Chi­nese bit­coin ex­change an­nounces end to trad­ing

Daily Sabah (Turkey) - - Business -

ONE of China’s big­gest bit­coin ex­changes says it will end trad­ing af­ter news re­ports reg­u­la­tors have or­dered all Chi­nese ex­changes to close caused the price of the dig­i­tal cur­rency to plunge.

BTC China said on its web­site it will “stop all trad­ing business” on Sept. 30. The ex­change said it was act­ing “in the spirit of ” a cen­tral bank ban last week on ini­tial coin of­fer­ings but gave no in­di­ca­tion it re­ceived a di­rect or­der to close. The cen­tral bank has not re­sponded to ques­tions about the cur­rency’s fu­ture in China. There was no im­me­di­ate word from other Chi­nese bit­coin ex­changes about their plans. Bit­coin’s value tum­bled 15 per­cent on Thurs­day to about $3,300. The fa­mously volatile cur­rency has shed about a third of its value since Sept. 1 but is up from about $600 a year ago. Bit­coin surged in pop­u­lar­ity in China last year as its price rose. Trad­ing dwin­dled af­ter reg­u­la­tors tight­ened con­trols and warned the cur­rency might be linked to fraud.

Two business news­pa­pers re­ported Thurs­day reg­u­la­tors in Shang­hai, the coun­try’s fi­nan­cial cen­ter, gave ver­bal in­struc­tions to Chi­nese bit­coin ex­changes to close. Bit­coin is cre­ated and ex­changed with­out the in­volve­ment of banks or gov­ern­ments. Trans­ac­tions al­low anonymity, which has made bit­coin pop­u­lar with peo­ple who want to con­ceal their ac­tiv­ity. Bit­coin can be con­verted to cash when de­posited into ac­counts at prices set in on­line trad­ing. A Chi­nese business news mag­a­zine, Caixin, said at one point up to 90 per­cent of global trad­ing took place in

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