Bitcoin exchange BTCChina says to stop trading, sparking further slide

 

 

BEIJING/SHANGHAI/LONDON (Reuters) – Chinese bitcoin exchange BTCChina said on Thursday that it would stop all trading from Sept. 30, setting off a further slide in the value of the cryptocurrency that left it over 30 percent away from the record highs it hit earlier in the month.

 

China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand.

But that has prompted regulators in the country to crack down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year.

 

Just hours after BTCChina announced its closure, Chinese news outlet Yicai reported that the country plans to shut down all bitcoin exchanges by the end of September, citing financial sources in Shanghai.

 

BTCChina said its decision was based on a Sept. 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies and ordered a ban on so-called initial coin offerings, or ICOs – the practice of creating and selling digital currencies or tokens to investors to finance start-up projects.

 

That ban, as well as warnings by regulators in other countries, has driven fears of a wider crackdown and prompted a sell-off that has helped wipe almost $60 billion off the total value of cryptocurrencies since they hit record highs at the start of the month, according to industry website Coinmarketcap.

 

Full story: http://tech.thaivisa.com/bitcoin-exchange-btcchina-says-stop-trading-sparking-slide/24276/

Northern Rock without the queues...

 

 

Actually if there was an office to queue outside I doubt many of those in a rush to withdraw would like to be photographed... 

 

the bubble is popping bitcoin boys

popping upwards at the moment