China closes exchanges

[MadMac]

I guess that is good news, the cat is out of the bag and no more rumors. China closes all exchanges based on the fact that they are operating without a formal license.

Which means there will be regulation and licenses coming soon, a good step forward.

https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/

[MadMac]

Is there any possible impact on Hong Kong exchanges, Bitfinex eventually?

[n4poleon]

The way I understand is, China based exchanges are not going to close, they're just closing their CNYs pairs. Is that correct assumption?

[metalbean]

The way I understand is, China based exchanges are not going to close, they're just closing their CNYs pairs. Is that correct assumption?

Well you could understand it that way, but closing CNY pairs mean closing 90% of their trades, so essentially most exchanges will close altogether except maybe BTCC which is also running a successful BTCC international.

[cryptovn83]

"The Chinese government might have felt that their softly-softly approach earlier in the year was too light touched and might be looking to make a sterner reproach this time," said Charles Hayter, CEO of CryptoCompare, a digital currency comparison website. "Heads could roll in this one."
China's central bank did not immediately respond to a request for comment.

All of these only China's Drama for cheap bitcoin. After that good news come. >>> Quick MONEY

[dothebeats]

Is there any possible impact on Hong Kong exchanges, Bitfinex eventually?

Hong Kong-based exchanges operate out of Mainland China's laws and jurisdiction so no, they aren't affected of any sanctions and regulations imposed by PBoC or the government itself.

I guess that is good news, the cat is out of the bag and no more rumors. China closes all exchanges based on the fact that they are operating without a formal license.

Which means there will be regulation and licenses coming soon, a good step forward.

https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/

Scary thing is that the government might put up its own exchange to profit even more than what the previous exchanges did, or the Chinese traders would move to other exchanges (e.g. Japan or Hong Kong) to stay out of China's strict stance about trading. China is not out of the picture, but their exchanges are.

[shawn995]

It was big lie by haters that china is closing bitcoin market because bitcoin was going high while haters was quite jealousing from bitcoin that's why they have told to bitcoin lover a big lie.

[Chyton]

Well this is absolutely a good news for cryptocurrency! For days we've been haunted by the FUD that Bitcoin is going to be banned in China and massive price drops and finally someone has shed some light upon us  . Bitcoin is going to jump in price thanks to this, and Bitcoin is going to even grow stronger if China is regulating it to be fully legal.

[MadMac]

Exactly my point, get rid of the ICOs and "unlicensed" (what ever that means) exchanges and replace them by some regulated ones. We can only win from that.

[Emoclaw]

The way I understand is, China based exchanges are not going to close, they're just closing their CNYs pairs. Is that correct assumption?

The majority of Chinese exchanges have announced full closure.
Some of the larger ones such as OKCoin will continue offering crypto-to-crypto pairs only.

[MadMac]

So my previous question, would there be any impact on Hongkong (Bitfinex)? I've some coins there for lending but considering pulling them out until this is over.

[Siren]

Well this is absolutely a good news for cryptocurrency! For days we've been haunted by the FUD that Bitcoin is going to be banned in China and massive price drops and finally someone has shed some light upon us  . Bitcoin is going to jump in price thanks to this, and Bitcoin is going to even grow stronger if China is regulating it to be fully legal.

But you see they have done the damaged already to the market, and its been one hell of a week for us. But we have to embrace this news just have a breathe of fresh air from all the FUD, fake news we are getting. As I see things now, the price has temporary recovered and moving to past $35xx. Its a good sign that after all the negativity surrounding bitcoin in the last 2 weeks, in just a single day alone, bitcoin has grown exponentially. I hope the market continues to go South so that we may see $4000 or maybe $5000 again. Let's all moved forward and be optimistic and consider that we are indeed in the road to recovery.

So my previous question, would there be any impact on Hongkong (Bitfinex)? I've some coins there for lending but considering pulling them out until this is over.

I think Hongkong operates outside of China so I don't think that Bitfinex will be directly impacted by the closure of the "local" exchanges in China.

[MadMac]

Damage has been done because the news were not clear, so everybody did a part in speculation. Not that it is clear, the smoke should disappear and we know what to expect.

[fredo123]

There's no need to be panic , I suggest lets grab the opportunity to buy bitcoin at low cost, because whatever happens this past few days , There are big chances to recover based on its uses brings to the mass , the popularity and etc, As we recall back to the past , we already witnessed the high and low of its value. and again im totally confident that there's a lot more to offer in the upcoming days through bitcoins.

[MadMac]

Regarding Hongkong, I don't know enought about their big firewall and whatever systems they have in place. It is part of China nevertheless and why would the Chinese not simply trade in Hongkong if possible. So there is some risk here.

[sexcoyote]

we will safe from china affect by this way.
i hope they won't come back again this market. i am bored from their scenerios.

[Jake052478]

i was surprise of the rapid gain of bitcoins... yesterday.. i just posted that it reaches all time low below USD 3500... but i did not expect bitcoin can climb the market that fast... just being happy after all the scare and doubt... here we are... continue to soar... just happy... feeling happy about it....

[Eternu]

For some people that is not good step forward, for some  that is bad, because they need to pay their country part of their earnings. I thought about it for quite sometime, and come to a conclusion that it was inevitable for that to happen, it started in china, but it will spread to other countries too. But what ever happen, bitcoin and altcoins will continue on, they will survive no matter what.

[MadMac]

It was at 70$ when I bought them first, not the all time low then

[CoinSpeculator]

they are closing their exchanges everyyear. it is pure speculation by government hand.