Bitcoin Surges Back Above $2450 After China Eases Exchange Controls

Thursday, June 1, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Jun 1, 2017

Bitcoin has retraced over half its losses from last week’s tumble, rallying back above $2450 oveenight after news that China’s three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.

As CoinTelegraph reports, on May 31, local Chinese Bitcoin and cryptocurrency news source cnLedger reported that OKCoin China resumed withdrawals for traders.

OKCoin is the largest Bitcoin exchange in China which processes 31 percent of trades within the Chinese Bitcoin exchange market. In February, OKCoin and Huobi, the two largest Bitcoin exchanges in China, were flagged by the People’s Bank of China for operating a trading platform without appropriate Know Your Customer (KYC) and Anti-Money Laundering (AML) systems.

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