BTCC Will Stop Trading in Response To Regulators

Announcements, ICO News, Investing, News, Regulation | September 14, 2017 By:

Reports are mounting that cryptocurrency exchanges in China will be closed – although no official word has been publicly issued – and at least one prominent exchange has announced plans to close.

BTCC CEO Bobby Lee tweeted out the following today:

Bloomberg News also reported that the city of Shanghai has ordered bitcoin trading platforms to close, a report backed by circulation of a local newsletter that indicated closing all crypto exchanges was “certain.”

The actions follow news reports that a consortium of China’s financial institutions led by the People’s Bank of China, its central bank, are closing all domestic exchanges, citing investor risk. This follows a similar decision to ban initial coin offerings in the country. The news, reported by the Caixin news service last week, has been picked up by other news outlets in the ensuing days.

Legacy bitcoin prices have been plummeting in response to the reports. This morning, single-coin pricing for BTC stood just above the $3,500 mark.