[2017-09-27] End of an Era: BTC China Stops Accepting Deposits, Begins to Shut..

[White sugar]

End of an Era: BTC China Stops Accepting Deposits, Begins to Shut Down Business

Following up on the announcement that it made earlier in the month, BTCC, one of the largest Bitcoin exchanges in China and the world, has stopped accepting yuan and digital asset deposits.

The exchange had previously announced that it would be shutting down its trading operations on September 30 due to the Chinese regulators announcing that they would be banning Bitcoin exchanges.

It also announced that it will stop yuan and digital asset withdrawals by October 31, marking a total shutdown of the business.

The crackdown is the result of the authorities fearing that cryptocurrencies could be used by some as a means of money laundering, and BTCC has joined other Chinese cryptocurrency exchanges in announcing the shutting down of its mainland businesses.

This has led to a crash in the price of Bitcoin, from close to $5000 to below $4000 currently. Chinese citizens have also been banned from investing in initial coin offerings, as the authorities believe that these are unsafe investments for the general public.

Bitcoin and the general cryptocurrency market are struggling to get the required recognition from major banks and other governmental organisations as the industry suffers from a lack of regulation and control. This overwhelms the advantage that these digital currencies have in terms of security and ease of use.

China had been one of the major markets for cryptocurrencies and this crackdown from the authorities has placed the industry on the back foot. On the other hand, there is optimism that the industry will be able to overcome this challenge, like it has every other challenge faced before.

https://www.financemagnates.com/cryptocurrency/exchange/end-era-btc-china-stops-accepting-deposits-begins-shut-business/

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[dfox101]

Yes the center of the bitcoin will be shifted away from China, which is not a bad thing.

[Kemarit]

Well its really sad to see one of the biggest Exchanges suddenly closes its door because their government says so. Its different when you see exchanges being hack and closing services or like BTC-E where authority seizes and forced them to stop its operations because they have been suspected of laundering dirty money. But for BTCC they have no choice, they are living under a communist regime and every word should be acted accordingly. The bitcoin community in China will be the victims here. But on the bright side, bitcoin price is going up. Do the Chinese community moving up their coins to other exchanges outside of the great firewall? Remains to be seen.

[Darklinkz]

I agree with them that there are so many scam ICO investments but this shouldn't lead on banning almost everything. They should at least make policies, rules or anything to make it better. Maybe China lost too much and they could not bear it anymore.

[ChromaticStar]

Does anyone know how this will affect all the miners in mainland China? I haven't heard anything about them being forced to shutdown, but they will obviously need to find liquidity for their BTCs somehow. Will they simply send them to HK to trade for HKDs and then to RMB?