Chinese exchanges: leave them.

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With the recent China’scrackdown on ICOs, exchanges that held ICOs and cryptocurrency in general, a sound advice was given by Charlie Lee:

charlie lee leave chinese exchanges

The original tweet is now deleted.

The advice is absolutely obvious – considering how fast China passes restrictive legislation, you could be marooned with funds in the Chinese exchanges forever. Or – left with the only option to withdraw your Bitcoins as CYN, which is equally bad.

As the Chinese exchanges will be closing not all of them will have enough reserve to pay out all their customers – at least that’s how it always happens. To avoid problems, transfer all of your funds elsewhere from these exchanges:

Once again, if you are not sure what the Chinese exchanges are, check the above list. If you are fine keeping any crypto there – at least consider donating your coins instead.

BTCC has already announced that they stop all trading, so do not be the last one to hit that “withdraw” button!

Many have voiced the opinion that today’s Bitcoin low was inspired by withdrawals from Chinese exchanges.

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