[2017-09-09] China bitcoin exchanges awaiting clarification on closure report

[White sugar]

BEIJING (Reuters) - China’s Bitcoin exchanges said on Saturday they are still awaiting clarification from the authorities on a media report that they will be shut down.

Bitcoin fell sharply on Friday after Chinese financial publication Caixin reported that China was planning to shut down local crypto-currency exchanges, although analysts said this was just a temporary setback.

The news follows China’s move earlier this week to ban so-called “initial coin offerings,” or the practice of creating and selling digital currencies or tokens to investors in order to finance start-up projects.

Reuters was not immediately able to verify the report.

A spokeswoman for Beijing-based OK Coin said the platform has not received any notification from regulators.

Spokespersons at Beijing-based Huobi and Shanghai-based BTCC said they were still waiting for further official clarification.

https://www.reuters.com/article/us-storm-irma/winds-whip-florida-keys-as-hurricane-irma-turns-sights-northward-idUSKCN1BG0KL

[DooMAD]

BEIJING (Reuters) - China’s Bitcoin exchanges said on Saturday they are still awaiting clarification from the authorities on a media report that they will be shut down.

Bitcoin fell sharply on Friday after Chinese financial publication Caixin reported that China was planning to shut down local crypto-currency exchanges, although analysts said this was just a temporary setback.

The news follows China’s move earlier this week to ban so-called “initial coin offerings,” or the practice of creating and selling digital currencies or tokens to investors in order to finance start-up projects.

Reuters was not immediately able to verify the report.

A spokeswoman for Beijing-based OK Coin said the platform has not received any notification from regulators.

Spokespersons at Beijing-based Huobi and Shanghai-based BTCC said they were still waiting for further official clarification.

https://www.reuters.com/article/us-storm-irma/winds-whip-florida-keys-as-hurricane-irma-turns-sights-northward-idUSKCN1BG0KL

It's a regulatory storm, not a wind storm.  
In your haste to copypasta it seems you've selected the wrong article link:  
https://uk.reuters.com/article/uk-bitcoin-china/china-bitcoin-exchanges-awaiting-clarification-on-closure-report-idUKKCN1BK05J

Seems like a bunch of fuss over nothing, really.  ICO scammers still gonna scam, it'll probably just drive them a little deeper into the murkier corners of the internet.  Some low-level government minion putting the press release together probably didn't know the difference between an ICO and an exchange and there's been a big misunderstanding as a result.

[1Referee]

It's just a matter of time before the western exchanges start dipping below the $4000 level (Bitfinex has already done so), where we might see them settle at sub $4000 levels for a short while. I find it quite entertaining that people are so easily being pushed towards selling their coins in panic, while at this point really, there is absolutely no reason to do so. At the end of the day, I think it's safe to say that we would have gone down anyway, so whether it's China fud pressing the market down, or the long awaited correction, it makes zero difference. China will NOT prohibit Bitcoin exchanges, and will likely never do so - the only thing that is certain, is that they will heavily regulate this market, and that's a good thing IMHO.