Bitcoin Crashes On Massive Volume As China Plans To Shut Local Exchanges

Friday, September 8, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Sep 8, 2017

Having bounced back dramatically from the 20% plunge following China’s ban of ICOs, Bitcoin is getting battered again this morning on very heavy volume as Caixin reports Chinese authorities plan to shut local Bitcoin exchanges.

Via Google Translate

The supervisory authority has decided to close the exchange of virtual currency in China , which involves all the currencies and currencies of the currency , such as “currency line”, “coins” and “Bitcoin China.”

Journalists confirmed the news from the person who came close to the Internet Financial Risk Special Rectification Working Group (hereinafter referred to as the Leading Group) and learned that the resolution had been deployed to the local level.

This is following the September 4 People’s Bank of seven ministries and commissions joint announcement (hereinafter referred to as the announcement) after further supervision action. The announcement will mark ICO (Initial Coin Offering) as “illegal financial activities” and order the ICO to be banned on the date of publication of the announcement. All ICO tokens trading platforms need to be cleared to close the transaction.

Note, Caixin reports that the purpose of regulation is not limited to more than 60 ICO tokens trading platform, will not engage in a number of ICO virtual currency trading platform into the clean-up range, limited to close.

The Rest…HERE

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