Hot search keywords

Hot search keywords

Game Over, Bitcoin Exchanges

Caixin reports today that domestic exchanges represented by OkCoin that provide trading services between cryptocurrencies and CNY will be banned for a certain period of time. Upcoming regulations are not imposed to hurt cryptocurrencies themselves and the OTC markets.

Regulatory authorities decide to ban all domestic cryptocurrency exchanges, including OKCoin, Huobi and BTCChina that trade cryptocurrencies with CNY. Local agencies have been informed to carry out the decision.

Service provider Guojiaowang today announces that under the  guideline of the financial work conference held in Beijing on Sept 8 and Sept 5, they decide to stop all cryptocurrency trade starting from today.

On Sept 4th, the PBOC officially defines ICOs as “illegal fundraising”. Followed the announcement, 60 ICO platforms are under examination and token services are shut down.

“Exchanges involving trades between CNY and cryptocurrencies shall not operate in China. By doing so, there won’t be more questions concerning whether tokens and cryptocurrencies can trade with CNY.”

A regulator points out that the growth of blockchain technology will not be damaged if bitcoin exchanges are banned.

The agency says that the decision is made because trades between CNY and cryptocurrencies involve risks concerning the market, finance and the society.

Regulatory agencies believe that investment on cryptocurrencies  serves as a hotbed for illegal fundraising. Simple investors can’t even tell the difference between bitcoin and other valueless tokens.

“The bull market of bitcoin has led to illegal activities. The craze of ICOs by its nature is the craze of bitcoin and bitcoin exchanges, which has been used as a tool for ponzi’s schemes and scams.”

The authority reveals that when they examined some of the exchanges in China in the first half of 2017, they found that exchanges tend to make false transaction volumes and did no jobs to fight money laundering.

“Some exchanges start futures and leverage to make them look more active. And they divide bitcoin into small pieces to attract more users. This is like issuing securities illegally.”

The department emphasizes that investors should realize that bitcoin, blockchain and bitcoin exchanges are three different concepts.

“Bitcoin is not equivalent of blockchain and bitcoin exchanges; bitcoin exchanges is no blockchain.”

In addition, bitcoin exchanges have done nothing good for the blockchain technology. Instead, they have been served as a hotbed for scams, illegal fundraising and pyramid selling. As such, the watchdog decides to shut down bitcoin exchanges.

“We aims to control financial risks. Have bitcoin exchanges contributed to real economy? I don’t think so.”

Will risks be lowered if a regulatory sandbox be set up?

“It will only decrease market risks, but not financial risks and social risks.”

After reading recent news about regulations, I realize that the government seems very positive about the blockchain technology, but they are concerned about potential risks caused by the hype of the bitcoin market . I assume all the news are released partly to scare away newbies. The real question is will all exchange be shut down in China? Even the big three?

BTCChina delisted ICO tokens earlier this month, OkCoin and Huobi so far haven’t done any ICO projects. In addition, CEO of OkCoin Star Xu is a member of National Committee of experts on the Internet financial security technology.

OK AND HUOBI

Okcoin and Huobi are members of the technical association of the national committee. So I feel if any exchange will survive, it might be Ok and Huobi. And if these two are shut down, then……it’s all for the sake of public security.

COMMENTS(17)

  • BitcoinAllBot
    3 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: Ethics23

  • Bitcoiniswin
    3 months ago Bitcoiniswin

    Bye China coin. Glad I already sold mine.

  • BakersDozen
    3 months ago BakersDozen

    More second hand news. This is another site rehashing the Caixin story.

  • binarygold
    3 months ago binarygold

    Wasn’t this already dismissed as fake news?

  • RamBahadur.Gurung
    3 months ago RamBahadur.Gurung

    Can’t open the link which you had posted. Could you check it once more?But I checked the Google News, and there is no coverage there about this particular news story. Seems like a lot of FUD is being spread by the market bears, in order to purchase Bitcoin and the other altcoins at cheap rates.

  • Simple8.1
    3 months ago Simple8.1

    Quote from: RamBahadur.Gurung on September 09, 2017, 02:21:48 AM
    Can’t open the link which you had posted. Could you check it once more?But I checked the Google News, and there is no coverage there about this particular news story. Seems like a lot of FUD is being spread by the market bears, in order to purchase Bitcoin and the other altcoins at cheap rates.

    it’s definitely not fake news. the question is how to carry out all the upcoming regulations.

  • GreenBits
    3 months ago GreenBits

    Quote from: Simple8.1 on September 09, 2017, 01:58:17 AM
    bixin says they will close the exchanges, stops otc and secured transaction services.another exchange in china says they will move to Singapore. even the big three will be a big question mark. but okcoin and huobi stand a better chance to survive. (you can skip to the last part)http://news.8btc.com/game-over-bitcoin-exchanges

    finally, a second confirm on this news. edit: nevermindhttp://news.8btc.com/game-over-bitcoin-exchangesI copy pasted that, it may be because it is not an httpsanywho, it is rehashing the original article from Caixin. simply restates the initial claim and speculates on the exchanges that will survive the chaos. not that it is a bad quality article, it just doesnt advance any new information or sources. this is still FUD (the situation, not the article), but i will admit this is some damned powerful FUD, we are deadcatting, folks. pray we come out of this deadcat. writer is Asian article rewriter; you would think if there was a new development she would be immediately privy to it

  • cpfreeplz
    3 months ago cpfreeplz

    I just don’t understand how this news would come out when Asians were asleep! It doesn’t make sense. If one article says that China is banning bitcoins that doesn’t mean a lot until they prove it.

