Most cryptocurrency enthusiasts are aware of how all major Chinese exchanges will halt CNY trading soon. BTCC, one of the largest companies in the country, no longer accepts any type of deposit right now. This is an interesting course of action, albeit they will shut down most trading soon. Users can still exchange current balances for the time being, though. An intriguing course of action, and one that can become a precedent for other companies.

Operating a Bitcoin exchange in China is not easy these days. With the PBoC cracking down, companies have to shut down CNY trading soon. More specifically, this will happen on September 30th of this year. Said measure applies to all major and smaller Bitcoin exchanges, unfortunately. What is remarkable is how BTCC performed a preemptive strike in this regard. They halted deposits in CNY and cryptocurrency earlier today. An intriguing discussion, to say the least.

An Interesting Decision by BTCC

Moreover, the company confirmed they will halt all trading on September 30th. It is evident most users will need to get their money off the exchange in the coming weeks. They have until October 30th to do so. All requests will complete within 3 days, regardless of the company’s reserves.  This will please a lot of BTCC users, to say the least. When these exchanges are shut down things will get very interesting in the world of cryptocurrency.

The company notes the following:

“BTCChina has adhered to the implementation of a 100% reserve system from the first day of its establishment to ensure users of their assets’ security. Withdrawals (including RMB, Bitcoin, Litecoin, Ether etc.) will be completed within 72 hours of processing…”

The cryptocurrency situation in China will never be the same in the future. It remains unclear how long this suspension will last. With ICO platforms and exchanges shutting down completely, things aren’t looking great. Inside sources claim these measures are just temporary, though. The PBoC has taken interesting steps, yet ones they may regret in the near future. The Bitcoin world itself won’t mourn the loss of China whatsoever. That market was only barely relevant even before this shutdown was announced.

Header image courtesy of Shutterstock

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.