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China - Terminating Domestic Bitcoin Exchanges

Posted on 14th Sep 2017


The announcement of China through its media spread rapidly which slashed the price of bitcoin by 19% according to the data from CoinMarketCap.  Reports from The Wall Street Journal and Bloomberg on Monday first indicated the plan of the Government of China to ban the trading of Bitcoin and other vritual currencies on its exchanges.

According to Bloomberg, China Business News has reported that the city of Shanghai had ordered the closure of bitcoin trading platforms. The website Crypto Coins News further cited a local newsletter that said banning bitcoin exchanges was "certain." Bobby Lee, CEO of the bitcoin exchange BTCChina, mentioned in his tweet that the firm will stop trading effective September 30, 2017 in compliance to China's ban on initial coin offerings, the cryptocurrency-based fundraisng method.

According to sources, "too much disorder" is the reason for the alleged shutdown, echoing the Central Bank of China's words criticizing ICO's for disrupting the country's financial order. 


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