China’s Bitcoin exchanges begin closing shop sending BTC prices down

One of the China’s largest Bitcoin exchange platform—BTC China—announced in a Tweet on Thursday that it will shut down Bitcoin trading within China by the 30th of September. The move comes after Chinese regulators banned fundraising through Initial Coin Offerings (ICO) on September 4th citing concerns over financial fraud and speculation.

BTCC is not the first Bitcoin exchange platform that has decided to close shop. Just two days ago China’s Bitkan announced that it will suspend over-the-counter (OTC) Bitcoin (BTC) and Bitcoin cash (BCH) trading from Thursday.

Other Bitcoin trading platforms have not made any announcements yet. However, according to Yicai, on September 13th, the China Internet Finance Association issued a risk warning, saying that all of the so-called ” virtual currency” trading platform in China lacks a legal basis. Yicai also quoted the Shanghai Municipal Office saying that it has already ordered shutting down a number of Bitcoin trading platforms. Bitcoin trading platforms in Beijing are yet to see these announcements.

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