In significant news coming out of China, China’s central bank – the People’s Bank of China – has revealed that it carried out on-site checks on major Chinese bitcoin exchanges in Beijing and Shanghai.
BTCC's comment on Weibo @YourBTCC: https://t.co/RYSbql6HB1 pic.twitter.com/27mmYKmMz3
I wouldn’t call it an investigation. I think they are working closely with us to learn more about our business model and the bitcoin exchange industry. We had a very fruitful meeting today.
For a live Bitcoin Price chart, click here.
Speaking to Reuters, BTCC CEO Bobby Lee claimed that the “on-site checks”, as described by the PBOC, was nothing more than a “fruitful meeting”.
CCN is following the breaking story closely and will have more to report on.
In a public communication channel, a customer service representative from OKCoin has claimed that the on-site visits are a part of a week-long investigation by the authorities who are supposedly seeking to understand the bitcoin trading process.
— cnLedger (@cnLedger) January 11, 2017
In a public notice, the Shanghai branch of the PBOC revealed it carried out spot checks today (Wednesday) on BTC China.
Bitcoin’s soaring value and trading in China has evidently caught the eye of authorities who are now clamping down on capital outflows that they believe is taking place via bitcoin, while the yuan continues to depreciate.
— cnLedger (@cnLedger) January 11, 2017
A roughly translated statement reads:
A public message by BTCC on social platform Weibo has added that it continues to “strictly comply” with all relevant laws and regulatory requirements in the country, while adding that the exchange is operating normally. In its attempt to diffuse investors’ fears, BTCC also adds that it will make public any instructions or mandates set forth by the PBOC.
The official visits have sent bitcoin prices in a spiral, striking a low of $790 for the day. At the time of publishing, price on the Bitstamp Price Index is trading at $813.54. Having reached a high of $918.4 on the day, bitcoin has lost over 14% in value.
The People’s Bank of China Shanghai HQ, the Shanghai Municipal Finance Office and other units formed a joint inspection team to carry out site inspections on Bitcoin China, focusing on checking whether it was operating beyond its business scope, whether it was engaging in unlicensed forex, payment, financing and other related businesses; whether it engaged in market manipulation; implementing anti-money laundering, financial security risks and so on.
Image from Shutterstock. Chart from BitcoinWisdom.
In quotes reported by the publication, he stated:
A separate notice by the Beijing office of the PBOC issued a similar statement about its on-site inspection at Huobi and OKCoin.
Same is going on wt @OKCoin & @Huobi. Okcoin customer service manager: They're trying to understand …https://t.co/GZ2f8KXqnN pic.twitter.com/lJZ8O2FmiO
The First Bitcoin ATM in Mainland China Shutters Service Amid Regulatory Crackdown
The first bitcoin ATM in mainland China, which was installed four years ago in Shanghai, has ceased to provide exchange services to bitcoin investors in response to Chinese authorities’ requirem
Police in Chinese City Confiscated 600 Bitcoin Miners over Electricity Theft
April 25, 2018 – Police in north China’s Tianjin have confiscated 600 computers used to mine bitcoin after local power grid reported abnormal electricity consumption, Xinhua reported on Wednesday.
TD Ameritrade Put An Actual Ad on the Bitcoin Blockchain
TD Ameritrade planted an ASCII flag - that is to say, imprinted an advertisement - on bitcoin's blockchain earlier this month.
The online broker announced that it sent 68 bitcoin transactions to cr
Iceland's 'Big Bitcoin Heist' Suspect Has Been Arrested
Iceland's now-infamous bitcoin miner thief has reportedly been arrested.
A Dutch police spokesperson confirmed that Sindri Thor Stefansson - who is accused of masterminding the theft of $2 million
Snoop Dogg to Perform at Ripple's Blockchain Week NYC Party
Distributed ledger startup Ripple is hosting a VIP gathering featuring Snoop Dogg - and will be giving away 10 tickets to the event on Twitter.
The company announced Tuesday that Snoop would perfor
Arizona's Crypto Tax Payments Bill Clears Hurdle
A key committee in Arizona's House of Representatives has given its blessing to a bill that would clear the way for the state to accept cryptocurrencies as payment for taxes.
The House Rules Commit
Bitcoin jumps 7% amid massive market sell-off
Bitcoin rose to its highest level in more than a month as the broader U.S. financial markets sold off Tuesday. The digital currency was trading near $9,436 as of 4:21 p.m. ET, and has jumped
16 Exchanges Pledge to Restore Crypto Market Confidence
A group of licensed cryptocurrency exchanges in Japan is looking to restore market confidence by adopting self-imposed rules.
According to the Japanese news outlet Asahi Shimbun Tuesday, 16 exchang