Posted By: Admin

On: September - 14 - 2017

Category: Entrepreneurship, Bitcoin, Finance

Facebook       Google       LinkedIn       Pinterest       Twitter

Bitcoin exchange BTCChina to stop trading from Sept. 30

BEIJING (Reuters) - Chinese bitcoin exchange BTCChina will stop all trading from Sept. 30, as regulators crack down on the nascent cryptocurrency sector in a bid to stamp out potential financial risks.

China has boomed as a cryptocurrency trading location in recent years as domestic exchanges had formerly allowed users to conduct trades for free, attracting investors and speculators who boosted demand.

BTCChina, a well-known platforms for such trading, which also runs an international exchange out of Hong Kong, will stop registration of new users from Thursday, it said on its official microblog.

"We will stop all trades on the digital trading platform starting Sept. 30," it added. BTCChina said its decision was based on an early September directive from Chinese authorities, such as the securities and banking regulators, concerned over investment risks involved in cryptocurrencies.

Investors in China contributed up to 2.6 billion yuan ($396.83 million) worth of cryptocurrencies through ICOs (initial coin offerings) in January-June, according to a report in state-run media that cited data from the National Committee of Experts on Internet Financial Security Technology.

Regulators' crackdown was sparked by fears that Chinese investors were speculatively piling into cryptocurrencies. Last week, they banned the practice of creating and selling digital currencies or tokens to investors to finance start-up projects.


We stricly abide by the FAIR USE ACT. Committee consideration by Judiciary Committee, Subcommittee on Courts, the Internet, and Intellectual Property on March 19, 2007. All content remain legal property of the legitimate author. The content of our website is a collection of news articles from various experts and news agencies in arears of interest which include and not limited to (BLOCKCHAIN, LEADERSHIP, MANAGEMENT, MARKETING, TECHNOLOGY, DEVELOPMENT, ICO, ICO REVIEWS, BITCOIN, ETHEREUM, BANKING AND FINANCE INDUSTRY NEWS, INSURANCE INDUSTRY NEWS, CYPTOCURRENCY NEWS, ETHEREUM, INVESTMENT OPPORTUNITIES, AND MANY MORE). The sole purpose is to provide accurate and timely news update, and to avoid misinformation. We trust and respect our news sources and will strive to ensure the accuracy of our content. This information should never be considered as investment advices and are the direct views of the authors and organizations involved. Always conduct your research. If you have any questions or you feel that this content should not be on our website feel free to contact us.

ALSO READ:

WHERE AND HOW DO I GET BITCOINS

WHERE AND HOW DO I SAVE MY BITCOINS AND CRYPTO CURRENCIES

WHAT DO I NEED TO KNOW TO START INVESTING IN BITCOINS AND CRYPTOCURRENCY

12 THINGS YOU SHOULD KNOW ABOUT BITCOINS

THE DANGERS OF BITCOIN

HOW DO I INVEST IN BITCOINS

NEWS SOURCE