4th LARGEST chinese bitcoin exchange, FXBTC Chinese announces CLOSURE by May 10

[blatchcorn]

Already priced in

[windjc]

Already priced in

Aha. We will see...

The thing that I fear is not priced in ---> lack of fresh fiat.

[nioc]

So a relatively small exchange that was in financial trouble before the most recent restrictions is closing.  That is why there isn't a big reaction to this news.  We await, or not, future news.

[Mythul]

MtGox went down with 800.000 coins and that didn't kill Bitcoin, why would an exchange from China do that(where coins weren't even lost) ?

In the end the fact is exchanges come and go. In the near future probably only the pro exchanges with an actual business plan would survive. The newbies will go out of business.

[igorr]

MtGox went down with 800.000 coins and that didn't kill Bitcoin, why would an exchange from China do that(where coins weren't even lost) ?

In the end the fact is exchanges come and go. In the near future probably only the pro exchanges with an actual business plan would survive. The newbies will go out of business.

MtGox ! Who is the next ? Houbi ? Bitstamp ? or ?

View Screen Capture

[SelbyTsang]

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

FXBTC cited “unprecedented pressure” from the People’s Bank of China (PBOC) as well as restrictions on its banking services that have resulted from the central bank’s policies as deciding factors.

If that's true, we should see similar news very soon with the other chinese exchanges...

[p0peji]

http://www.coindesk.com/chinese-bitcoin-exchange-fxbtc-to-close-citing-central-bank-pressure/

FXBTC cited “unprecedented pressure” from the People’s Bank of China (PBOC) as well as restrictions on its banking services that have resulted from the central bank’s policies as deciding factors.

If that's true, we should see similar news very soon with the other chinese exchanges...

Indeed, this news combined with the statements of Chinese exchanges exploring to go overseas, is not a good sign at all. What is even a worse sign is the complete lack of openness on the side of BTCchina, all exchanges have in some shape or form admitted most of the account closures, but BTCChina has been denying everything for a long time before finally making a statement.

[r34tr783tr78]

Like it or not, China is very important for the price of bitcoin. Currently, western markets are just following Huobi.
But, probably, it won't be as important to bitcoin per se, for its development and acceptance.

[STT]

1 billion people care

Is there no legal system in China? Why don't these banks and exchanges just continue to operate until they receive a court order, which they can then challenge?  

Nulla poena sine lege, not in China or what?  

wiki command economy.     Just getting a letter is bad enough I suspect.  

Think of how the mafia might signal to you to change behaviour, first they have a friendly tip and wave then maybe a word.     If it ever got to letter you are into trouble fast.  Do you really want to wait for an actual message to be sent in person before you finally do what you are told.    How much power do you think the bank has to push back against the party in a communist system, you are a loyal servant to the state and to argue is disrespect to our dear leader.
You are free till you reach the end of your rope tether and then push too hard you may be hung with it

Or that is how I imagine it goes