False news about China shutting down major bitcoin exchanges

[xdev]

This fake news is just a spin up of the regulation that was happening earlier this year. Yes, China is regulating exchanges, but this time it is only small exchanges and ICO.

All major exchanges are adhering to the AML regulation that were implied by Chinese government earlier this year

https://www.cryptocoinsnews.com/bitcoin-exchange-okcoin-publishes-heightened-aml-guidelines/

[batang_bitcoin]

I see so this FUD made the price of bitcoin down again at $4,100. I was just sleeping with the price of $4,500 and expecting that when I wake up I'll see $4,600 - $4,700 but well these people that making FUD do really want to chase profits before Chinese unban ICO's. I guess I don't need some sleep anymore so that I can monitor the price properly.

Edit: I've read other says this is legit?

[fistfullofbtc]

someone posted it in a troll box, took me 5 seconds to see it was a scam, there is so much nervous money they cash out at any little change. The exchanges don't help considering how low fees the trades are.

[xdev]

I think its bullshit that a crypto such as Bitcoin can lose value this easily over some false rumour. This is a crypto that has stood the test of time plenty of times. Unbelievable that people are selling off this easily

[Argon2]

This fake news is just a spin up of the regulation that was happening earlier this year. Yes, China is regulating exchanges, but this time it is only small exchanges and ICO.

All major exchanges are adhering to the AML regulation that were implied by Chinese government earlier this year

https://www.cryptocoinsnews.com/bitcoin-exchange-okcoin-publishes-heightened-aml-guidelines/

No, it's 100% fake news made by manipulators. https://bitcointalk.org/index.php?topic=2162185.0

It's been this way for 5.5 years using the Friday Chinese FUD to create bag holders. Nothing to see, go get out in the sun! 

[StockBet.com]

If you're right that this is fake news, then this is one of the oldest tricks used by fraudsters on the stock market.

Short the stock.  Publish negative fake news.  Cover the short and take the profit.

[xdev]

If you're right that this is fake news, then this is one of the oldest tricks used by fraudsters on the stock market.

Short the stock.  Publish negative fake news.  Cover the short and take the profit.

Well so far it seems so. No trustworthy source and the major Bitcoin exchanges in China are all complying with AML regulations that PBOC issued a halt over earlier this year.

No official statement other than what seems like the ICO ban is happening: http://www.pbc.gov.cn/english/130721/3377816/index.html

[anon4250158]

Fake news is everywhere about everything these days.  People need to stop getting their news from social media, which has no regulation or moral commitment to maintaining truth in what's posted.  Their gullibility affects even people who know better.

[BitcoinUKmedia]

^^^^

[Jasper Crypto]

Actually it isnt fake news. Multiple Chinese speaking people confirmed it. Also check the comments under the link u posted.

[xdev]

Actually it isnt fake news. Multiple Chinese speaking people confirmed it. Also check the comments under the link u posted.

What comments? ...?

There is an ICO ban happening which includes all Chinese exchanges dealing with ICO trading

https://pbs.twimg.com/media/DJMnEoKUMAA_h4G.jpg

cnLedger on Twitter is also confirming that these Exchanges will stop ICO trading and delist these ICOs. (shown in the picture)

It has nothing to do with Bitcoin or virtual currency

http://www.pbc.gov.cn/english/130721/3377816/index.html

III. Management of Related Platforms Shall be Strengthened

From the date of release of this Notice, any so-called platform that provide trading and exchange services for coin offering shall not engage in exchange businesses between legal tender and token or “virtual currency”; or engage in proprietary trading activities or trading as an central counterparty of tokens or “virtual currencies”; or provide pricing services or act as information intermediary for tokens or “virtual currencies”.

As for the trading platforms with activities that have violated laws or regulations, the financial regulatory authorities will notify the administrative department in charge of telecommunications to adopt measures such as shutting down its website platform and mobile APP, notify the administrative departments in charge of cyberspace to remove its mobile APP from the APP store, and notify the business administration department to revoke its business license.

Basically above states that any Exchange (operating in China) which allows ICO trading shall cease all operations. What I've seen so far most Chinese exchanges who previously offered ICO trading are now delisting all ICOs.

