Bitcoin tumbled immediately after Chinese bitcoin exchange BTC China announced that it will stop all trading from September 30.
BTCChina, one of China’s largest bitcoin trading platforms, will stop registration of new users on Thursday due to the crackdown by regulators.
“We will stop all trades on the digital trading platform starting Sept. 30,” it said on its official microblog.BTCChina said its decision was based on a Sept 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies and which ordered a ban on initial coin offerings
The bitcoin trading platform tweeted: “After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.”