Chinese Local Authorities Halts the Operations of a Local Cryptocurrency Exchange BISS
Sohu, a local media house, reported on November 22 that the Chinese government closed BISS, a Chinese cryptocurrency exchange. However, the exact date of the closure remains unclear. Ten people who are believed to have been working for the exchange have also been taken into custody. This comes just after the Shenzhen authorities warned against illegal activities in the crypto space, including cryptocurrency exchanges last week.
The exchange’s last publication was on user withdrawal concerns in a blog dated November 18. The company confirmed that its operations have been halted by the authorities. “BISS’ operations have been halted by regulatory authorities on inquiries about our services, which may be contrary to capital control regulations.”
BLISS stated in the announcement that its operations have only been halted as the authorities investigate cases concerning user interests. The company, however, made it clear that its intentions are to cooperate with the law enforcement authorities and follow all relevant regulatory legislation to be on the safe side of the law.
Dovey Wan, the founding partner of Primitive Ventures, a blockchain-powered company, wrote on her Twitter on November 22, saying that the local crypto market had been aware of the closure for two weeks. The publication of that development by the media came quite late. According to Wan, BISS which a Beijing-based Cryptocurrency exchange, was a relatively established exchange.
Recently, there has been a crackdown on local cryptocurrency exchanges in China. Thirty-nine crypto exchanges in the country may find themselves victims of the ongoing ban, according to a report released by Cointelegraph. Shenzhen authorities have identified the 39 companies to be acting in violations of the regulatory obligations. The city of Shenzhen happens to be China’s tech capital.