  • pooya87
    3 months ago pooya87

    Quote from: Simple8.1 on September 09, 2017, 01:58:17 AM
    they believe that the hot market of icos is by its nature the craze of bitcoin.

    i don’t understand what the relationship between ICOs and bitcoin is! they have nothing in common! people buy ETH with USD, CNY,… (fiat) and then invest that in ICO scams and after they dumped it they get ETH out, if they want they cash out the fiat again.where does bitcoin come in, i have no idea!

  • AllThatJazzBabe
    3 months ago AllThatJazzBabe

    Well if Cindy says so…

  • Yakamoto
    3 months ago Yakamoto

    Quote from: Simple8.1 on September 09, 2017, 01:58:17 AM
    Regulatory agencies believe that bitcoin and bitcoin exchanges are not the blockchain tech. And they involve false transaction volumes, serve as a hotbed for money laundering and scams. they believe that the hot market of icos is by its nature the craze of bitcoin. even the big three will be a big question mark. but okcoin and huobi stand a better chance to survive. (You can skip to the last part)http://news.8btc.com/game-over-bitcoin-exchanges
    Seems like BS, I’m ignoring this information considering, as other people have posted (and I quickly googled), there’s no further content related to this. This just looks like a lone article either trying to generate clicks for the website or someone trying to push their own agenda, and not really furthering it in any meaningful manner.I haven’t heard of countries even mentioning other cryptos, Bitcoin seems to be the only concern.Also, okcoin? Really?

  • nskendrovic
    3 months ago nskendrovic

    Well, Bitcoin technically is not the blockchain tech. It is founded on blockchain tech, but it itself is not the blockchain tech. Hope that makes sense.

  • Simple8.1
    3 months ago Simple8.1

    Regulatory agencies believe that bitcoin and bitcoin exchanges are not the blockchain tech. And they involve false transaction volumes, serve as a hotbed for money laundering and scams. they believe that the hot market of icos is by its nature the craze of bitcoin. even the big three will be a big question mark. but okcoin and huobi stand a better chance to survive. (You can skip to the last part)http://news.8btc.com/game-over-bitcoin-exchanges

  • Simple8.1
    3 months ago Simple8.1

    Quote from: GreenBits on September 09, 2017, 02:52:22 AM

    Quote from: Simple8.1 on September 09, 2017, 01:58:17 AM
    bixin says they will close the exchanges, stops otc and secured transaction services.another exchange in china says they will move to Singapore. even the big three will be a big question mark. but okcoin and huobi stand a better chance to survive. (you can skip to the last part)http://news.8btc.com/game-over-bitcoin-exchanges
    ANY COMMENTS? BTCCHINA SAYS THEY WILL STOP TRADING ON SEPT 30,2017.finally, a second confirm on this news. edit: nevermindhttp://news.8btc.com/game-over-bitcoin-exchangesI copy pasted that, it may be because it is not an httpsanywho, it is rehashing the original article from Caixin. simply restates the initial claim and speculates on the exchanges that will survive the chaos. not that it is a bad quality article, it just doesnt advance any new information or sources. this is still FUD (the situation, not the article), but i will admit this is some damned powerful FUD, we are deadcatting, folks. pray we come out of this deadcat. writer is Asian article rewriter; you would think if there was a new development she would be immediately privy to it

  • craZyLovE0916
    3 months ago craZyLovE0916

    Nah. As it is said, companies can and do become “to big to fail”. There is nothing we can do about it. IT is amazing how businesses can be so hard to start and grow, but then they can also become too big to atop also.

  • GreenBits
    3 months ago GreenBits

    Quote from: craZyLovE0916 on September 16, 2017, 06:45:10 PM
    Nah. As it is said, companies can and do become “to big to fail”. There is nothing we can do about it. IT is amazing how businesses can be so hard to start and grow, but then they can also become too big to atop also.

    to be fair, in this case they had the virtual chair legs snatched clean the fuck from under them. but, hilariously, government intervention of this nature, and the subsequent regulation that emerges, is what prevents an actual ‘too big to fail aww shit it did fail’ moment. i hate the timing, I really do. but it was actually the perfect time, if only they had made a clean, one time announcement, and not let everyone go crazy with the rumors. if this were announced in an orderly way, if anything this should have made the value go up for participants outside the market. but like always, the majority panicked, and the day was shit (unless you sold earlier )here to ‘we did this so we wont do this in the future’, cheers

  • Stephencb
    3 months ago Stephencb

    Can you test it again? News and no news story about this particular issue are being spread by bear markets, to buy Bitcoins and other altcoins at cheap rates.but i will admit we are dying, folks. Pray for us to come out of this corpse.This is like a lone post or someone trying to promote their own agenda and not really continuing it in any meaningful way.

Please sign in first