Chinese Crackdown on Exchanges Confirmed, Bitcoin Price Falls Below $3000

Reports out of China just confirmed that the country's regulators are behind the closure announcements of BTC China and ViaBTC and that they have given all exchanges an ultimatum to stop operating by the end of the month. Furthermore, all Beijing-based trading venues have been ordered to notify clients of their closure by the end of the day, according to Chinese news service Caixin.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

As a result of this, Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term is now trading at around just $2600 at OKCoin, Huobi, BTCC and many other Chinese cryptocurrency exchanges. Globally, Bitcoin is still trading at around $2990 right now but the price is dropping all the time.

Caixin reported:

"By midnight on Sept. 15, all Beijing-based cryptocurrency exchanges must halt new user registration and issue a public notice detailing when the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term will formally close, according to a policy document seen by Caixin and confirmed by a source close to regulators.

The document, issued by the Beijing branch of a central bank-led committee overseeing internet financial risks, also required all cryptocurrency exchanges under its purview to submit detailed plans to exit the market by 6:00 p.m Beijing time on Sep. 20. They must also confirm bank accounts used for client funds, and register with the central bank by the same deadline.

All exchange shareholders, controllers, members of senior management, and personnel in charge of finances and key technology must remain in Beijing to cooperate with authorities."