China's top Bitcoin exchange to cease trading

China's top Bitcoin exchange to cease trading

There were nearly 40 platforms in China contributing to the initial coin transactions as of mid-July and nearly 65 problems have already been carried out in the country, lifting a sum of 2.6 Billion Yuan, as per a group of Chinese experts mentioned in the local media. However, the original cryptocurrency has somewhat recovered since then and is now trading at $3,441, down a mere 1.5% from the same time yesterday.

Bitcoin surged in popularity in China a year ago as its price rose. But the tide turned two days later, when China banned fundraising through initial coin offerings, which allow entities to raise large sums by creating and selling digital tokens with no regulatory oversight. They must also confirm bank accounts used for client funds, and register with the central bank by the same deadline.

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. A Chinese business news magazine, Caixin, said at one point up to 90 percent of global trading took place in China.

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.

As is to be expected, there isn't much information available at this time. BTC China sent a tweet today indicating that the exchange would halt its operations at the end of the month.

China's top Bitcoin exchange to cease trading
China's top Bitcoin exchange to cease trading

Bitcoin prices tumbled today after Chinese bitcoin exchange BTCChina said it would stop all trading from 30 September as regulators crack down on the industry.

As well as regulators moving against virtual currencies, they are coming under harsh scrutiny from the private sector. Such currencies pose potential financial, legal, customer protection and security-related risks, the bank said.

Regulators in Singapore, Hong Kong and Canada have also pointed out some of the dangers. The government seems to be laying the groundwork to ban independent digital currencies from the Chinese economy altogether.

Bitcoin is little more than a "fraud" which will eventually blow up in the faces of traders, according to JPMorgan Chase CEO Jamie Dimon.

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