Rumors to Reality: BTCChina to suspend all trading by 30th of September

After a week of endless rumors from China, starting with the original announcement on Caixin calling the “end of exchanges in China, the rumors have become a reality when it comes to BTCChina. BTCChina has announced today that they will stop all trading on BTCChina (The chinese version of BTCC) on the 30th of September.

The reason they gave for the was the Sept 4 announcement – the ICO ban. This means no additional announcements have been made from the government regarding closing exchanges. It might be that they are announcing the end of trading as a precaution, or they might be in contact with different government departments and cannot disclose the details. OKCoin and Huobi PR said they have not received notice from regulators and are operating normally

Cashing Out:

Immediately after the announcement, there was a flurry of trade activity on BTCC, with the price of Bitcoin falling to as low as $2600 USD. Currently prices on BTCC are around $450 USD cheaper than the international price.

Other Exchanges:

Binance: Service for international exchange not affected. Chinese not allowed to trade since sept 6th

Yunbi: Rumored to shut down in 3 months

I’ve been involved in the Bitcoin and Blockchain space since 2012. Something I notice right away is that accurate factual information is hard to come by in this space. More often than not, we find extremely biased information that exploit the complexity of blockchain to obscure facts. The objective of this site is simple – to provide independent insights into the blockchain space.


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