In short, it is an ICO ban. Exchanges who are compliant with AML and who are only trading in virtual currencies (not tokens) are not affected

[lucifochrome]

These days fake news spread like wild fire, people just need to do our due diligence to confirm if this is true or not. Btc has been here for years it had it's ups and down and it is here to stay. Im sure big exchanges in china are adhering to the policy much like in other countries.

[miguelmorales85]

Thing is fakenews are believed in China?
I think they are because they always caused panic sell in exchanges and dump the price.
We just need to BTFD

[Saisher]

I think its bullshit that a crypto such as Bitcoin can lose value this easily over some false rumour. This is a crypto that has stood the test of time plenty of times. Unbelievable that people are selling off this easily

This is indeed bullshit and very surprise that Bitcoin's price can be taken down just like that, but eventually, the truth will come out and bitcoin will regain a much better price and it's going to be in a few days when everything is updated with the right news.

[DoublerHunter]

This fake news is just a spin up of the regulation that was happening earlier this year. Yes, China is regulating exchanges, but this time it is only small exchanges and ICO.

All major exchanges are adhering to the AML regulation that were implied by Chinese government earlier this year

https://www.cryptocoinsnews.com/bitcoin-exchange-okcoin-publishes-heightened-aml-guidelines/

That fake news affect the market a little bit because a lot of weak hands sell their bitcoin because they think that is a legit news. In my opinion, it doesn't matter if the china banned ico or even the exchanges because that is only a temporary effect for bitcoin and it will not become big deal in the future because we are now stepping on the new things that might become a huge addition to the future of bitcoin.

[stupid_seb]

Actually it isnt fake news. Multiple Chinese speaking people confirmed it. Also check the comments under the link u posted.

What comments? ...?

There is an ICO ban happening which includes all Chinese exchanges dealing with ICO trading

https://pbs.twimg.com/media/DJMnEoKUMAA_h4G.jpg

cnLedger on Twitter is also confirming that these Exchanges will stop ICO trading and delist these ICOs. (shown in the picture)

It has nothing to do with Bitcoin or virtual currency

http://www.pbc.gov.cn/english/130721/3377816/index.html

III. Management of Related Platforms Shall be Strengthened

From the date of release of this Notice, any so-called platform that provide trading and exchange services for coin offering shall not engage in exchange businesses between legal tender and token or “virtual currency”; or engage in proprietary trading activities or trading as an central counterparty of tokens or “virtual currencies”; or provide pricing services or act as information intermediary for tokens or “virtual currencies”.

As for the trading platforms with activities that have violated laws or regulations, the financial regulatory authorities will notify the administrative department in charge of telecommunications to adopt measures such as shutting down its website platform and mobile APP, notify the administrative departments in charge of cyberspace to remove its mobile APP from the APP store, and notify the business administration department to revoke its business license.

Basically above states that any Exchange (operating in China) which allows ICO trading shall cease all operations. What I've seen so far most Chinese exchanges who previously offered ICO trading are now delisting all ICOs.

In short, it is an ICO ban. Exchanges who are compliant with AML and who are only trading in virtual currencies (not tokens) are not affected

Thanks for your post.
It should be put in a specific pinned thread and showcased on the main board.

Good news is, we may spend the weekend watching the prices go up again :-)

[Siren]

This fake news is just a spin up of the regulation that was happening earlier this year. Yes, China is regulating exchanges, but this time it is only small exchanges and ICO.

All major exchanges are adhering to the AML regulation that were implied by Chinese government earlier this year

https://www.cryptocoinsnews.com/bitcoin-exchange-okcoin-publishes-heightened-aml-guidelines/

That fake news affect the market a little bit because a lot of weak hands sell their bitcoin because they think that is a legit news. In my opinion, it doesn't matter if the china banned ico or even the exchanges because that is only a temporary effect for bitcoin and it will not become big deal in the future because we are now stepping on the new things that might become a huge addition to the future of bitcoin.

The damaged has been done already because of this fake news. Its down to $4300 after recovering from an early price correction because of the Chinese banning ICO's. Well, lets look it at the bright side, this is a perfect buying opportunity and for those who have missed the hype, then its your time to get bitcoin now before the price could regain its luster in the coming days or months.