Senior Executives of Several Virtual Currency Exchange Platforms Are Prohibited From Leaving Beijing, Says Online Media Outlet
Liao Shumin
DATE:  Sep 18 2017
/ SOURCE:  Yicai
Senior Executives of Several Virtual Currency Exchange Platforms Are Prohibited From Leaving Beijing, Says Online Media Outlet Senior Executives of Several Virtual Currency Exchange Platforms Are Prohibited From Leaving Beijing, Says Online Media Outlet

(Yicai Global) Sept. 18 -- Principals and senior executives of virtual currency exchange platforms are not allowed to leave China's capital, Beijing, to facilitate the ongoing investigation, online media outlet Jiemian.com reported, citing information from several insiders.

Shareholders, actual controllers, senior executives and financial officers of Bitcoin exchange platforms have been asked to fully cooperate with the relevant work during the clean-up and exit period in accordance with regulations.

OKcoin.com and Huobi.com announced to stop the trading in yuan on Sept. 15.

"It means investors can still do other currency exchange business on the platform, although such a transaction contributes less than 20 percent of income to the platform," an insider explained. Shutting down its trading business in yuan actually means that the platform will struggle to continue operating, which is roughly equivalent to closing the platform.

However, on Sept. 16, the two platforms announced they will shut down all virtual currency exchange businesses. But several platforms have already transferred and deployed its currency exchange businesses overseas.

The insiders believe that with all business of these two platforms shut down, the price of Bitcoin will fall further. Nevertheless, enthusiasm in investment currently remains stable because short selling is basically over, and Bitcoin price has temporarily stabilized.

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Keywords:   China,Beijing,OKcoin,Huobi.com,Cryptocurrency,Exchange Platform,Bitcoin