Beijing cryptocurrency exchanges told to announce trading halt

Sep 16, 2017, 00:52
Beijing cryptocurrency exchanges told to announce trading halt

Before 15 September midnight, exchanges shall publish closing announcements, and announce a schedule to stop the trading of all virtual currencies.

The news has hit the price of bitcoin already, falling from $3,860 to $2,457 as the news broke.

According to China Business News, regulators in Shanghai and the country's financial center gave verbal instructions to exchange operators to end services.

BTC China, one of the nations' biggest online exchanges, said Thursday it will immediately stop accepting new account registrations. Digital currencies developed by authorities could be used for good, with the right regulation, he said.

Wednesday, Bitcoin dove by more than 10%, as investors sold the cryptocurrency after a warning by JPMorgan (NYSE:JPM) Chief Executive Jamie Dimon that it "is a fraud" and will eventually "blow up".

The price of a single bitcoin BTCUSD, -10.12% tumbled almost 8% on Thursday to $3,565, and has fallen nine of the last 13 days.

Both exchanges said the decision to cease trading was triggered by an announcement by Chinese authorities last week banning initial coin offerings (ICOs), in which companies issue "digital" tokens similar to shares in exchange for bitcoin or other cryptocurrencies. BTCC also said that on "September 30, 2017, Digital asset trading platform will stop all trading business", adding that the measure would not affect Beitou China's pool.

To that end, Li Lihui, a senior official at China's National Internet Finance Association (NIFA), stated that the exchange crackdown was "a necessary action" to protect the interests of investors.

After the price of bitcoin reached a record high, China moved to reign in the exuberance, announcing Sept 4 that it was outlawing initial coin offerings.

The Chinese central bank has not responded to questions about the currency's future there.

Interest in China in bitcoin surged previous year after the price rose.

China's cryptocurrency exchanges have been instructed to halt their operations, multiple news outlets have reported. Beyond that, according to The Verge, three of China's main exchanges made up almost half of all of the global market share for the trailing 30 day period up to the announcement.

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