[2017-09-15] China’s Regulatory Crackdown Forces More Bitcoin Exchange Closures

[jamie.redman1]

The regulatory crackdown in China against cryptocurrency trading platforms is happening once again. It all started yesterday as the exchange BTCC announced it was closing on September 30. Now the exchange Viabtc is also shutting down operations in mainland China on the same day, and more exchanges are expected to follow.

According to reports, all exchanges that deal with cryptocurrencies in China must shut down operations to stay compliant with the country’s regulators. Following these rumors early this morning, the exchange Viabtc announced it would also be closing operations on September 30. The price of bitcoin is down 38 percent since the two Chinese exchanges made their announcements. At press time BTC is struggling to stay above the $3K price range.

Read More Here >>> https://news.bitcoin.com/chinas-regulat ... -closures/

[OneChain]

Damn ,does it mean BTC is banned for good or only until they can establish stricter regulations?

[CryptoBlackHat]

I've seen a lot of suggestions that this will only be temporary, as the local authorities find some way to regulate and grant licenses for exchanges.

Considering NEO has been showing so much promise as "China's Ethereum", I highly doubt that all blockchain activities will end up forbidden in China. But they probably want some way to regulate and control this ecosystem, just like they try to regulate and control the Internet in the country (to a surprising degree of success, so far).