China bans exchangers / China exchangers CLOSED

[exstasie]

FUD!

It's definitely FUD, and it was perfectly executed. Everyone is in a panic, and it makes sense to a lot of people given the recent action against ICOs. But think about it! That was an official action. In this case, we have absolutely nothing but unsubstantiated rumors. When the PBOC wants to say something, they say it. Other news sources can't confirm any of the rumors.

Here's what Samson Mow‏ had to say:

Read the article about shutdown of exchanges in #China. They have no sources at all. It's just conjecture.

[StockBet.com]

China and the West are the biggest money launderers in the world.

The Chinese people have been laundering money out to buy real estate in the West for decades.

Several years ago, China's central bank asked Western governments to help stop this.  Instead of helping, Western governments such as Canada and Australia, aided and abetted the money laundering, by offering resident visas to any Chinese who brings over $X.

Banning crypto exchanges is probably another attempt by the Chinese government to stop this money laundering.

When Western governments tell you that they want to regulate cryptos with AML, they probably want to stop outflow only, not inflow of money.

[manchester93]

it seems that all the chinese exchangers will be closed for a while. it's a normal decision because they made so many illegalities (willy bot, market manipulation and so on).  

http://m.finance.caixin.com/m/2017-09-08/101142797.html

That means Okcoin, BTC china, Huobi and many others will be closed. "the plague" begins to be cleaned

Caixin was the first one to report on the ICO ban before the official documents came out so, they should be credible

This is FUD. There is no proof of this anywhere; the entire article is conjecture! And look at Okcoin or Huobi's ticker -- or any of the Chinese exchanges. Everywhere you look, it's business as usual.

I think Caixin really screwed up here. Either that, or this was a planted story like the "China bans BTC" stories from a few years ago, which rocked the markets at the time.

[haroldtee]

Caixin came out on twitter to dispute this statement and declared it false. Chinese did not ban exchangers and I wonder why they didn't do their assignments in the first place before dropping such a statement that caused a huge crash in the market earlier today.

[Falgorn]

The lack of official confirmation of information about the closure of exchanges and exchangers in China in China, as well as the fact that in China, until now, traded on the exchanges with a crypto currency, as on ordinary days, is evidence of the untruthfulness of the information disseminated.

[MAbtc]

Caixin came out on twitter to dispute this statement and declared it false. Chinese did not ban exchangers and I wonder why they didn't do their assignments in the first place before dropping such a statement that caused a huge crash in the market earlier today.

Could you provide a link to the clarification from Caixin? I checked the main @caixin account, but can't find anything. I'm sure the reason for this story was to manipulate the markets. Somebody took out a huge short and is now collecting.

We've seen nothing official from the Chinese government and no other news sources confirm the story. I call BS. Anybody remember when the People's Bank of China banned Bitcoin (over and over again) a few years ago? This looks just like that.

[Jombrangs]

China bans ALTCOIN ... because china wants to buy alot of it they want to buy on dip price on altcoins thats why they do things to dump the altcoins
Then after they buy a huge amount of altcoin they pump it again chine manipulate altcoins .... so stay tuned

[MetaVerde]

FUD!

It's definitely FUD, and it was perfectly executed. Everyone is in a panic, and it makes sense to a lot of people given the recent action against ICOs. But think about it! That was an official action. In this case, we have absolutely nothing but unsubstantiated rumors. When the PBOC wants to say something, they say it. Other news sources can't confirm any of the rumors.

Here's what Samson Mow‏ had to say:

Read the article about shutdown of exchanges in #China. They have no sources at all. It's just conjecture.

This was crazy.

Still not substantiated.

Just crazy.

FUD on 'roids.

[BitFinnese]

If China decides to ban the exchanges may not be seen as a good sign for bitcoin. Definitely bitcoin is going to tank in coming days because first China banned ICO, not exchanges and than may be bitcoin too with some laws in place. Many developing countries are watching bitcoin and the world especially China because they are the leaders and majority is being traded their. This decision may hamper the country to rethink if they want to legalize the bitcoin per say or change their decision may also be effected due to this move.

Bitcoin market is not in China alone, there are lots of high volume exchanges aside from China.  I think, these Chinese would find their way to trade in other exchanges and using VPN is not that hard.  Aside from that Chinese regulation is only in effect in China thus, not suppressing other exchanges outside China.  Though this shutting down of exchanges occur probably because they do not meet the regulation requirements thus need to be paused or hold.  

I think this is really a good news since China does not ban bitcoin but rather exchanges who does not meet the requirements in operating inside their territory.   This kindof cleaning is needed if Bitcoin needs to be in mainstream.


edit:  I believe this is just a fake news , I read on some thread that there is an error in translation.

[GreenBits]

it doesn't matter, bitcoin is decentralized

I don't even think the news is accurate. No one can confirm the story. I reached out to a Chinese friend on WeChat and he said this is classic FUD; he's trading on OKCoin as we speak.

