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Today China’s bitcoin exchanges have received instruction that they will need to stop new user registration today, September 15. The exchanges also need to announce today the schedule to stop the trading of all virtual currencies and publish it at their websites.

Here’s the translated document from the Leading Group of Beijing Internet Financial Risks Remediation:

  1. Before 20 September 6pm, exchanges shall come up with a detailed risk-free clearing plan, and send this plan to the office. Exchanges shall deal with their claims and liabilities properly, and insure that investors’ funds and virtual currencies are safe.
  2. Before 20 September 6pm, exchanges shall determine a bank account, which will be used for depositing user funds. All other accounts in banks and other non-bank payment service providers shall be canceled and reported to the Business Management Department of People’s Bank of China.
  3. Before 15 September midnight, exchanges shall publish closing announcements, and announce a schedule to stop the trading of all virtual currencies. New user registration shall be stopped immediately after the announcement.
  4. Shareholders, controllers, executives, and core financial and technical staff of exchanges shall cooperate fully with authorities during the clearing, while staying in Beijing.
  5. Exchanges shall report their developments daily to local authorities before the clearing is completed.
  6. Exchanges shall save all user trading and holding data, and send it to local authorities immediately in DVDs.

The document is signed: The office of the Leading Group of Beijing Internet Financial Risks Remediation, Sept. 15, 2017

Bitcoin prices are already reacting, currently trading a little below $3000 level, according to the CoinMarketCap. As for exchanges] prices, Bitcoin is trading at about $2904.64 on OkCoin, $2887.97 – on Huobi, and $2908.37 – on BTCC at press time.

Yesterday Litecoin creator Charlie Lee tweeted that the leading Chinese cryptocurrency exchanges OKCoin and Huobi are meeting with regulators on Friday, despite the exchanges themselves claimed that they had not been contacted by authorities.

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At the same time, the cryptocurrency news service cnLedger stated:

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If OKCoin and Huobi do really suspend trading on their high-volume exchanges, they will join the BTCC, which announced the suspension of its exchange scheduled at September 30.

The news were published yesterday, September 14, on BTCC’s Twitter:

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The exchanges calmed down its users adding that other products and services, including mining pools and international exchange, would not be affected by the upcoming suspense, thus remaining operational:

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The news regarding one of the top-three bitcoin exchanges in China and one of top-five in the world has caused a lot of confusion within cryptocurrency community.

Some sources stick to the view that BTCC’s decision to stop trading has nothing to do with the rumors regarding exchanges being shut down. The real reason is believed to be BTCC’s recently launched cryptocurrency ICO platform, shut-down of which made the parent company undergo some changes as well. In such a way, the trading halt is considered to be temporary, despite no one knows how long this suspension will last.

After bitcoin and other major cryptocurrencies had showed signs of recovery few days ago, regulatory uncertainty shook the crypto markets on Thursday, September 14, causing bitcoin price fall to below $3,000 at Chinese markets.

The post China’s Bitcoin Exchange Need to Stop Trading Virtual Currencies Amid Crackdown appeared first on CoinSpeaker.

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