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China’s Largest Bitcoin Exchange Stops Accepting Deposits

China’s Largest Bitcoin Exchange Stops Accepting Deposits

In another major blow to Bitcoin, due to China’s clampdown on the virtual currency, the country’s largest exchange has stopped accepting deposits.

China’s Largest Bitcoin Exchange Stops Accepting Deposits

BTC China has announced that it can no longer accept deposits and the exchange’s third-party payment service has also stopped accepting deposits.

BTC China announced this week that it could no longer take deposits in Chinese Yuan. At the same time the exchange’s third-party payment service said that it would not be accepting customers’ deposits. Bobby Lee, the CEO of BTC China, said that he has not been given a reason for the service stoppage. However, he mentioned recent news reports which said that local regulators are telling local third-party payment processors stop working with Bitcoin exchanges. Earlier this month Chinese authorities said that they are banning banks from trading in Bitcoin. As a result bitcoin prices started dropping, on Wednesday BTC China said the currency was trading at 2580 Yan, down from 5293 Yuan on Monday.

Customers at BTC China are still able to make withdrawals and trade using any money they have already deposited; however, they are unable to deposit more money into the exchange. The exchange is currently looking at new options to allow customers to make deposits.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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