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Bitcoin exchange to end its trading with virtual currencies: China

The recent announcement from news reports regulators for all Chinese exchanges to close – one of the biggest Bitcoin exchange says “it will end trading”. Since it was causing price of digital currency to drop down.

BTC China says on its website it will “stop all trading business” on Sept. 30. The exchange says it was acting “in the spirit of” a central bank ban ICOs. As it receives a direct order to close without any indication.

There is no response to the questions from central bank about the currency’s future in China. Therefore, other Chinese exchanges have not disclosed about their future plans.

On Thursday, the value of Bitcoin dropped 15% i.e., about $3300. The famous unpredictable currency is shed its value to third since Sept.1. Still, it is up from about $600 a year ago.

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Related Coverage: BTCC Chinese Bitcoin Exchange to Suspend “All Trading”

With the China’s popularity, the Bitcoin price surges. Trading declined after regulators tightened controls and warned the currency might be link as fraud.

Reportedly, two business newspaper on Thursday says that the country’s financial center giving some oral instructions to Chinese bitcoin exchange to close.

Without the involvement of banks or governments, Bitcoin is created and getting traded. Anonymity transactions has made Bitcoin popular with people who want to conceal their activity. At the prices set in online trading, Bitcoin can be converted to cash when deposited into accounts.

Read Next: China is planning to Ban Bitcoin Exchanges

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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