Bitcoin China to shut down trading platform amid tightened regulations

Source:Global Times Published: 2017/9/14 20:40:29

Bitcoin China announced late Thursday that it had stopped accepting new registrations and it will shut down all trading activities on its platform by September 30.

The move confirmed earlier reports of Chinese officials mulling a closure of domestic exchanges for virtual currency trading, and sent the price of Bitcoin into a nosedive.

Following the announcement, the price of Bitcoin plunged 6.09 percent to $3,630 at around 7:45 pm on Thursday, the lowest level since August 12, according to financial data provider tradingview.com.

The price of Bitcoin has been on a steep downward curve since Tuesday, when several media outlets carried reports of Chinese officials planning to bar commercial trading of virtual currencies. The price fell from a high of about $4,360 to below the $4,000 mark on Wednesday.

In a statement, Bitcoin China said it had made the decision based on an official document released on September 4.

"Adhering to the principle of preventing investment risks and maximizing the interests of users, the Bitcoin China team has carefully discussed and made these decisions," the statement said.

Bitcoin China is one of the largest platforms for virtual currency trading. 

The People's Bank of China, the country's central bank, and several other agencies released a document on September 4, in which they voiced their concerns over risks in virtual currency trading and suggested measures to curb such risks, including barring new issuance of initial coin offerings.

Posted in: ECONOMY,COMPANIES

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