Seeking Clarification on China Status and BTCC Exchange and Chinese exchanges

stupid_seb

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Quote from: Raxitto on October 02, 2017, 07:24:07 AM

BTCC, one of the largest international exchanges of crypto-coins based in China, announced that it has closed all domestic trading activities.
In a statement via the website, BTCC states that all local operations of yuan and crypto coins were officially suspended from yesterday, September 30, Beijing time. The exchange stopped accepting deposits on September 27, with Chinese-based users being advised to withdraw their funds from the brokerage house before the end of October. The closure of China's brokerage firms came after a statement from financial regulators on Sept. 4, which barred developers and entrepreneurs from launching public offerings of crypto-coins (ICOs) in the country.

Exactly: Crypto is still tradeable.

Only the FIAT -> CRYPTO is being regulated. Makes sense.

Raxitto

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BTCC, one of the largest international exchanges of crypto-coins based in China, announced that it has closed all domestic trading activities.
In a statement via the website, BTCC states that all local operations of yuan and crypto coins were officially suspended from yesterday, September 30, Beijing time. The exchange stopped accepting deposits on September 27, with Chinese-based users being advised to withdraw their funds from the brokerage house before the end of October. The closure of China's brokerage firms came after a statement from financial regulators on Sept. 4, which barred developers and entrepreneurs from launching public offerings of crypto-coins (ICOs) in the country.

rcoins0720

full member

Activity: 253

Merit: 100

NO

if bitcoin is banned in china so other country will continue

it is not mean that the future of coins will decrease or will no longger have value

I am affraid but hopefully BTC will recover after days

and there is not enough info that it is true some says its only a fake news or what ever

Voice-Of-Reason

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You should double check this, but it seems exchanges in China received orders to shut down trading until the end of the month (some bigger ones have extra time)

Could this be the set up for a government managed exchange? :|

stupid_seb

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Merit: 101

Quote from: very_452001 on September 15, 2017, 04:35:36 AM

Quote from: stupid_seb on September 14, 2017, 06:48:54 PM

China is 30% of trading volumes.
That's the issue.

$3500 * 70% = $2,500... (maths are not correct, but "ballpark", it tells us that $2,800 is possible)

China brings around 30% volume to the markets correct? You sure its around that 30% figure as I have read and seen different figures.

So bitcoin price should drop further 30% correct?

We touched $2,920 on bittrex yesterday.

very_452001

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Activity: 1056

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Really confused at the moment as I keep reading different things/rumours, is it temporary or permanent, Will exchanges will re-open after obtaining new license from government Huh

There's no official statements from the china government, everything is just rumours so far Angry

Or can someone point me on the official china government website of course google translated of crypto statements.

very_452001

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Merit: 270

Ok when you guys will predict that Huobi or the next big china exchange will make an announcement to close its doors? I believe this will bring the next big dip to under $2k Shocked

very_452001

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Merit: 270

Quote from: stupid_seb on September 14, 2017, 06:48:54 PM

China is 30% of trading volumes.
That's the issue.

$3500 * 70% = $2,500... (maths are not correct, but "ballpark", it tells us that $2,800 is possible)

China brings around 30% volume to the markets correct? You sure its around that 30% figure as I have read and seen different figures.

So bitcoin price should drop further 30% correct?

richardsNY

legendary

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Quote from: very_452001 on September 14, 2017, 06:34:27 PM

Ok who's next to close its doors (temporarily, voluntarily or forced by government ban law)?:

- Huobi
- Bitfinex

Shall I assume the next closure will knock off a further around $1000 from bitcoin Shocked

?

Bitfinex won't be affected by any type of Chinese regulations since they are based in Hong Kong. Huobi on the other hand, and OKCoin, to name the other largest China based exchanges, they will very likely end up facing the same faith as BTCC. That being said, there is no clarification on why exactly BTCC is forced to shut down -- it might very well end up being ICO related. If that's the case, then not every exchange in China will get affected.

stupid_seb

full member

Activity: 336

Merit: 101

China is 30% of trading volumes.
That's the issue.

$3500 * 70% = $2,500... (maths are not correct, but "ballpark", it tells us that $2,800 is possible)

very_452001

sr. member

Activity: 1056

Merit: 270

Ok who's next to close its doors (temporarily, voluntarily or forced by government ban law)?:

- Huobi
- Bitfinex

Shall I assume the next closure will knock off a further around $1000 from bitcoin Shocked

?

very_452001

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Activity: 1056

Merit: 270

Quote from: Adbitco on September 14, 2017, 06:27:02 PM

I think it's not a ban imposed by the government of China on ICOs but it's planning to make regulations and same is true for exchanges in China too, Chinese government has decided to introduce licencesing for exchanges. BTCC isn't going to shut down it's going to suspend trading from September 30 which I think can be resumed but this is all what I understood from reading a few post on social media. Also it's being said that China is doing it all to accumulate more bitcoins. There may be some truth in it I guess.

Ok but why BTCC temporary suspending trading from the end of september? Is it because of simply website maintenance?

Adbitco

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Leading Crypto Sports Betting & Casino Platform

I think it's not a ban imposed by the government of China on ICOs but it's planning to make regulations and same is true for exchanges in China too, Chinese government has decided to introduce licencesing for exchanges. BTCC isn't going to shut down it's going to suspend trading from September 30 which I think can be resumed but this is all what I understood from reading a few post on social media. Also it's being said that China is doing it all to accumulate more bitcoins. There may be some truth in it I guess.

Decoded

legendary

Activity: 1232

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give me your cryptos

If they shut down all the bitcoin exchanges, miners there would just start selling on internantional or US markets. Personally, I was hoping the chinese miners were the one to get hit, because then it would give more opportunity for people worldwide to mine, decentralising the system.

Quote from: very_452001 on September 14, 2017, 06:02:15 PM

Will BTCC exchange shut down voluntarily at the end of september or the china government shutting them down?
If voluntarily then why BTCC shutting down end of the september? Is it because they are 100% sure and know that in the future the china government will ban bitcoin exchanges?

The shutdown of one exchange isn't what caused the crash, either. It's what this event foreshadows. If one big exchange just voluntarily halted trading, then this would mean they had real concerns for their future, otherwise they wouldn't close with such a high trade volume daily. If they were forced to halt, what's to stop other exchanges from getting forced to?

Quote from: very_452001 on September 14, 2017, 06:02:15 PM

Is BTCC the biggest bitcoin exchange in china? How many exchanges are there in china?

BTCC is one of the biggest in China. I think another is Huobi (and maybe Bitfinex)
There are a couple of tens of exchanges, if I'm not mistaken, but theres around 3-5 main big ones.

very_452001

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Merit: 270

Will BTCC exchange shut down voluntarily at the end of september or the china government shutting them down?

If voluntarily then why BTCC shutting down end of the september? Is it because they are 100% sure and know that in the future the china government will ban bitcoin exchanges?

Is BTCC the biggest bitcoin exchange in china? How many exchanges are there in china?

This shut down of 1 chinese exchange knocked off under $1000 value from bitcoin overnight.

If other chinese exchanges start shutting down one by one then does that mean further drops of $hundreds from bitcoin price? If so at this rate bitcoin will reach $0 Shocked

Without china bringing volume into crypto and bitcoin then how much you guys think bitcoin will bottom out at?

Topic: Seeking Clarification on China Status and BTCC Exchange and Chinese exchanges (Read 583 times)