- Two of China’s largest exchanges for buying and selling Bitcoin, OKCoin and Huobi, announced on Friday that they will stop trading Bitcoin for Chinese yuan effective immediately.
- While the suddenness of the Bitcoin trading ban was surprising, it reflects a larger trend in China toward regulating crypto markets.
- Fears that this would lead to an outright ban on trading cryptocurrencies in China were confirmed Thursday when the Chinese news outlet Yicai reported that “the order has come from above” to shutter all Chinese Bitcoin exchanges by the end of September.
- The announcement OKCoin was followed by a document leaked on the Chinese social media site Weibo that purports to show the contents of a verbal directive issued to Chinese Bitcoin exchanges from government officials.
- Read More: China is on Track to Fully Phase Out Cash
At the time of writing, most major Chinese Bitcoin exchanges had complied with the government’s directive.
The announcements come in response to a Chinese directive to halt Bitcoin trades by the end of the month
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