[2017-09-16] China’s three largest bitcoin exchanges will all stop offering

[Eric Cartman]

China’s three largest bitcoin exchanges will all stop offering local trading


Well, that didn’t take long. Yesterday, China’s longest running bitcoin exchange, BTC China, announced it will suspend its local trading service at the end of this month, and today the country’s two other major exchanges — Huobi and OKCoin — followed suit to say they will cease at the end of October.

The writing was on the wall when The Wall Street Journal reported on Monday that the Chinese government intended to shut down bitcoin exchanges after banning ICOs the previous week. Government officials then began meeting with exchanges this week to bring about the trading suspensions, a source with knowledge of discussions told TechCrunch.

While the exchanges will no longer be allowed to facilitate the buying of crypto coins using Chinese Yuan and the trading of coins, they will continue to operate international-facing exchanges and other associated services. Smaller exchanges, however, will be closing for good. Those include Yunbi, which announced in Chinese it will shut up shop on September 20.

The impact of the crackdown sent bitcoin prices falling — with the crypto currency dropping below $3,000 on some exchanges for the first time in a month — but it quickly rebounded and, at the time of writing, it had nearly made up the losses.

As with all things bitcoin, it is difficult to be sure exactly why, but there are plenty of reasons.

Most importantly, China is no longer the dominant in bitcoin trader it once was. A series of government bans — most recently a four-month trading freeze due to security concerns — have seen its share of global trading drop from more than 90 percent in previous years to just over 10 percent today. Markets like Japan, Korea and the U.S. have emerged to account for the lion’s share of global trading volumes, so the impact of this China ban is not as severe as it initially may seem.

https://techcrunch.com/2017/09/15/chinas-three-largest-bitcoin-exchanges-will-all-stop-offering-local-trading/

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[Slow death]

Most importantly, China is no longer the dominant in bitcoin trader it once was.

With the Chinese regime anyone should be careful while doing business in China, in a few years, another countries will dominate the mining sector

China will go down

[Kemarit]

Most importantly, China is no longer the dominant in bitcoin trader it once was.

With the Chinese regime anyone should be careful while doing business in China, in a few years, another countries will dominate the mining sector

China will go down

I assume that Japan will take over even in the mining sector. GMO already allocated $90M budget that goes about this project. They are not only building mining farms, but they are also doing their own bitcoin mining hardware. I usually speculate that a lot of tech company in Japan has already its own roadmap about joining the mining industry as well. Just like I said, China will not be missed and the void that they left will be cover by Japan. I think it will hurt more on the Chinese traders and miners side and eventually they have to find ways on how to get around the crackdown of bitcoin in their country.

[CyberKuro]

1. Government officials then began meeting with exchanges this week to bring about the trading suspensions,
2. While the exchanges will no longer be allowed to facilitate the buying of crypto coins using Chinese Yuan and the trading of coins, they will continue to
    operate international-facing exchanges and other associated services. Smaller exchanges, however, will be closing for good. Those include Yunbi, which
    announced in Chinese it will shut up shop on September 20.
3. The impact of the crackdown sent bitcoin prices falling — with the crypto currency dropping below $3,000 on some exchanges for the first time in a
    month — but it quickly rebounded and, at the time of writing, it had nearly made up the losses.
4. A series of government bans — most recently a four-month trading freeze due to security concerns

1. They want to make sure to limit fiat currency or money transferred outside the country, or want to get bigger cake from everyone who trade cryptos.
2. Fortunately, they didn't halt all operation regarding international transactions to make sure funds flow into their country.
3. People triggered to panic sell due to bitcoin price fallen significantly, while others tried to get profits, buy back at the bottom line.
4. Yes, they ever did it before, 4 month trading freeze, they should make it clear right now.

[buwaytress]

I assume that Japan will take over even in the mining sector. GMO already allocated $90M budget that goes about this project. They are not only building mining farms, but they are also doing their own bitcoin mining hardware. I usually speculate that a lot of tech company in Japan has already its own roadmap about joining the mining industry as well. Just like I said, China will not be missed and the void that they left will be cover by Japan. I think it will hurt more on the Chinese traders and miners side and eventually they have to find ways on how to get around the crackdown of bitcoin in their country.

Yup, our hitherto quaint friends in the Far East have recently announced two ambitious projects I'm aware of, including GMO. Both are fast-tracking the mining to start in late 2017, and if I know the Japanese obsession with timeliness, I'd have good money on them launching enough hashpower to be part of the November fork outcomes. Don't be too hasty to count out the Chinese though.

At worst, this recent turn of events is just the quiet before the throttle. Once licensing kicks in and regulators are satisfied (and they will be!), this all powers up again for the bull. Because if they really wanted to put this thing down, they wouldn't even have allowed these three big exchanges to go down this road.

[bouren]

Most importantly, China is no longer the dominant in bitcoin trader it once was.

With the Chinese regime anyone should be careful while doing business in China, in a few years, another countries will dominate the mining sector

China will go down

I don't know why people giving that shit to China. Let China leave the bitcoin industry. Bitcoin is global currency, we shouldn't be affected from some country internal tensions and let the prices fall on global level.
I am too pretty sure other countries will for sure beat Chinese mining farms in coming years.

[Snaic]

If the three largest crypto-currency exchanges in China stop their activities in providing services in bitcoin trade, the world will do without them. China, in this case, will remain beyond the limits of technical progress in the field of cryptothermia. I do not think that China wants this. Moreover, in their next five-year development plan, they envisaged further integration of the crypto currency into their economies.

[Flyyyy]

Most importantly, China is no longer the dominant in bitcoin trader it once was.

With the Chinese regime anyone should be careful while doing business in China, in a few years, another countries will dominate the mining sector

China will go down

I don't know why people giving that shit to China. Let China leave the bitcoin industry. Bitcoin is global currency, we shouldn't be affected from some country internal tensions and let the prices fall on global level.
I am too pretty sure other countries will for sure beat Chinese mining farms in coming years.

I, too, believe this, China's influence on the crypto currency will soon cease. But for the present the society reacts very painfully to the negative news from China.

[rockatone]

It became a habit of China to ban things that they think will waive them from their philosophical and political belief from social media to crypto currencies etc. Ever since if we look back at the history of BTC China's movement against it created a large pullbacks. Glad they're out of the crypto world. Good Riddance!

[HTracer]

My guess is Beijin will step back a little. Some bylaws for trading crypto in China is likely be imposed. Chinese exchanges will have to be licensed. Otherwise capital flow would be significant. Chinese traders will move to Japan.