China Is Shutting Down Bitcoin Exchanges, Bitcoin Price Falling

Earlier this month, China’s central bank declared that the initial coin offerings (ICOs) are illegal and asked the companies to stop the fundraising activities. The regulator asked that those who have already raised money via the ICO track must provide a refund to the investors.

Now, in another major blow to the cryptocurrency supporters, Bitcoin is witnessing a heavy tumbling in the U.S. after it was reported that Chinese regulators have ordered the national Bitcoin exchanges to shut down, which have been witnessing an exponential rise in the country 4 years ago.

According to a report by the Bloomberg, China’s central bank has led a draft of instructions to implement the shutdown. This has led to a heavy downfall in Bitcoin prices on Chinese trading platforms like Huobi.com.

However, spokespersons of exchanges like Okcoin and Huobi have said that they haven’t received any notices and they’re still in operation.

This move is surprising as these coin exchanges have already been regulated with KYC (know your customer) and anti-money laundering rules. It should be noted that a similar move was made by the government in 2013 when BTCChina was asked to stop accepting Chinese yuan deposits.

Whatever might be the future implications, the current Bitcoin scenario is looking bleak.

What are your thoughts regarding this development? Don’t forget to share your views with us.

Also Read: 10 Interesting Facts About Bitcoin That You Must Know