Chinese bitcoin exchange announces it is ending trading

Chinese bitcoin exchange announces it is ending trading

CHINA'S BITCOIN exchanges have begun the process of closing down on orders from the Chinese government.

If Li's comments reflect the thinking of the Chinese authorities, that suggests that this is much more than a temporary halt to Chinese Bitcoin trading. Although that same exchange also encouraged customers to withdraw their funds "as quickly as possible". Trading dwindled after regulators tightened controls and warned the currency might be linked to fraud.

"We could not determine the volume of bitcoin being generated", said Director of Strategic Threat Development at Recorded Future, Priscilla Moriuchi. In response, China is outlawing cryptocurrency transactions within its borders.

Bitcoins are meant to serve as an alternative for normal currencies and is not controlled by any country or central bank, making it an easy way for people to do business beyond the reach of government regulation. The contributions, which had grown with the increase of the other crypto-currencies including bitcoin, are barred and should stop with immediate effect, the People's Bank of China claimed to the media this week. Both letters gave similar reasons for the closure of service, and neither gave any hints as to when or if they might re-open. Meanwhile, BTCC has reminded its users that the company has other businesses that are not affected by the shutdown, including a global exchange and its own mining pool. Markets like Japan, Korea and the USA have emerged to account for the lion's share of global trading volumes, so the impact of this China ban is not as severe as it initially may seem. Between 17 and 23 percent of all bitcoins traded for any fiat currency have been traded for CNY. Furthermore, its Blockchain+ trading platform will open up bitcoin cash (BCC, BCH) withdrawals before Sunday, September 24.

Some sources stick to the view that BTCC's decision to stop trading has nothing to do with the rumors regarding exchanges being shut down.

Need to calculate your bitcoin holdings? However, there is yet to be an official announcement from Beijing confirming the extended deadline. The good news, however small, caused a surge in buying of all cryptocurrencies with CoinMarketCap reporting double-figure hourly gains across the many assets and tokens amongst the top 100.



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