Biz / Tech

China's top 3 Bitcoin trading platforms to stop trading

China's top 3 domestic Bitcoin trading platforms’ announcements to stop service by October drag down the Bitcoin price under the 20,000 yuan line yesterday. 

The Bitcoin price plunged to break the line of 20,000 yuan (US$3,030) today as 25 percent drop in the past week, following all three top domestic Bitcoin trading platforms’ announcement to stop service by October.

Followed by Shanghai-based BTCC, Huobi and Okcoin also announced during the weekend to stop domestic Bitcoin trading services in October, with the requirement of government regulators. China has strengthened regulation on crypto-currencies, including Bitcoin and ICO or initial coin offerings.

The three domestic trading platforms, Huobi, BTCC and Okcoin, combined have the largest volume of global Bitcoin market. Therefore, the international value of Bitcoin has plunged in recent days amid Chinese authorities’ strict ban on Bitcoin and ICO.

But foreigners can still use their services in overseas markets, the platforms said.

China last week announced a ban on individuals and organizations raising money through ICOs — a form of fundraising in which technology startups issue their own digital coins, or “tokens,” to investors to access funds.

The central bank, the securities and banking regulators and other government departments said in a statement that ICO is “a kind of unauthorized and illegal public fundraising.”

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