Bitcoin Dives 20% After China Decides to Shut Down All Exchange Platforms This Month
Xu Yanyan | Xia Xingyu
DATE:  Sep 15 2017
/ SOURCE:  Yicai
Bitcoin Dives 20% After China Decides to Shut Down All Exchange Platforms This Month Bitcoin Dives 20% After China Decides to Shut Down All Exchange Platforms This Month

(Yicai Global) Sept. 15 -- Regulators will stop operations at bitcoin exchange platforms completely in September, a regulatory source exclusively told Yicai Global on Sept. 14.

Shanghai's financial authorities have already made contact with platform operators informing them of the plans and they will halt operations by the end of the month.

Cryptocurrency platform Bitcoin China already confirmed plans to stop trading by Sept. 30 in a statement made through its official Weibo account on Sept. 14. It has also stopped new user registrations on its site, though bitcoin mining operations will continue.

Beijing regulators have also been in contact with trading platforms in the capital such as Huobi and OKcoin regarding the shutdown, a source told Yicai Global. Huobi said it had not receieved any notifications from authorities so far, while OKcoin was unavailable for response.

The price of bitcoin has dived more than 20 percent since the news broke, falling from CNY25,000 (USD3,817) to around CNY16,000, data from Bitcoin China shows. Other digital currencies and services also dived.

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Keywords:   Financial Regulation,BLOCKCHAIN,Cryptocurrency,Bitcoin