Beijing-Based BISS Exchange Shut Down, Arrests Made

[cheezcarls]

A relatively well-known cryptocurrency exchange, BISS, has recently been shut down by police in Beijing. At least 10 people have been arrested.

According to Wan (@DoveyWan), this news has been circulating in China for a couple of weeks and is only now being revealed to the West, though it is unclear why. As evidence, Wan links a sohu.com article, describing the event.

Check the full news here

Well, this was really expected! China made it clear that they’re in for the blockchain, not Bitcoin or other cryptocurrencies in their country.

There was like 39 crypto exchanges/firms operating in the country that were being targeted by China nowadays, and they’re in for the full crackdown.

I just don’t know when will China gonna fully embrace Bitcoin or other cryptocurrencies in their country. it’s still uncertain right now, but I believe in the near future, they would finally open their minds about Bitcoin and cryptocurrencies.

It may not happen soon though, but in the future I believe, in the right time.

[bL4nkcode]

This could be related to one of those fuds about binance on their shanghai "office", which china is doing with their anti crypto, but of course, except the one their making(made)

[wajik-tempe]

A relatively well-known cryptocurrency exchange, BISS, has recently been shut down by police in Beijing. At least 10 people have been arrested.

According to Wan (@DoveyWan), this news has been circulating in China for a couple of weeks and is only now being revealed to the West, though it is unclear why. As evidence, Wan links a sohu.com article, describing the event.

Check the full news here

Well, this was really expected! China made it clear that they’re in for the blockchain, not Bitcoin or other cryptocurrencies in their country.

There was like 39 crypto exchanges/firms operating in the country that were being targeted by China nowadays, and they’re in for the full crackdown.

I just don’t know when will China gonna fully embrace Bitcoin or other cryptocurrencies in their country. it’s still uncertain right now, but I believe in the near future, they would finally open their minds about Bitcoin and cryptocurrencies.

It may not happen soon though, but in the future I believe, in the right time.

I think china will make their own blockchain payment that not decentralized and the digital money circulations still controllable by the government, they didn't want cryptocurrency or bitcoins because it's untrackable and they already said they're anti with bitcoin and cryptocurrency, but i'm sure most of cryptocurrency owners are from china because when china has a bad news there must be a big drop in the market

[CarnagexD]

A relatively well-known cryptocurrency exchange, BISS, has recently been shut down by police in Beijing. At least 10 people have been arrested.

According to Wan (@DoveyWan), this news has been circulating in China for a couple of weeks and is only now being revealed to the West, though it is unclear why. As evidence, Wan links a sohu.com article, describing the event.

Check the full news here

Well, this was really expected! China made it clear that they’re in for the blockchain, not Bitcoin or other cryptocurrencies in their country.

There was like 39 crypto exchanges/firms operating in the country that were being targeted by China nowadays, and they’re in for the full crackdown.

I just don’t know when will China gonna fully embrace Bitcoin or other cryptocurrencies in their country. it’s still uncertain right now, but I believe in the near future, they would finally open their minds about Bitcoin and cryptocurrencies.

It may not happen soon though, but in the future I believe, in the right time.

I think china will make their own blockchain payment that not decentralized and the digital money circulations still controllable by the government, they didn't want cryptocurrency or bitcoins because it's untrackable and they already said they're anti with bitcoin and cryptocurrency

It is not China does not want any bitcoin in their country, what happened was a matter of legality of BISS as an digital exchange. It would not happen at the first place if they could've just run their asses out in a well lit area. Some are speculating that it was just a FUD from China, but then we could not think of BISS as a huge sacrifice for this so 99% it is real. China is eyeing on its own blockchain, however it is difficult to fight the current state of how chinese people are open with decentralized market.

but i'm sure most of cryptocurrency owners are from china because when china has a bad news there must be a big drop in the market

I don't think it is some kind of bad news, cracking these illegal institutions down is a work initiative by Chinese government preventing its people from being scammed and fraud. Having the most number of cryptocurrency users is a big responsible for China, we cannot judge their government for doing such jurisdiction regarding crypto-related matters.

[hugeblack]

This could be related to one of those fuds about binance on their shanghai "office", which china is doing with their anti crypto, but of course, except the one their making(made)

The story^[1] seems to be true, but the timing of the story may be FUD.
Local media did not give the date and time of the incident, so it may have been several weeks or even months.
China does not appear to be open to cryptocurrencies but is viewed as an enemy that should not be adopted.
Therefore, China may establish its own currency, so it is unlikely to allow the platforms to work in the exchange between its digital currency and cryptocurrencies.



[1] https://cointelegraph.com/news/office-of-chinese-crypto-exchange-biss-closed-staff-members-arrested

[1Referee]

I don't think it is some kind of bad news, cracking these illegal institutions down is a work initiative by Chinese government preventing its people from being scammed and fraud. Having the most number of cryptocurrency users is a big responsible for China, we cannot judge their government for doing such jurisdiction regarding crypto-related matters.

It is bad news. In fact, Binance and a bunch of other exchanges may be illegal within your jurisdiction too. Something being illegal by law doesn't make it by definition is a scam. The only thing China cares about is to lower the freedom people have, and by shutting down exchanges people have fewer options to buy/sell Bitcoin.

China hasn't done anything as far as I can remember to help its people. It has done a lot that I know to work against them, punish them harhsly and control their life where possible. People there are getting scammed more by their government than actual scammers.