Another Chinese Bitcoin Trading Platform ViaBTC Confirms to Shut Down Operations
All is just not well within the cryptocurrency markets as the prices of Bitcoin and other Altcoins continue to plunge further. Following the major crackdown on the country’s local Bitcoin exchanges in China, the global market sentiment has absolutely turned negative and a bit of panic and fear is being witnessed within the investor community.Panic selling is being witnessed in the cryptocurrency markets where Bitcoin price finally drops below $3000.
The National Internet Finance Association and People’s Bank of China have already issued serious warnings to the local exchanges saying that they are not legally established and needs to undergo through proper regulatory checks and licensing procedures if they want to continue their operations in future.
Following these announcements, the markets were quick to react with the entire cryptocurrency market going through a major sell-off. One of the top Bitcoin trading exchange in China, BTCC, announced yesterday that it suspending its all trading operation for Bitcoins from 30th of September.
Today, yet another Chinese Bitcoin exchange – ViaBTC – has come forward to announce that it will close all its Bitcoin exchange business in China from the 30th of September. In a statement on its official website, ViaBTC says that it would close all the procedures and functions like registrations, asset deposits and its trading operations by 25th of September and shut down its website in the next five days.
“On September 4, China’s central bank together with six other departments released a public statement on regulation policies and warning the risks of ICO projects. As a responsible cryptocurrency exchange platform, ViaBTC has made a serious decision to carry out the spirits of the policy – we will officially close the website www.viabtc.com for exchange business in Mainland China on September 30th. Before that we will complete processing of all withdrawal requests of CNY and cryptocurrency assets. Please make sure to withdraw all your assets including CNY and cryptocurrency before September 30th, after which ViaBTC website www.viabtc.com will be officially closed in Mainland China.”
It seems that there has been a major impact of the crackdown and it remains to be seen what follows ahead in the coming times.
Other Bitcoin Exchanges in China
Another China-based cryptocurrency exchange, Yunbi, has announced the closure of its trading operations in the midst of a wider crackdown within the country.
OkCoin and Huobi Bitcoin exchanges are expected to announce plans to shut down within hours.
China Bans ICO
Last week China banned the ICO which caused cryptocurrency markets to tumble down. The cryptocurrency market caitalization then fell from $170 Billion to $150 Billion. With the continuous closure of Bitcoin exchanges in China, panic selling is being experienced and Bitcoin price is droping dead.
Along with China, recently, Dubai Financial Services Authority (DFSA) has also issued a public warning against ICOs to investors.
“The DFSA wishes to highlight that these types of product offerings, and the systems and technology that support them, are complex. They have their own unique risks, which may not be easy to show or understand; such risks may increase where offerings are made on a cross-border basis. These offerings should be regarded as high-risk investments”.
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