China Closes Bitcoin Exchanges

China Closes Bitcoin Exchanges

China has started to close bitcoin exchanges in its territories as has been speculated for the last two weeks.  The country seems to be starting with closing bitcoin trading platforms in major Chinese cities, the first of these being Beijing and Shanghai.

This move to close exchanges and trading platforms was signalled by the Chinese central Bank’s decision to ban Initial Coin Offerings (ICOs) in early September.

The trading platforms in Beijing have been told to submit plans for a risk-free winding down and ceasing operations by 20th September, 2017 or for their employees to face imprisonment.  Indeed, all executives and technical officials of the companies have been ordered to stay in Beijing and Shanghai and to “cooperate fully” with authorities.

As if that wasn’t worrying enough, the operators have each been commanded to send the authorities a DVD with details of all users along with trading data.

This has all the hallmarks of a purge against Bitcoin users in China, where the government-controlled central bank declared cryptocurrencies to be the domain of criminal activities.

It is unclear how this move to close down exchanges on Chinese soil will affect Chinese users from simply trading or mining in other regions.

Page Last Updated: 20/11/2020 09:03:07