Three Biggest Chinese Bitcoin Exchanges Are Shutting Down

Three Biggest Chinese Bitcoin Exchanges Are Shutting Down

Apparently, the news coming from China has cushioned the fall in the price of Bitcoin and other cryptocurrencies. The reports indicate that the exchange OKCoin and Huobi will not cease operations this month, as these two Bitcoin exchange center will simply follow their closure by the 31st October.

OKCoin and Huobi are two of China’s major crypto-markets, which have announced they will suspend their Chinese yuan operations but will maintain exchange services between cryptocurrencies. Starting today, no yuan deposits will be allowed on the platform and will likely completely disable this market by October 31st.

According to the announcement, information about the suspension of part of its services will be extended to September 30. At the moment, registration of new users will not be allowed either.

Before this announcement, bitcoin increased its price by $400 after being placed at $2970 dollars, to be at the time of writing this note it was at $3,642 dollars.

The suspension of trade with yuan obliges the exchange houses to start a fund-reimbursement program, specified in a joint announcement, in which they must request users with yuan deposited on the platform to indicate a bank account to perform the reimbursements, as well as this address must be reported to the central bank to administer and keep this record.

The decision of the authorities to grant extra time to these exchange to organize the withdrawal of funds in yuan from your site due to the fact that the two platforms are not involved in the realization of rounds of funding (ICO), also, to which they have a large number of users.

It was early September that exchange houses BTCC, Yunbi, and ViaBTC announced their momentary closure after getting pressures from regulators. While Huobi and OKCoin say they have not received express orders from the authorities to close their operations immediately.

So, what do you think about this sudden immediate closure of Bitcoin exchange houses? Simply share your views and thoughts in the comment section below.