China’s Largest Bitcoin Exchanges Allow Withdrawals Again

China’s three biggest bitcoin exchanges are ending a self-imposed moratorium on withdrawals, helping the cryptocurrency to resume its record-breaking rally.

The exchanges suspended withdrawals almost four months ago following increased scrutiny from Chinese authorities amid concerns of capital flight and money laundering. In February, the People’s Bank of China told bitcoin venues that it would close exchanges that violate rules on foreign exchange management, money laundering and payment and settlement.

Bitcoin rose as much as 8.5 percent to $2479.34 Thursday, the biggest intraday advance since May 25, when it reached a record high of $2,798.98. The cryptocurrency has more than doubled since March amid optimism about wider acceptance among companies and consumers, regulatory approval in Japan and rising demand in Asia.

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