to withdraw bitcoin from accounts.

In a statement sent to CoinDesk today, Huobi indicated that it has updated its exchange service to ensure it meets the standards advised by regulators earlier this year. Huobi, like its counterparts BTCC and OKCoin, have faced increased scrutiny in recent months over alleged regulatory issues.

As such, Huobi cited its commitment to following all anti-money laundering and foreign exchange laws, both areas of concern highlighted by the People's Bank of China, the country's central bank.

Huobi said it remains committed to making the industry "healthy", doubling down on a commitment to compliance and security.

The statement reads:

"Once approved by the regulatory body, you can resume the currency business. [For the specific time], please pay attention to the official announcement [on Huobi]."

The Beijing-based exchange first stopped bitcoin and litecoin withdrawal services on 9th February on request from the central bank, a move that would go on to impact the price of bitcoin in the weeks that followed.

The full statement can now be found online here.

China flag via CoinDesk