future of Bitcoin

Report creates doubts about the future of Bitcoin exchanges in China

It is said that regulators in China are considering taking measures to close all national exchanges of Bitcoin and cryptocurrencies.

According to a report by Caixin, a publication dedicated to business, sources close to China's online financial risk rectification working group affirmed that the decision has not only been made, but has been handed over to local authorities and implemented.

The working group was first launched by the State Department of China in 2016 to address market risks in the country's financial technology industry, such as p2p loans.

Its headquarters are in the People's Bank of China and it is also formed by representatives of the banking and securities commissions of China.

So far, no official announcements from regulators have been seen. However, there are reasons to believe that the report can be authentic.


For example, on September 2, Caixin revealed that the same central working group had delivered internal documents to local authorities regarding the prohibition of fund-raising activities by means of tokens, including ICOs, two days before the announcement. official.

In a recent tweet, People's Daily, the official newspaper of the Communist Party of China, said that "the Chinese supervisory authority has decided to close the local exchanges of virtual currencies." However, the publication did not offer any link to more information to analyze.


Such a measure, if true, can further strengthen regulation in China with respect to cryptocurrency activities, since by focusing on important exchanges, it can restrict the way in which Bitcoin and Ether are exchanged for the traditional currency in the country.

So far, the local exchange operators are denying the information.
When asked about this, Huobi said that it was functioning normally and that he has not received any notification from the authorities on this matter. Other exchanges such as OKCoin, BTCC and Binance did not answer the questions.

"BTCChina Exchange is operating normally and has not received any new directive from Chinese regulators," the Exchange said in reddit.


According to data from CoinMarketCap, the main cryptocurrency Exchanges based in China are among the top 20 in the world in volume of operations.