While an official confirmation of China’s ban on Bitcoin exchanges has still not surfaced, this seems to confirm the matter.
BTCC, one of the largest Bitcoin exchanges in China and the world, has just announced that it will cease all trading operations effective September 30.
In statements on Twitter and on China-language social media, the oldest cryptocurrency exchange platform in the world’s largest market said it would immediately stop onboarding new users, but that its mining pools and international exchange would continue to operate normally.
According to an exclusive report by Shanghai-based business media Yicai, Shanghai’s Municipal Financial Service Office has issued a verbal order to bitcoin exchange startups, indicating that they should cease operations.
While the dominance of China in terms of Bitcoin trading volumes cannot be understated, other markets in Asia have risen in importance over the past year, Japan and Korea most notably.