End of an Era: BTC China Stops Accepting Deposits, Begins to Shut Down Business

Following up on the announcement that it made earlier in the month, BTCC, one of the largest Bitcoin exchanges in China and the world, has stopped accepting yuan and digital asset deposits.

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The exchange had previously announced that it would be shutting down its trading operations on September 30 due to the Chinese regulators announcing that they would be banning Bitcoin exchanges.

It also announced that it will stop yuan and digital asset withdrawals by October 31, marking a total shutdown of the business.

The crackdown is the result of the authorities fearing that Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term could be used by some as a means of money laundering, and BTCC has joined other Chinese cryptocurrency exchanges in announcing the shutting down of its mainland businesses.

This has led to a crash in the price of Bitcoin, from close to $5000 to below $4000 currently. Chinese citizens have also been banned from investing in initial coin offerings, as the authorities believe that these are unsafe investments for the general public.

Bitcoin and the general cryptocurrency market are struggling to get the required recognition from major banks and other governmental organisations as the industry suffers from a lack of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and control. This overwhelms the advantage that these digital currencies have in terms of security and ease of use.

China had been one of the major markets for cryptocurrencies and this crackdown from the authorities has placed the industry on the back foot. On the other hand, there is optimism that the industry will be able to overcome this challenge, like it has every other challenge faced before.