Chinese government strictly and forcefully ordered Bitcoin exchanges to shut down. Bitcoin exchanges have to post notice regarding shut down to customers by midnight on Friday. Now these exchanges have to advice their customers to withdraw funds as soon as possible. Chinese regulatory firms are also emphasized on “Risk free manner” of the withdrawals. This could help people to safe their money on Bitcoin.
Beijing regulatory overseeing financial risk
Chinese government finally has ordered all the Bitcoin cryptocurrency exchanges shut down trading and new registrations as well. Beijing group has signed notice to oversee internet finance risk and circulate message regarding shut down. Such a sharp action of china over Bitcoin ICOs, lay the risk for investors and downfall of Bitcoin prices. On September 14th 2017 Bitcoin finally collapsed and brought down to $3246 from $4800. A huge downtime for Bitcoin when it was all time high to $5000, is showing Bitcoin is bubble.
Published notice by Beijing regulatory:-
“All trading exchanges must by midnight of Sept. 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations”
Finally china’s top exchanges obey and shut operations of trading. Btcc also declared the firm Btcchina will completely shut down and halt to all trading operations by 30th September. However Btcc can carry on with other Bitcoin exchanges business outside china. Btcc operations of USD Exchange, Btcc Dax, Btcc Mobi and Btcc Mint are remaining unaffected by shut down. Other big corporations like Huobi and OKcoin also declared their final closure by 31st October. RMB trading bussiness or ICOs will shut down by Okcoin. All Bitcoin trading operations are shut down, but as the Bitcoin assets are not declared illegal by Chinese government. If you have Bitcoin in your wallet in China you can still use them. But the Downfall of Bitcoin prices to $3500 not allowing people to sell them as they had purchased it before at $4000.