[2017-01-11] Mint: PBoC launches spot checks on bitcoin exchanges

[polynesia]

PBoC launches spot checks on bitcoin exchanges

http://www.livemint.com/Money/xhiZOtlp1CmV11gCtDpKSI/PBoC-launches-spot-checks-on-bitcoin-exchanges.html

China’s central bank said on Wednesday it launched spot checks on major bitcoin exchanges in Beijing and Shanghai, knocking the price of the cryptocurrency down by more than 6%.

The probe of bitcoin exchanges, including BTCC, Huobi and OKCoin, was to look into a range of possible rule violations, including market manipulation, money laundering and unauthorised financing, the People’s Bank of China (PBoC) said. It did not say if any violations had been found.

On the Europe-based Bitstamp exchange, the bitcoin price fell as much as 7%. By 1030 GMT, it traded down around 4%. On Huobi’s website, the price quoted in yuan slid nearly 10% before pulling back to trade about 6% lower.

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[BitcoinExchangeIndia.com]

BTCC has made a clear statement regarding this...

A group of regulators consisting of the SH branch of PBOC, the SH Financial Affairs office & other related govt agencies visited BTCC. During this visit, we followed up on prior discussions and shared details about our business model and operations with the group. We expect to continue with additional meetings later this week. All operations at BTCC are normal and we continue to actively work with regulators to ensure that we remain compliant. In the meantime, we urge our customers to take a rational & cautious view to news articles which speculate on the visit and discussions.

Source: https://twitter.com/YourBTCC/status/819159971564662784

[polynesia]

Other coverage of the same news.

http://www.business-standard.com/article/international/bitcoin-slides-as-china-s-central-bank-launches-checks-on-exchanges-117011101123_1.html
http://economictimes.indiatimes.com/news/international/business/bitcoin-price-slides-as-china-investigates-exchanges/articleshow/56507619.cms