Chinese Crackdown on Exchanges Confirmed, Bitcoin Price Falls Below $3000 | Finance Magnates

By 15th September 2017All, Blockchain, Cryptocurrency

Chinese Crackdown on Exchanges Confirmed, Bitcoin Price Falls Below $3000 | Finance Magnates

Reports out of China just confirmed that the country’s regulators are behind the closure announcements of BTC China and ViaBTC and that they have given all exchange an ultimatum to stop operating by the end of the month. Furthermore, all the Beijing based trading venues have been ordered to notify clients of their closure by the end of the day according to Chinese news service Caixin.

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As a result of this Bitcoin is now trading at around just $2600 at OKCoin, Huobi, BTCC and many other Chinese cryptocurrency exchanges. Globally Bitcoin is still trading at around $2990 right now but the price is dropping all time.

Caixin reported:

“By midnight on Sept. 15, all Beijing-based cryptocurrency exchanges must halt new user registration and issue a public notice detailing when the exchange will formally close, according to a policy document seen by Caixin and confirmed by a source close to regulators.

The document, issued by the Beijing branch of a central bank-led committee overseeing internet financial risks, also required all cryptocurrency exchanges under its purview to submit detailed plans to exit the market by 6:00 p.m Beijing time on Sep. 20. They must also confirm bank accounts used for client funds, and register with the central bank by the same deadline.

All exchange shareholders, controllers, members of senior management, and personnel in charge of finances and key technology must remain in Beijing to cooperate with authorities.”

Original Source: http://www.financemagnates.com/cryptocurrency/news/chinese-crackdown-exchanges-confirmed-bitcoin-price-falls-3000/