Breaking: Bitcoin Exchange BTCChina will Close by October
BTCChina has confirmed it will stop trading at the end of the month in response to regulatory pressure.
China’s second largest cryptocurrency exchange BTCChina has announced it is shutting down on Sept. 30.
In tweets Thursday, the exchange, which also comprises an international arm BTCC, said the move was a direct result of Chinese regulatory statements.
It added BTCC would continue operating as normal.
2/ BTCC products, including BTCC Pool, are not affected by this change. Please contact us at email@example.com if you have any questions. https://t.co/r3HvINU20p— BTCC (@YourBTCC) September 14, 2017
Bitcoin continues to decline in price in the aftermath of China banning ICOs, and rumors circulating of a second ban on Bitcoin-to-fiat exchange.
BTCC initially said it would “change its business model” in the event of a ban, and a potential full closure will come as a surprise to the industry.
Mainstream press sources had also prophesied a ban on exchanges, leading to widespread criticism in the face of non-official statements explicitly demanding closure.
Data from Bitcointicker shows prices dipping under $3700 meanwhile, with major support only hiding at the $3000 mark according to an analyst reported by Cointelegraph yesterday.