This is just like the "China bans Bitcoin" episodes of 2013/2014. This time around, the Chinese exchanges have less influence on the market.

same here, i cant get a definite read on this actually being real news yet. i heard the exchanges were still trading as well, im hoping this is just fud and not an additional complication. if china is truly out of the market for the time being, you have to figure the price would be waaay lower than this by now. but, if the exchanges really are shuttered, i can understand (still actually, nah, people would be holding bitcoin on personal wallets, would dump, and we wouldnt see folks rebuying so aggressively)

if this isnt true, people are going to be soooo pissed at viaBtc

[illyiller]

same here, i cant get a definite read on this actually being real news yet. i heard the exchanges were still trading as well, im hoping this is just fud and not an additional complication. if china is truly out of the market for the time being, you have to figure the price would be waaay lower than this by now. but, if the exchanges really are shuttered, i can understand (still actually, nah, people would be holding bitcoin on personal wallets, would dump, and we wouldnt see folks rebuying so aggressively)

if this isnt true, people are going to be soooo pissed at viaBtc

What did ViaBTC say? I checked their Twitter but I see nothing posted since the rumors came out last night. Did you mean the media company that put the rumor out (Caixin)?

I would wait for an official announcement from the government before taking any of this seriously. Meanwhile, all the Chinese exchanges are trading normally. Further, the exchanges haven't received any directive from regulators.

BTCChina:

BTCChina Exchange is operating normally, and has not received any new directives from Chinese regulators. We'll keep you updated. #bitcoin

cnLedger‏:

Regarding tonight's rumors, we asked representatives from okc & huobi, they have not received any notice and they're operating normally

This will blow over. I'll tell you what, though: some insiders just made a bundle holding a short position here.

[piepu75]

One solution for China Exchange could be a decentralized exchange... or not? Built on top of NEo???

[aaron2024]

China is playing a lot of pranks these days. First ICO ban, now Bitcoin exchanges ban. Someone is making a lot of money with this.

[hypnos2k]

The real problem is that China is closed to outbound foreign direct investments....

[Taylorw]

I decided to avoid buying bitcoins which can be purchased only on chinese exchangers, because it could be very risky

[bettercrypto]

Oh well the news was fake,  It is a FUD to shaken weak hands.  Some of exchanges in china stated that they are operating fine.  We really cannot rely on the internet news alone without verifying it to the sources,  I hope not many people fall to this trick and sold their Bitcoin to the grinning whales.  Looks like Bitcoin will be bullish and be on uptrend price again    We can see it on the desperation to FUD Bitcoin market.

[megynacuna]

China is playing a lot of pranks these days. First ICO ban, now Bitcoin exchanges ban. Someone is making a lot of money with this.

I bet some definitely is, how can they be toiling with us and our finances like this? We also have panic sellers to blame as their inconsistency makes the prices fluctuate and unstable.

[GreenBits]

let me jankily translate this for everyone, via google old google:

The domestic exchange between all the virtual currency and the renminbi, represented by Bitcoin, and Etherman Square, will be closed in full time limit; however, the regulation is not against the virtual currency itself, nor does it prohibit the one-on-one OTC transaction of the virtual currency.

The supervisory authority has decided to close the exchange of virtual currency in China , which involves all virtual currency and denominations represented by "OKcoin", "coins" and "Bitcoin China" Of the exchange, the new financial reporter from the Internet financial risk special rectification work leading group (hereinafter referred to as the leading group) who confirmed the news, and understand that the resolution has been deployed to the local.

　　September 8, the third-party trading platform to pay the announcement, announced on September 5 and September 8, the spirit of Beijing Financial Work Conference and requirements, since the beginning of 17:30 to suspend all currency transactions.

　　This is following the September 4 People's Bank of seven ministries and commissions joint announcement (hereinafter referred to as the announcement) after further supervision action. The announcement will mark ICO (Initial Coin Offering) as "illegal financial activities" and order the ICO to be banned on the date of publication of the announcement. All ICO tokens trading platforms need to be cleared to close the transaction.

so, is this actually true, essentially that the regulated (government sanctioned exchange is shuttered for the moment, but p2p/otc trades should be fine? also, there like has to be like one more source on this besides these dudes, can anyone with the language skills provide us this link please? im still thinking this is so much fud; but if this is true, this is going to have a horrible short term impact of cryptos in general (and an even bigger longterm impact, although I think that will be positive, post regulation. the adoption will be even higher once they are allowed to rejoin the markets)

[DrStein]

The Mongolians!!!! AHHHHH the Mongolians!!!!
Have you ever seen the Chinese City Wok owner at South Park?

The funny thing is that in a few minutes China will wake up and then we will see if they will also buy the rumour or not...

a few more minutes and then major dump...or a new pump!

[Mrbates]

Only the direct CNY to crypto exchanges, trading itself isn't banned.  Reikers also commented that they contacted the primary exchanges effected by it and said they haven't heard anything about it.

Translation of yunbis page, they are stating:

Through the study of the People's Bank of China and other seven ministries "on the prevention of tokens issued by the risk of financing," the spirit of the policy, the coin network in the careful discussion decided to use all the ICO way off the block chain asset transactions. The block-chain assets currently traded are QTUM, GXS, EOS, ANS, DGD, 1ST, GNT, REP, SNT, OMG, PAY, LUN, VEN. The chain-chain assets that are about to resume trading include: BTC, ETH, ZEC, SC, BCC, ETC, BTS. Announcement details please see: part of the block chain assets off the assembly line notice