End of an Era: BTC China Stops Accepting Deposits, Begins to Shut Down Business
This follows the Chinese authorities banning all bitcoin exchanges.
Following up on the announcement that it made earlier in the month, BTCC, one of the largest Bitcoin exchanges in China and the world, has stopped accepting yuan and digital asset deposits.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
The exchange had previously announced that it would be shutting down its trading operations on September 30 due to the Chinese regulators announcing that they would be banning Bitcoin exchanges.
It also announced that it will stop yuan and digital asset withdrawals by October 31, marking a total shutdown of the business.
Suggested articles
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
The crackdown is the result of the authorities fearing that cryptocurrencies could be used by some as a means of money laundering, and BTCC has joined other Chinese cryptocurrency exchanges in announcing the shutting down of its mainland businesses.
This has led to a crash in the price of Bitcoin, from close to $5000 to below $4000 currently. Chinese citizens have also been banned from investing in initial coin offerings, as the authorities believe that these are unsafe investments for the general public.
Bitcoin and the general cryptocurrency market are struggling to get the required recognition from major banks and other governmental organisations as the industry suffers from a lack of regulation and control. This overwhelms the advantage that these digital currencies have in terms of security and ease of use.
China had been one of the major markets for cryptocurrencies and this crackdown from the authorities has placed the industry on the back foot. On the other hand, there is optimism that the industry will be able to overcome this challenge, like it has every other challenge faced before.
“the industry suffers from a lack of regulation and control”. That’s funny since block-chain was created due to TOO much regulation and control in the first place. What makes your argument even less valid is the fact that banks are currently working on their own versions of cryptocurrency and are still trying to figure out how to coincide with the “old” systems to make everything work. This is a young industry that no one knows how it all fully works yet just like any new innovative thing. That is the current issue that is being “ironed” out not “regulation and… Read more »
I am sure that bitcoin and other cryptocurrency willsoon get a global acceptance means of exchange and other transactions in the near future.