BTCC to stop trading operations in China

In statements on Twitter and on China-language social media, the cryptocurrency exchange platform announced it would immediately stop onbording new users, but that its mining pools and international exchange would continue to operate normally, according to CoinDesk.

The news follows reports by a local financial news source indicating that regulators are preparing a formal ban on domestic Bitcoin exchanges. Furthermore, according to an exclusive report by Shanghai-based business media Yicai for CoinDesk, Shanghais Municipal Financial Service Office has issued a verbal order to Bitcoin exchange startups, indicating that they should cease operations.

The source reportedly said that the exchanges will shut down at the end of September 2017. Currently, it is unclear whether that ban will extend to other forms of trading, such as peer-to-peer (P2P) trading, or more experimental decentralized blockchain-based exchanges.