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China orders Bitcoin exchanges in capital city to close

Sep 20 , 2017

All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September.

The move follows the Chinese central bank's decision to ban initial coin offeringsin early September.

Top exchange BTCC said it would stop trading at the end of the month.

Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks.

A website set up by the Chinese central bank warned that cryptocurrencies are "increasingly used as a tool in criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising".


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