BTC China Stops All Yuan Deposits – Bitcoin Price Crashes

Forex Magnates has confirmed that the biggest Bitcoin exchange in the world no longer accepts deposits in any fiat currency.

btc china

Forex Magnates has confirmed that the biggest Bitcoin exchange in the world, BTC China, no longer accepts deposits in any fiat currency. Until today, the exchange offered clients transactions from Chinese Yuan (CNY) to Bitcoin and vice versa.

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When trying to make a deposit, Forex Magnates received the following notification: “Dear BTC China valued customer: Due to new government regulations, BTC China will temporarily suspend CNY deposits. BTC deposits/withdrawals and CNY withdrawals are not affected, and will continue to operate in the interim. Rest assure that BTC China will continue to operate normally. Please pay attention to our notices for updates, as we find other ways to allow for CNY deposits. We deeply apologize for any inconvenience. BTC China, December 18, 2013.”

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BTC China Notification
A Screenshot of the BTC China Notification

The price of Bitcoin appears to be lower on BTC China right now than on any other exchange at: ¥2,798 CNY equals to about $460 USD, while on BITSTAMP the price of Bitcoin is at $538.

This new development comes just two days after the People’s Bank Of China banned all third party payment providers from working with Chinese Bitcoin Exchanges, as Forex Magnates reported.

Yuan

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