It has been reported that Chinese bitcoin exchange executives must stay in China during the government’s crackdown and “clean-up” of the nation’s cryptocurrency industries. A rough translation from a story published by China’s Bjnews states that “a number of informed sources say the executives of special currency trading platforms are not allowed to leave Beijing to cooperate with the investigation. In accordance with regulatory requirements, trading platform shareholders, the actual controller, executives and financial executives need to fully cooperate with the relevant work in the clean-up period in Beijing.”
The alleged travel ban has also been reported by Australia’s Financial Review (AFR), who stated that an anonymous source close to major cryptocurrency exchange Huobi told AFR that Huobi’s founder, Li Lin, must “report to the authorities and cooperate with their work at any time” – requiring that Li Lin must remain in China.
An increased regulatory presence within China’s cryptocurrency industry has significantly reduced China’s position of dominance within the bitcoin markets since last year. Chinese trading is currently estimated to account for less roughly 10% of global trade volume, compared to approximately 90% throughout most of 2016. Analysts are expecting China’s share of global bitcoin trade to drop substantially further once all of China’s major bitcoin exchanges have ceased operations, which is expected to have occurred before the end of October.
Full story at http://bit.ly/2yvPpn9
Source: Bitcoin News
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