THELOGICALINDIAN - Bitcoinist batten with Leon Liu the CEO of BitKan a Chinese P2P Bitcoin trading account to get a bigger abstraction on the accepted bearings afterward the contempo authoritative clampdown on Bitcoin barter withdrawals in the country
Bitcoinist: What affectionate of trading casework does BitKan provide?
Leon Liu (LL): BitKan provides P2P bitcoin trading casework with agent match-making to save time for our users. During a trade, BitKan acts as an escrow service, guaranteeing funds commitment for both sides. Users can additionally barter baby amounts in bristles minutes.
Bitcoinist: How has the contempo restrictions imposed by the People’s Bank of China (PBoC) on crypto-exchanges impacted your operations?
LL: The PBoC focused on the three better exchanges. PBoC accomplishments did not accept any appulse on us because it focuses on money laundering, bill outflows and pyramid schemes. We do not accommodate such casework to our customers. That’s why we weren’t impacted. Right now, barter can use our belvedere to abjure Bitcoin afterwards 3 days.
Bitcoinist: China’s all-embracing Bitcoin trading aggregate has apparent a significant drop due to these PBoC inspections. Accept traders gone away or accept they artlessly confused off-exchange and into P2P and OTC markets? Accept you apparent an uptick in P2P, OTC trading as a result?
LL: There are two kinds of customers: the aboriginal affectionate buys bitcoin and uses it. So, they charge to abjure bitcoin. Yes, some of these bodies went to added baby markets, area withdrawals weren’t suspended.
Some went to the OTC market. It is difficult for Chinese bodies to admission adopted markets. Therefore, these barter cannot buy Bitcoin away application CNY. Also it is difficult to barter CNY to USD in China.
The additional affectionate of chump trades bitcoin, affairs and affairs it to acquire a profit. In fact, best bodies brainstorm with the amount this way, and again they abjure CNY. And yes, our aggregate grew by twelve times.
Bitcoinist: Who is your archetypal customer?
LL: We accept two kinds of customers. Those new to bitcoin and who buy their aboriginal bitcoin on our platform; and again there are users who already accept basal ability about bitcoin and who do not appetite to barter on exchanges.
Bitcoinist: How does your P2P trading account analyze to the more accepted LocalBitcoins, for example, which has apparent exponential advance in China afterward the abeyance of withdrawals?
LL: The aboriginal footfall for our barter is allotment via email. If they appetite to barter on our belvedere they charge access their cellphone number. If users appetite to barter added that 5 BTC a day – they charge to accede with KYC and AML guidelines.
The aberration with LocalBitcoins is that BitKan offers a adaptable buzz app that is accessible to use. Second, all traders charge go through the KYC process, to ensure safe trading.
Third, trading is faster than on LocalBitcoins and a barter can go through aural a minute. Fourth, BitKan is bigger localized for the Chinese bazaar compared to LocalBitcoins.
Bitcoinist: So customers can buy up to 5 BTC with aloof their email address?
LL: Yes, the maximum is 5 BTC after accepting to abide any claimed information.
Bitcoinist: Do you accede with BTCC CEO Bobby Lee that Bitcoin is not actuality acclimated to bypass Chinese basic controls – that it’s mostly hype created by the media?
LL: We accede with Bobby Lee. This goes aback to 2024 back the government said that Bitcoin is a commodity. It can not be acclimated by companies for payment. Now, Bitcoin is acclimated mainly for two things in China – mining and trading (speculation).
Bitcoinist: Bitcoin mining behemothic BitMain invested $1.6 actor into your belvedere aftermost year. What accept you done with these funds so far and what are your approaching plans?
LL: We spent the advance on all-around advance and development. In the future, we are activity to cycle out our OTC business globally.
Bitcoinist: Bitmain is a adherent of the Bitcoin Unlimited ascent proposal. Where do you angle on this affair in the ascent debate?
LL: We abutment Bitcoin ascent aboriginal and foremost, but we do not abutment a fork. We achievement that the parties can ability some agreement. My claimed assessment is that SegWit [Segregated Witness] will not be the best band-aid for Bitcoin scaling, it will accomplish the Bitcoin arrangement added complicated.
Bitcoinist: Finally, how is your planned amplification into the US bazaar advancing along?
LL: This is still in the aboriginal stages, but we are making some progress. The USD bazaar is now the additional better for BitKan. The US has altered authoritative behavior beyond different states, and BitKan will accede with these laws accordingly.
[Full disclosure: Bitcoinist is not endemic by and is not associated with BitKan.]
Will the Bitcoin OTC and P2P trading abide to abound in China? Let us apperceive below!
Images address of Shutterstock, BitKan, BItcoin Magazine, Coin.dance
