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    China Sounds the Alarm on Crypto Trading by Shutting 173 Exchanges & ICO Platforms

    China, in all of its ups and downs between the bitcoin and blockchain ecosystem, has now set out to shut down over 170 different crypto trading operations.

    • China shutting down exchanges “caused speculators to start selling” – Brian Kelly
    • All promotion activities on virtual currency are illegal – CCTC News
    • 173 of virtual currency trading and token issuing platforms are closed down
    • Beijing police arrested 10 suspects involved in the fraud of the illegal digital currency exchange BISS

    Chinese President Xi Jinping promoting blockchain exchange had Bitcoin price surging 42% to $10,500 in two days. But since last week, China has been strongly reinforcing the blockchain, not bitcoin, narrative while cracking down on virtual currency trading venues.

    This crackdown had the leading cryptocurrency crashing from $8,500 to almost $6,500, losing over 23% of its value.

    Crypto investor Brian Kelly in a recent interview with CNBC said China’s latest stance on banning crypto trading has affected the BTC price negatively.

    Kelly said China shutting down exchanges “caused speculators to start selling.” As such, some of the miners have begun to capitulate, putting further downward pressure on BTC price, he said. However, China is showing no signs of slowing down.

    Cracking Down Hard

    China is cracking down hard on illegal transactions related to digital currency trading by demanding all-round inspecting. As per the announcements issued by Shanghai and Shenzhen, among other regions trading venues will be overhauled.

    Blockchain is not equal to virtual currency is another thing China has taken to put emphasis on. CCTC News, a predominant state television broadcaster in Mainland China reported on Nov. 24 that all promotion activities on virtual currency are illegal. The attitude of regulatory authorities on digital asset speculation and trading venues, it said hasn’t changed and remains the same.

    With the recent popularity of blockchain, virtual current has returned to the trend and illegal activities are showing signs of resurgence. It further points out how as Bitcoin price soared, institutions not involved in currency but in the name of blockchain have been engaged in illegal financial activities.

    Reportedly, the China Internet Finance Association and Emergency Center have begun the search and disposing of newly discovered virtual currency trading venues and ICO activities. Payment institutions are also required to strengthen their investigations.

    According to the China Financial Stability report 2019, they have already closed down 173 of Chinese virtual currency trading and token issuing platforms with no big stability or social problems caused.

    Moreover, Beijing police have arrested dozens of people. CCTV reported that the Beijing police cracked the fraud of the illegal digital currency exchange BISS and arrested 10 suspects which have effectively sound the alarm for investors.

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    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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