China Delivers Final Blow, Shuts Bitcoin Exchanges This Month

Thursday, 14/09/2017 | 16:57 GMT by Aziz Abdel-Qader
  • In response to the news, the price of Bitcoin dipped to a low of $3,460.
China Delivers Final Blow, Shuts Bitcoin Exchanges This Month
Bloomberg

China plans to shut down domestic Bitcoin exchanges by the end of September, delivering the final blow to the nation’s industry of cryptocurrency trading, anonymous sources told Chinese financial news outlet Yicai.

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The sources said that regulators have finally given a clear message on when the shutdown will occur, adding that the exchanges will be ordered to leave the market after taking off inside the mainland four years ago.

Yicai's report cited a source close to decision-makers: “It has been set for the end of September, the order has come from above.”

Another source told China Business News that the financial watchdog in Shanghai gave verbal instructions to Chinese platform operators to stop providing virtual currency trading services.

The move comes after months of scrutiny by Chinese regulators, including a ban imposed earlier this month on fundraising via initial coin offerings (ICOs).

In response to the news, the price of Bitcoin has dipped to a low of $3,360, according to CoinDesk.

Earlier today, China's second largest Exchange , BTC China, announced that it will cease all trading operations by the end of September.

China plans to shut down domestic Bitcoin exchanges by the end of September, delivering the final blow to the nation’s industry of cryptocurrency trading, anonymous sources told Chinese financial news outlet Yicai.

Register now to the London Summit 2017, Europe’s largest gathering of top-tier retail brokers and institutional FX investors

The sources said that regulators have finally given a clear message on when the shutdown will occur, adding that the exchanges will be ordered to leave the market after taking off inside the mainland four years ago.

Yicai's report cited a source close to decision-makers: “It has been set for the end of September, the order has come from above.”

Another source told China Business News that the financial watchdog in Shanghai gave verbal instructions to Chinese platform operators to stop providing virtual currency trading services.

The move comes after months of scrutiny by Chinese regulators, including a ban imposed earlier this month on fundraising via initial coin offerings (ICOs).

In response to the news, the price of Bitcoin has dipped to a low of $3,360, according to CoinDesk.

Earlier today, China's second largest Exchange , BTC China, announced that it will cease all trading operations by the end of September.

About the Author: Aziz Abdel-Qader
Aziz Abdel-Qader
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