This post is taken from my website www.cryptoniam.com
The Caixin Weekly has the revealed in their latest report, which says “Yunbi is winding down in 3 months” as per Li Xiaolai, the Bitcoin tycoon of china who also holds circa 25% of the stakes in Yunbi- the cryptocurrency exchange.
The article also mentions that in the wake of the Chinese regulatory scrutiny, a Shenzhen based altcoin exchange Zhgtrade has already suspended new user registrations & CNY deposits, from 9th Sep 2017. Also, Zhgtrade has delisted BTC/CNY and ETH/CNY trade pairs from 10th Sep 2017.
Signs are not looking too promising for the Chinese exchanges as before delisting the aforementioned trades, Zhgtrade made an official announcement, which said:
“As per the regulatory requirement, Zhgtrade will stop most trading pairs gradually. Please withdraw your CNY and digital assets.”
In fact Zhgtrade isn’t the first causality of the Chinese Regulatory changes, as Guojiaowang (one of the six Beijing based cryptocurrency exchanges) was the first exchange to literally shut their operations down. An imperative thing to note is that both of these exchanges i.e. Zhgtrade & Guojiaowang were heavily vested in the entire onslaught of “ICOs”, which was taking place in China.
The refund and de-listing of ICO-ed coins has already started by most of the major cryptocurrency exchanges and ICO platform providers in China.
Although, China based cryptocurrency exchanges such as Huobi, OKCoin, Btc38 and Viabtc hadn’t associated themselves with any of the ICOs yet, but still that does not guarantee them a shield from the Chinese Authorities. Having said that, they can take a sigh of relief for now, as they haven’t been approached by any regulatory authorities.
Amidst all the unrest and confusion, many Chinese exchanges have come out and given indistinguishable statements:
- That they are yet to hear from the authorities and hence can’t confirm anything as yet.
- As a Chinese company, they respect and comply with the local regulatory policies and will do everything, that’s needed, in order to protect their customer’s assets.
- Bitcoin trading is still not considered illegal in China and P2P trading between 2 users is not banned.
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