China Prevail Crackdown By Investigating ICOs Executives: News reports are emerging, stating that the Chinese government has nailed down the Bitcoin exchanges. And now after the Bitcoin executives, those are behind the ICOs. There is travel restriction over the Executives and owners of major Bitcoin exchanges, which is the plan of Chinese government Clean-up process. China firmly removing all the Bitcoin industries offering ICOs and notice them to close their business. Also regarding people’s money safety government told exchanges to let people withdraw their money without any problem. Chinese media insisted that government is planning to block all the Bitcoin transaction in the country.
Chinese government impose strict orders over Bitcoin exchanges Executives to remain stay in China
Senior executives of exchanges ICOs are facing travel ban outside country. This is the part of government led investigation on Bitcoin ICOs. As on the September 14, government strictly banned the ICOs (initial coin offering), and called the money raised by cryptocurrency funding illegal. Bitcoin and altcoin exchanges making a huge trade volume but suddenly stroke down by Beijing regulatory. The Chinese government blocked all the exchanges and asked people to withdraw money they invested in them. Once named as digital superpower China unexpectedly curb all the development of cryptocurrency in the country.
Latest report by China’s Binews “a number of informed sources say the executives of special currency trading platforms are not allowed to leave Beijing to cooperate with the investigation. In accordance with regulatory requirements, trading platform shareholders, the actual controller, executives and financial executives need to fully cooperate with the relevant work in the clean-up period in Beijing.”
Li Lin Founder of Huobi is under investigation
Leading the investigation Chinese officials threaten the cryptocurrency exchange Huobi founder Li Lin. Australia’s financial Review (ARF) reporting that “Li Lin, must “report to the authorities and cooperate with their work at any time” – requiring that Li Lin must remain in China”.
Regulatory firms of Beijing have been following strict compliance that brings downfall of Bitcoin trade volume in China. Trade volume is dropping down to 10%, from 90% in year 2016. China’s position now fall down to fourth number and Japan has taken the lead. China capsized the future growth of digital economy and become unfriendly to cryptocurrency. Hence there is no speculations for China would stop the war against proponents of Bitcoin any soon.
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