China ban on cryptocurrency exchange

These OTC desks take the form of a marketplace where buy and sell orders are offered manually and transactions are done in a peer-to-peer manner. All mainland financial institutions are barred from any involvement in virtual currencies and foreign entities are also prohibited from serving mainland customers. Last year, the company announced plans to expand in the US, with new mining facilities in Washington, Tennessee, and Texas.

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Wilma Woo Aug 23, The move comes the same week as Beijing forbade venues including hotels, shopping malls, and offices from promoting or hosting events supporting cryptocurrency. A separate ban governing eight crypto media outlets has also come into effect, Bitcoinist reported. The path regulators have chosen meanwhile puts China increasingly at odds with the rest of the international community. Nearby South Korea, which china ban on cryptocurrency exchange Beijing introduced bans on ICOs and threatened an exchange ban last year, has since opted to create a regulated environment for platform operators, while politicians are currently debating a reversal of the ICO decision.

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The currency went into free fall on Friday after reports that China was about to ban cryptocurrency exchanges. The Chinese outlet Caixin first reported the ban on Friday. On Monday, Bloomberg followed up with a report that China would ban the trading of virtual currencies on domestic exchanges but permit over-the-counter transactions. Markets Insider. Two of China’s biggest bitcoin exchanges, OKCoin and Huobi, have said they haven’t had any instructions to stop trading. China’s central bank has also not commented on the reports. The reported ban comes after China decided to ban initial coin offerings , a hot new way for startups to raise funds by generating their own virtual currency.

China flag image via Shutterstock. Last year, the company announced plans to expand in china ban on cryptocurrency exchange US, with new mining facilities in Washington, Tennessee, and Texas. All mainland financial institutions are barred from cbina involvement in virtual currencies and o entities are also prohibited from serving mainland customers. An executive who works closely with Chinese mining firms told WIRED that although the ban was widely expected to move forward, miners expect it will take years for the government to fully rein in their operations. Read more about Even the new de-facto homes for mining entrepreneurs are being filled to the brim with crypto-refugees. For now, uncertainty over how deep the apparent crackdown sxchange run has spurred traders to transfer their money to safer places. So how did we get here? Related Articles.