Top China Bitcoin exchange to stop trading<\/strong><\/h4>\n

Top China Bitcoin exchange to stop trading: One of China’s biggest Bitcoin exchanges has said it will stop trading, after a government warning over virtual currencies.\u00a0BTCC said it would stop buying and selling on 30 September in response to tightening regulation.<\/p>\n

It comes after authorities banned initial coin offerings on 5 September.<\/p>\n

The country has seen an explosion of digital currency trading, sparking fears about the financial risks and speculative investing.<\/p>\n

The price of Bitcoin tumbled sharply following the BTCC announcement late on Thursday but has since regained some ground.<\/p>\n

Chinese authorities expressed concern over the investment risks involved in crypto-currencies and\u00a0ordered a ban<\/a>\u00a0on initial coin offerings, or ICOs, earlier this month.<\/p>\n

A growing number of tech companies are opting to sell digital “tokens” to raise funds because they are quick, easy and unregulated.<\/p>\n

Then on Wednesday this week, the state-backed National Internet Finance Association issued a warning that virtual currencies are increasingly being used as a tool for illegal fundraising and money laundering.<\/p>\n

BTCC, one of the world’s biggest Bitcoin platforms, said in a tweet Thursday after “carefully considering” the directive from regulators, trading on its platform would cease and it would stop registering new users from Thursday.<\/p>\n

BTCC also runs an international exchange from Hong Kong.<\/p>\n

More intervention is expected. The BTCC shutdown comes ahead of speculation that the Chinese government plans to completely ban exchanges.<\/p>\n

Reuters and other media have reported this week, citing sources, that China is planning the suspension, but the regulator has not yet made any such announcement.<\/p>\n

China’s ICO ban, and wider fears of more regulation, has prompted a sell-off that has wiped billions of the value of crypto-currencies since they hit record highs at the start of the month.<\/p>\n

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Top China Bitcoin exchange to stop trading Top China Bitcoin exchange to stop trading: One of China’s biggest Bitcoin exchanges has said it will stop trading, after a government warning over virtual currencies.\u00a0BTCC said it would stop buying and selling on 30 September in response to tightening regulation. It comes after authorities banned initial coin […]<\/p>\n","protected":false},"author":8,"featured_media":20329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[689],"tags":[7515,147],"jetpack_publicize_connections":[],"yoast_head":"\n