BTCChina, the largest trading platform Bitcoin China announced the closure of foreign exchange operations and the termination of services of withdrawals on the 30th of October next.
The final closure points to his nose
To accelerate its closure, BTCChina will adjust the transaction costs of withdrawal, to remind and urge users to withdraw their funds as soon as possible. Indeed, after the October 30, it is more than likely that the platform will stop all its activities related to crypto-currencies. In announcing the increase in transaction expenses withdrawal in advance, BTCChina wants to settle and return all the funds to the account holders. With this final date that has been announced, the largest trading platform of Bitcoin will certainly separate its users and to make his farewells to the market of crypto-currencies. In fact, at first glance, the work of the audit and return of the funds is the last step in the process of final closure of BTCChina.
The last market trading throw in the towel
On the 27th of September last year, the platform has ceased to accept deposits in CNY and Digital Asset. Then, on the 30th September, the platform has decided to stop the trade in fiat, and transactions of crypto-currencies. At the same time, all the features of trading on BTCChina Exchange have been closed. In addition to BTCChina, other platforms in china trading Bitcoin as OKCoin and Huoboi have also announced that they will close the trading market of RMB. This decision was motivated by the news release entitled “Seven Regulatory Bodies” published recently by the regulatory authorities in china.
A glimmer of hope
However, although the chinese government prohibits currently trade Bitcoin, it has not yet considered completely illegal. Some observers believe that this means that the chinese government could allow trading of Bitcoin in certain circumstances in the future. When the system of regulation will be at the point, the chinese government could re-open its doors for the Bitcoin. In addition, Huobi and OKCoin said they would continue to communicate with regulators and would try to steal the trade market CNY in the future.
Source : Cointelegraph