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
Here's why one investor is way more comfortable with marijuana than bitcoin
Cryptocurrency ETFs proved too risky for ETF Managers Group Founder and CEO Sam Masucci, but he threw caution to the wind with his latest marijuana ETF â and it's paying off. "The business is
bitFlyer Launches in Europe and Becomes the World's First Bitcoin Exchange to Be Regulated in Japan, the US and … – Business Wire (press release)
Japan bitcoin bourse group stages Europe expansion Financial TimesWorldÂ´s biggest Bitcoin exchange wins backing for European launch Daily MailBloomberg all 4 news articlesÂ Â»
SEC 'Looking Closely' at Public Company Blockchain Pivots, Says Chairman
The head of the U.S. Securities and Exchange Commission said today that the securities market regulator is "looking closely" at the trend of public companies that have announced new focuses on blockch
Bitcoin Slides More Than 10 Percent to Near $10,000 Level
The price of bitcoin is down more than 10% today, according to CoinDesk's Bitcoin Price Index (BPI).
At press time, the cryptocurrency's price is trading around $10,237.25, a decline of roughly 11.
US Senators Blast Venezuela's Oil-Backed Cryptocurrency Plan
U.S. Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) have denounced Venezuela's planned cryptocurrency in a new letter.
In an open letter addressed to U.S. Treasury Secretary Steven Mnuchi
Coinbase Taps Twitter Vet to Bolster Customer Support Team
Cryptocurrency startup Coinbase has hired a former Twitter executive in an effort to shore up its customer support teams.
Tina Bhatnagar will serve as vice president of operations and technology, a
IMF Calls for International Cooperation on Crypto
The International Monetary Fund (IMF), an organization that aims to foster global monetary cooperation and financial stability, has called for global coordination on cryptocurrencies, warning of the r
Commodity Merchant Louis Dreyfus Trials Blockchain for Soybean Trade
Louis Dreyfus, a major commodities trading company, has announced that it has piloted a blockchain-based transaction system developed by a group of financial institutions including ING.