Published On: Fri, Sep 15th, 2017

Bitpocalypse? Bitcoin Price Plunges as Chinese Exchanges Close

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Major Chinese exchanges BTCChina and ViaBTC have announced they will shut down operations causing Bitcoin price to plunge as OKCoin and Huobi are expected to follow. 
ICO Crackdown
The recent days have been very interesting for cryptocurrency traders worldwide. On September 4, news emerged that Chinese regulators banned all Initial Coin Offerings that are based in China.

The report from the People’s Bank of China stated that no individual or organization may longer raise funds through ICOs. Authorities argue that these measures are necessary in order to protect users from fraudulent ICOs that steal funds from investors.
China’s Approach to Regulating Crypto
Apparently, the ICO ban was just the start as cryptocurrency exchanges are also going to be regulated. On Thursday, BTCChina, one of the largest Chinese exchanges publicly announced that it would close its exchange on September 30.
According to a recent tweet, Chinese regulators have also demanded from all cryptocurrency exchanges to choose a date to close their operations.

Seems Huobi and OKCoin will be announcing their shutdowns before midnight tonight. #Bitcoin #China
— Samson Mow (@Excellion) September 15, 2017

The above tweet from Blockstream CSO Samson Mow seems to confirm that …

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