China’s Biggest Cryptocurrency Platform to Close Doors by End of Month

China’s Biggest Cryptocurrency Platform to Close Doors by End of Month

Liao Shumin

Date: Thu, 09/14/2017 - 20:22 / Keywords: financial regulation, Blockchain Technology, Cryptocurrency Trading, Bitcoin
China’s Biggest Cryptocurrency Platform to Close Doors by End of Month
China’s Biggest Cryptocurrency Platform to Close Doors by End of Month

(Yicai Global) Sept. 14 -- China’s biggest cryptocurrency trading platform, BTCChina, will shut down on Sept. 30, it said in a statement today.

Expressing concern over the virtual currency ban outlined by the country’s central bank, the People’s Bank of China, the firm stopped accepting new accounts today and will cease all trading activities by the end of the month.

The price of bitcoin, the best-known cryptocurrency, fell from CNY25,300 (USD3,860) to CNY16,108 (USD2,457) when the news broke, while litecoin dived 40 percent to around CNY230 (USD35.1) at 20.00 p.m. and it is still falling. 

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Keywords: financial regulation, Blockchain Technology, Cryptocurrency Trading, Bitcoin