News Authorities in China Reportedly Shut Down Local Cryptocurrency Exchange...

Authorities in China Reportedly Shut Down Local Cryptocurrency Exchange BISS, 10 Individuals Arrested

-

- Advertisment -

Authorities in China Reportedly Shut Down Local Cryptocurrency Exchange BISS, 10 Individuals Arrested

Authorities in China continue to crack down on crypto-related businesses. Recently, the nation’s police officials closed down local digital asset exchange BISS and took 10 people into custody, as they were suspected of being involved in the trading platform’s business operations.

On November 22, 2019, Chinese media outlet Sohu confirmed that BISS had been shut down, however, the actual date when the incident took place remains unclear.

Dovey Wan, founding partner at digital assets investment firm Primitive Ventures, noted via Twitter that the Chinese crypto community was aware of issues involving BISS for the past two weeks. However, the report appears to have been released much later. Wan mentioned that the Beijing-headquartered crypto trading platform in question is “a relatively known, up-and-rising exchange.”

BISS’s management posted a blog on November 18, 2019, in which it addressed issues related to user withdrawals. The exchange also said that authorities in China had suspended its operations.

“According to market sources, it is understood that BISS’s operations have been halted following an enquiry by China’s regulatory authorities around its services offered to users, which may not be aligned with capital controls regulations in China.”

The exchange further claims:

“The enquiry by the authorities are specific to the company’s offerings, and not related to user deposits. It is expected that users will be able to access their funds in due course once the enquiry is completed.”

BISS states in its blog post that its business operations were suspended while local authorities investigated the case in order to protect user interests. The exchange operator also mentioned that it plans to fully cooperate with China’s law enforcement agencies.

Authorities in Shenzhen, a major city in the Chinese province of Guangdong, identified 39 different digital asset exchanges that had been operating without following appropriate regulatory guidelines.

Shenzhen’s law enforcement officials have also issued a warning regarding illicit activities involving the use of cryptocurrencies, particularly via digital asset exchanges. Additionally, police officials in Shanghai have issued similar warnings, which include telling Chinese citizens to avoid dealing with companies or individuals selling crypto tokens.



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.
- Advertisement -Authorities in China Reportedly Shut Down Local Cryptocurrency Exchange BISS, 10 Individuals Arrested

Top 5 Ways To Build a Profitable Business in The Crypto Sector

The crypto industry has grown significantly despite criticism and a skeptical approach from regulators across the globe....

These 8 Cryptocurrencies Will Survive the Next Decade

Cryptocurrency is the future, we all have reasons to believe it. But are people ready...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you