Market Today

Chinese Bitcoin Exchange ViaBTC decided to close on September 30
Editorial Team

One leading Chinese Bitcoin Exchange, following the governmental instructions for the closing of local Bitcoin exchanges, decided to shutter its operation on September 30. This becomes the second exchange throughout the year.

ViaBTC’s managers took this decision after the statement of the People’s Bank of China regarding the ban of the operation of local Bitcoin exchanges and its guidelines for the probable ICO risks. They said that this decision was based on their willingness to be conformed to the state policies and regulations as a responsible platform. Accurately, they decided to close the website for exchange business in mainland China on September 30.

Nevertheless, according to them, the cloud-based services and the mining pool will not be affected by this unpleasant development.

However, ViaBTC is not the only one leading crypto organization that tends to cease its operation. ViaBTC’s announcement followed that of BTCC the day before. BTCC cryptocurrency exchange announced the closing of its domestic exchange, again, by the end of the month.

Yesterday, the report of Shanghai Municipal Service Office in news outlet Yicai required the closing of all cryptocurrency exchanges by the End of September. However, the case is not closed yet, according to the tweet of the founder of litecoin, Charlie Lee, who foretold a meeting with regulators, in which a differentiation in official policy is possible. At the time, the other main local exchanges like OkCoin and Huobi are still working regularly, waiting for the evolutionary proposals.

Despite the Off Counter Trading (OTC) and p2p trading will be probably allowed, that does not affirm that direct trading would be possible.

The entire reorganization of China in crypto area marks a turning point. The upcoming massive political event in China and the five-yearly congress of the ruling Communist Party will distinguish the “national economic spirit” of nowadays. China has to choose either the old communist ideas and protectionism or the free market potentials. However, the Bitcoin conversion is on the schedule, and the final decisions over it are expected.