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Bitcoin platform to stop trading end-September

17 September 2017

Despite its halt to local trading, Shanghai-based BTCC, the world's oldest bitcoin exchange, said its other businesses, including an global exchange and a bitcoin mining pool, remain unaffected.

As Bitcoin and other crypto-currencies can be bought and sold without any government intervention, China's move is being seen as a way for Beijing to gain control over crypto-currencies. 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. Many estimates indicate that the vast majority of trade occurs through exchanges in the country.

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Bitcoin exchange ViaBTC has just announced that it is to cease all trading operations in China by the end of the month. New customer registrations are no longer being accepted at either exchange, effective immediately. Starting now, exchanges will gradually be discontinuing pairings of digital assets against RMB. The company tweeted their first announcement early on Thursday, stating that it would completely shut down its exchange businesses on the last day of the month.

"All trading exchanges must by midnight of September 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations", the notice said, as quoted by Reuters. The outlet does not say when the exchanges must close their operations, but there are several indications that the set date is September 30. Other businesses that the company runs, including a mining pool, physical bitcoin line of products, and an worldwide cryptocurrency exchange will continue to operate normally. Beijing started early in 2017 to tighten the grip on bitcoin selling platforms by limiting payments.

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Observers have noted that by closing the barn doors inside the country, traders and miners will simply turn to external markets like Hong Kong, Singapore, and South Korea. Authorities don't have plans to stop over-the-counter transactions, the people said. "Platforms should also tell the government by Wednesday Sept. 20 how they will allow users to make withdrawals in a risk-free manner and handle funds to make sure investor interests are protected", the news outlet detailed.

That sentiment was echoed by one of the top names in finance: JPMorgan Chase CEO Jamie Dimon labelled bitcoin "stupid" and "far too dangerous" in a speech Tuesday.

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Bitcoin platform to stop trading end-September