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Penalties imposed on major exchanges underscore  perceptions that bitcoin requires heavy regulation and oversight. Across China, blockchain technology is recognized as an increasingly important development; however, bitcoin as a “virtual good” in China is facing yet another challenge from the People’s Bank of China (PBOC). On May 10, 2017, China’s top-tier financial media outlet,  Caixin , reported that “according to a person close to PBOC, PBOC will soon issue a notice of penalties to BTCC, OKCoin and Huobi for irregularities based on its previous inspection in the past few months. The major problems are [related to] illegal margin trading services and lack of internal controls for anti-money laundering. The related penalty details have already been confirmed internally; all that is left to do is go through approval procedures.” Caixin also stated that, according to their source, further “regulation on bitcoin exchange and regulation on anti-money laundering systems for bitcoin ex

The fallout from PBoC’s harsh warnings to all cryptocurrency exchanges domiciled in China is continuing. Yesterday, BTCChina released a statement regarding the ongoing Bitcoin/Litecoin withdrawal delays, saying the hold will be extended to March 15th. Claim $500 worth of Bitcoin from PayPal This is BTCChina’s third withdrawal delay extension this month. On February 10th, the exchange  upped the delay  from 72-hours to 10 days. While existing BTCChina clients are presently unable to get their digital currency deposits out, withdrawals in Chinese yuan are still allowed, “if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY.,” says BTCChina. Like many other Chinese exchanges that suspended outflows of customers’ cryptocurrency deposits following  PBoC’s warnings , BTCChina is currently in the process of redesigning its anti-fraud prevention systems to come into full

by Rebecca Campbell Reddit Weibo A Florida software engineer and a New Jersey pastor are expected to face trial connected to the Coin.mx bitcoin exchange investigation and a security breach at JPMorgan Chase & Co, reports  Reuters . According to the report, jury selection is set to start in Manhattan federal court for Yuri Lebedev, the suspected planner behind Coin.mx’s platform, and Trevon Gross, a pastor and ex-chairman of a now-defunct credit union. Lebedev is suspected of misleading financial institutions into processing transactions for bitcoin exchange Coin.mx, which was unlicensed. He is also alleged to have taken part in bribing Gross to gain control over the credit union to help the digital currency exchange. Both men have pleaded not guilty. The men facing trial are among nine other people who also face charges after being linked to a security breach at JPMorgan in 2014 that saw over 100 million customers’ account information hacked. Last mon

Japan’s largest banks Mitsubishi UFJ, Mizuho and SMBC are now investors in bitFlyer, Japan’s largest bitcoin exchange. Samburaj Das Less than a year after  raising ¥3 billion ($27 million)  in a record funding round by a bitcoin and Fintech company in Japan, Tokyo-based bitFlyer now sees all three of Japan’s ‘mega-banks’ as investors in the bitcoin exchange. In an announcement today, bitFlyer, Japan’s largest bitcoin exchange and blockchain services company, revealed fresh funding from Mizuho Capital and SMBC Venture Capital, both of which are the investment arms of the Mizuho Banking Corporation and the Sumitomo Mitsui Banking Corporation respectively. The two banking corporations join Mitsubishi UFJ as investors in bitFlyer. Mitsubishi UFJ Capital  participated in a ¥510 million ($4.5 million) round  of funding in August 2015. Altogether, all three of Japan’s megabanks have now invested in the country’s leading bitcoin exchange. Interest in Bitcoin Grows Investm