BTCC Ceases Chinese Operations, But Will Continue International Trading

China’s BTCC cryptocurrency exchange has ceased all domestic trading activities. On its website, BTCC states that all local trading in yuan and cryptocurrencies has been officially suspended as of midday, September 30, Beijing time. The exchange stopped accepting deposits on September 27, and customers based in China were advised to withdraws funds before the end of this month.

One of the oldest crypto exchanges, BTCC fell victim to a recent decision by Chinese financial regulators to end domestic cryptocurrency. The official statement cites concerns over risk, but most observers believe it’s a way to restrict capital outflow from the country. The regulators also banned initial coin offerings (ICO) in the country and required companies funded by the financial instrument to return funds raised via ICO.

Although it has stopped trading in China, BTCC will continue services outside that country, and will also continue with its mining pool.

Other cryptocurrency exchanges in China are also ceasing operations, but have been less forthcoming on their plans to effect such changes. It is believed that most had to stop trading as of the end of September and unwind by the end of October.