Bitcoin, Chinese platform suspends trading operations
China tightens the brakes on bitcoin. Following a warning from financial authorities, BTC China, one of the largest trading platforms for crypto-exchange, announced that at the end of September it will suspend trading for clients resident in China.
Bitcoin also collapses by 20% on the main international trading platforms. All the other crypto-guided items, from Ethereum to Ripple, also fall. Bitcoin, the most popular currency in this new world of payments, loses up to $1,500, after the peaks that had brought it over $5,000, just two weeks ago.
The strong drop is caused by news coming from China, one of the main markets for new Internet money. According to what has been reported in authoritative media such as “China Business News”, a new tightening on Bitcoin would have arrived: the Beijing authorities, after putting a stop to the listing of new electronic coins on the market, would now also have imposed a freeze on exchanges dedicated to this new phenomenon. The stop hit BTC China, which decided to close down its crypto-exchange business. It is one of the largest markets in China for this type of trade.
For the time being, the other two large Chinese exchanges, OkCoin and Huobi, have stated that they have not received any indication from the Government and that their activities therefore continue normally. But news is not excluded soon: according to some sources, the two platforms will meet with the government by the end of the week. BTC China itself has pointed out that the other services, including mining services, remain operational.
Local press reports have reported that financial authorities have given verbal instructions to platforms for suspending exchanges. The Central Bank has not officially intervened, but has on several occasions allowed its concern to be filtered over a market that has developed outside the regulatory framework and puts the economic and financial order at risk.