Reports: China orders bitcoin exchanges to shut down-China To Shut Bitcoin Exchanges

China to Shut Bitcoin Exchanges - WSJ

While there has been nothing officially done on the legality of Bitcoin mining, amid bans striking other parts of the cryptocurrency market such as ICOs and exchanges, there is still fear and. Of course, for Wang, there is huge risk in diving. Exchanges shall deal with their claims and liabilities properly, and insure that investors' funds and virtual currencies are safe. 2. Before 20 September 6pm, exchanges shall determine a bank account, which will be used for depositing user funds. A vice governor of China’s central bank has doubled down on the regulator’s sweeping ban on ICOs in September that also led to the shuttering of local bitcoin exchanges. China to Shut Bitcoin Exchanges openbull ( 51 ) in cryptocurrency • 2 years ago (edited) China is considering banning the domestic exchange of bittacente and other virtual currency companies, as a result of which the $ 150 billion cryptuivity market hit another shock after restoring last week last week. The warning came as the regulator tries to curb capital outflows following fears of continued weakness in the yuan. China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. One regulator told an exchange that the decision had already been made, while another said the decision might take a few months. As The Verge explains, three Chinese exchanges represented 45 percent of bitcoin's market share in the past month. China Might Be About to Shut Down Domestic Bitcoin Exchanges Chinese authorities might be planning to shut down the country's bitcoin exchanges. Two of the China’s largest domestic bitcoin exchanges, Huobi and BTCC, said over the weekend that regulators haven’t asked them to shut down, even as speculation grows. “We’re still awaiting formal notification from regulators,” said BTCC Chief Executive Bobby Lee. “It’s obviously a …. BEIJING—Chinese authorities are preparing to shut down the country’s bitcoin exchanges, according to people familiar with the matter, reflecting a growing unease with the virtual currency and its …. Most cryptocurrencies have declined significantly in value since. According to People’s Bank of China (PBoC) vice-governor Pan Gongsheng. Considering people in China are using Bitcoin to skirt Chinese capital controls, this would be the "right" move (in the mind of the government.) If China were to hamfistedly crack down on bitcoin and centralize exchanges under government control, bitcoin would collapse (imo.) I honestly think such measures are inevitable from Chinese officials. Chinese exchanges including OKCoin, BTC China and Huobi.com accounted for 98 per cent of all bitcoin trading in the six months through to mid-January this year, according to bitcoinity.org. But that ratio has since fallen to 18 per cent in the past six months.

The last time a major cryptocurrency market shut down exchanges, prices rallied threefold. The move comes after months of scrutiny by Beijing, including a ban last week in China on initial coin offerings, a kind of fundraising via virtual currencies. Beijing, China. Sept 14th: China has ordered bitcoin exchanges to shut down according to media reports quoting two Chinese business newspapers. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September. Two of the country's most prominent bitcoin exchanges, BTC China and Via BTC, said they will halt trading this month. BTC China. Regulators in Shanghai, the country’s financial center, have ordered exchanges that trade the cyber currency bitcoin to shut down. The country’s role in the bitcoin market had already started shrinking in recent months as authorities tightened regulation. Two of the China’s largest domestic bitcoin exchanges, Huobi and BTCC, said over the weekend that regulators haven’t asked them to shut down, even as speculation grows. “We’re still awaiting formal notification from regulators,” said BTCC Chief Executive Bobby Lee. Two of the China’s largest domestic bitcoin exchanges, Huobi and BTCC, said over the weekend that regulators haven’t asked them to shut down, even as speculation grows. The authorities prohibit commercial trading for all virtual currencies and are preparing to shut down the bitcoin exchanges in China, which – according to people familiar with the matter – reflects the growing concern about virtual currency and its recent increase in value. Certainly, the move to shut down locally grown domestic exchanges would herald a new direction for the country in its efforts to regulate the market. Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, …. If China does shut down the exchanges, it could be a severe blow to bitcoin at large, and would certainly cause anxiety for people holding other formats like Ethereum. China's Miners on Tenterhooks as Exchanges Soon Shut Mining farms. China holds sway in terms of the hashrate for Bitcoin mining. If the past is any indicator of the future, then this is a mere blip on the radar of where ….

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The policy shift in the world’s No. 2 economy shows how nations are wrestling with bitcoin and its place in the financial system. The sources said that regulators weren’t giving a clear message on when the shutdown would occur. Bitcoin is created and exchanged without the involvement of banks or governments. Transactions allow anonymity, which has made bitcoin popular with people who want to conceal their activity. Bitcoin can be converted to cash when deposited into accounts at prices set in online trading. Chinese exchanges also paused bitcoin withdrawals for several months. Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took …. Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took off inside the mainland four years ago. The country’s central bank has led a draft of instructions that would ban Chinese platforms from providing virtual currency trading services, according to […]. Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took off inside the. Government officials then began meeting with exchanges this week to bring about the trading suspensions, a source with knowledge of discussions told TechCrunch. At one point, exchanges in China accounted for more than 90 percent of the world’s bitcoin transactions. The rumors of the news already caused a dip in. BEIJING — One of China’s biggest bitcoin exchanges says it will end trading after news reports regulators have ordered all Chinese exchanges to close caused the price of the digital currency to plunge. BTC China said on its website it will “stop all trading business” on Sept. 30. The exchange said it was acting “in the spirit of” a central bank ban last week on initial coin offerings but gave no indication it received a direct …. BEIJING—Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual …. One of the major Chinese exchanges Huobi is trading Bitcoin at as low as $3836 when the global price is just above $4200. According to caixin.com, Chinese government might be closing down all the Bitcoin exchanges in China, even the larger ones like Huobi. Rumours or not, news like these are certainly adding fuel to the fire and crashing the market even further. South Korea threatened to close bitcoin exchanges on Thursday and bitcoin prices were settling around 10% late in the day in New York as a result. The report stated that all Bitcoin exchanges in the …. Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, WSJ reports. China’s government is planning to shut down Bitcoin miners in its latest crackdown on the cryptocurrency. The Leading Group of Internet Financial Risks Remediation has requested that local governments make an “orderly exit” from the industry. China produces the most Bitcoin in the world using Bitcoin mining. BTCChina, one of the largest Chinese bitcoin exchanges, said on …. The end of Bitcoin in China. Second thoughts. Wang’s planned farm will cost about 10 mln yuan ($1.52 mln) to set up. More than one man’s concern. China Plans to Shut Down Bitcoin Exchanges, Allow OTC Trading: Reports akinsworld ( 25 ) in bitcoin • 2 years ago Multiple Monday reports have added to speculation that Chinese authorities are planning to ban bitcoin trading on domestic exchanges, with no plans …. Chinese authorities have ordered Beijing-based crypto-currency exchanges to cease trading. The global market share of cryptocurrencies shrunk considerably after last month's news that China would ban all ICOs (initial coin offerings) in the country. Breaking: “All” Chinese Bitcoin Exchanges Must Close By September 30. The latest rumors from China suggest regulators are demanding all trading ceases by the end of the month. “All” Chinese virtual currency exchanges must stop trading to remain compliant, regulators have announced.