What is CHBTC exchange?

Ever Since it has been shut down by the Chinese Government many new traders have no idea what is CHBTC exchange. To begin with, it was a China-based exchange that allowed the trading of various assets. Including buying and selling along with the trade of different cryptocurrencies like Bitcoin BTC, Ethereum ETH, and Liteocin LTC.

KEY TAKEAWAYS

This first exchange was launched in China in 2013. Surprisingly it came out to be one of the largest cryptocurrency exchanges operating there. China has been openly against crypto trading while they do support CBDC Central Bank Digital Currency adoption. But due to their anti-crypto stance, the exchange was banned in 2017.

Not only that they banned all crypto trading activities entirely in the country. Including the initial Coin Offerings as well. The exchange was being operated anonymously. Though a group of Chinese Entrepreneurs came forth with this idea, as they noticed an increase in the crypto trading interests of the public. The exchange was mostly focused on serving the Chinese community, so US investors could not trade on it.

What is CHBTC exchange: how to trade?

As the only crypto exchange in China CHBTC, offers a lot of services that aren’t available under normal circumstances. It was a 24/7 operating exchange that offered the services of buying, selling, and in general trading Bitcoin and Ethereum majorly.

It allowed the users to exchange fiat for crypto, or buy crypto from fiat. Chinese could buy the crypto of their choice using the Chinese Yuan. Other than that they also offered services like Margin trading, crypto wallet service, and more.

Security conditions at the CHBTC exchange

CHBTC claimed to implement all the essential security measures to keep its users safe from theft. They offered various measures for security including:

• The Chinese exchange has the service of cold storage available. this allowed users to save and store their crypto in offline wallets without accessing the internet. Thus protecting them from theft.
• Two-Factor Authentication is another important aspect of the security measures taken by the exchange. This feature adds an extra layer of security to an account. By requiring a second authentication factor such as a code to access your account on the exchange.
• More SSL encryption protects users’ data in transit including their credentials and other important information.
• Regular audits were carried out of the exchange. this would help identify any potential risks posed to the system.

How to get registered at CHBTC?

To register a new account on CHBTC the users will have to visit the official site. There they will find a ‘register’ tab click on that. Provide all the required information, including email ID/ phone number then create a strong password for the account and agree to the terms and conditions.

Then verify it through the verification link, sent to your registered email ID. This verification will further activate your account. Once you log in through the link you can set a transaction password to protect your funds.

You will also experience spot trading with the Chinese Yuan. The users will have to add funds to their account and then select the amount and market to buy or sell.

The exchange offers real-time pricing, a 24-hour trading volume, and even professional charts; which you can use to gather all relevant information about investing. Moreover, you will find transaction History that will provide you with information on price status and source.

CHBTC Application for Mobile phones

Cryptocurrency exchanges China bitcoin also launched a mobile application for its users. An Android and iOS devices-compatible application for the trader’s ease. To allow them to trade crypto from their mobile phones

. The application consisted of all the essential features including deposits and withdrawals. Moreover, funding the main account balance, and also real-time pricing of crypto markets.

Additionally, CHBTC also has a rewards policy for members inviting new members to the application. For that, the user must send a referral link to the person who intends to get registered on CHBTC. This will help the former user to earn through a new user link.

Furthermore, the developers may even incorporate APIs into their applications, Which will allow them to build their applications. Providing a great opportunity for developers as well.

What made CHBTC halt its crypto services?

After its initiation in 2013, the exchange quickly gained popularity with the public and the Chinese market. The reason behind its popularity was the various services it offered along with a user-friendly interface. Fast forward to 2017, it became one of the fastest growing crypto-exchange in China. As many people are not aware of what is CHBTC exchange, they don’t even know why it ended its services.

Regulatory challenges

In September 2017 the Chinese Government halted any crypto trading occurring through such platforms. They also missed a ban on Initial Coin Offerings ICOs. The reason for halting the services and putting a ban on the exchange was apparently, fraud and financial instability.

The ban was immediately effective throughout the state. Also made it illegal for Chinese citizens and businesses to trade crypto on any Chinese exchanges.

With the pressure of halting crypto trading services, all the Exchanges tried to pivot their businesses overseas. However, all their efforts went in vain due to the intense crackdown of the Chinese government. Ultimately, all exchanges including the CHBTC were forced to shut down their services.

However, it seems like the Chinese Government is becoming more lenient towards crypto lately. As they gave a nod to Hong Kong crypto efforts. Hong Kong is putting forth a new crypto licensing regime to regulate crypto trade. Their efforts have attracted Chinese banks to get involved as well.

Conclusion

There always has been quite a bad air around crypto trading. This is most certainly due to the regulatory issues it faces and the blurry image it has around the work. The market is too volatile, One of the major reasons

China has been against Crypto due to the limited control over cryptocurrencies. unlike how they do have pretty strict control over their financial system. Moreover, potentially illegal activities, scams, and frauds surrounding crypto are another reason for the Chinese government not being in its favor.

However, this article will give you enough information on what is CHBTC exchange and how it tried to run an exceptional and great trading platform for crypto traders in China. Unfortunately couldn’t stay that long in the market to harvest the fruit of its efforts.