Internet, Law & Policy, Security

Countdown Looms For BTCC's Bitcoin Trading End

As BTCC enters its final week of Bitcoin trading operations, all eyes are on how the impact of the shutdown of all cryptocurrency enxchanges in China is rocking the price of Bitcoins around the world.

As of this afternoon in China, Bitcoin is trading only at 1% less than it was a week ago. But during this past week, prices have ranged from US$3519 to US$4099.

China's leading Bitcoin platform BTCC announced two weeks ago that it would cease registering new users, and the company will stop all trading businesses from September 30, 2017. The news caused a dive of Bitcoin price by nearly 30%.

BTCC said that according to the initial coin offering rules issued by China's seven regulatory bodies, they decided to stop the registration of new users and they will further stop all trading businesses on September 30, 2017.

On September 4, the People's Bank of China, the State Internet Information Office, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and China Insurance Regulatory Commission said that ICOs are potentially illegal fundraising activities and have disrupted normal economic and financial order. The seven regulatory bodies demanded an immediate stop of ICOs of all cryptocurrencies.

On September 13, National Internet Finance Association of China published a risk warning, stating that the establishment of cryptocurrency trading platforms does not have any legal basis in China. The regulatory organizations will ask all such trading platforms to stop operations and withdraw from the market in the near future.

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