Chinese bitcoin exchanges consider reintroducing trading fees

Chinese traders who have enjoyed a zero-fee trading ecosystem for far too long are in for a shock as three of China’s largest bitcoin exchanges are now planning to charge trading fees.

Part of the reason why bitcoin exchanges in China have been successful in the past several years was because they don’t impose penalty for buying and selling digital currency in high volumes every day. But that situation is about to end soon.

In an effort to rein in speculation over cryptocurrency trading, bitcoin exchanges BTC China, Huobi and OKCoin are now planning to charge 0.2 percent per transaction starting at noon Tuesday, Wall Street Journal reported.

“We’ve already conducted ‘deleveraging.’ To further curb speculation and reduce volatility, Huobi is also actively communicating with other domestic and foreign exchanges to improve operational mechanisms and charging mechanisms, among which trading fees are also being considered,” Huobi said on its website.