China orders bitcoin exchanges to shut down

China orders bitcoin exchanges to shut down

China orders bitcoin exchanges to shut down

Bitcoin has always been something of an awkward fit for China, which strictly regulates financial markets and limits the flow of funds overseas.

What do you think about the Chinese exchange shutting down trading on September 30th? The exchange has said that it'll cease trading for China-based customers from September 30.

Have you read Trendiee Today? Regulation of cryptocurrencies are a work in progress - so far, seven countries' policymakers are on the case, and every new development in each of these countries impacts investors' perceptions about the value of the currencies. New user registration shall be stopped immediately after the announcement. At press time BTC is struggling to stay above the $3K price range. Unnamed sources told Bloomberg that Chinese regulators were told of the agenda by a "central bank-led group" considering the risks of cryptocurrency. The collapse extended to as much as 30 percent this week since China began sending stronger signals of a clampdown on September 8, making this the biggest five-day decline since January 2015, when it traded at around $200. Beijing started early in 2017 to tighten the grip on bitcoin selling platforms by limiting payments.

"ICOs are very high-risk, speculative investments". The other major dealers - OKCoin.com and Huobi.com - were operating normally as of yesterday.

Seems Huobi and OKCoin will be announcing their shutdowns before midnight tonight.

This is a good thing. The market is already responding in a negative fashion, despite this news not affecting the Bitcoin currency itself. Cryptocurrency can not be killed by any country.

Presumably, both exchanges will announce their closures soon. According to a few reports, Chinese trading platforms will likely reopen after procuring a financial book keeping license.

Just a day after Bitcoin flew past $5,000, China banned Initial Coin Offering (ICO). Chinese business news magazine Caixin estimates that Chinas share of total global bitcoin tradingvolume peaked at around 90 percent.

Want to create your own secure cold storage paper wallet?

Bitcoin was trading 11.17 per cent lower at $3,441.47 at the time of writing, according to CoinDesk's index - the cryptocurrency's lowest price in more than a month.

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