BTCChina Announces They Will Stop Trading by End of Month

Bitcoin a 'fraud' that will 'blow up' according to JPMorgan Chase boss

Two of the country's most prominent bitcoin exchanges, BTC China and Via BTC, said they will halt trading this month.

Bitcoin is having its worst week in years as its value plummeted below $3,000 on Friday morning.

Shanghai-based business media Yicai is reporting that Shanghai's Municipal Financial Service Office has issued verbal warnings to Bitocin exchange startups that are being interpreted as guidance that they should stop trading. Despite its halt to local trading, Shanghai-based BTCC, the world's oldest bitcoin exchange, said its other businesses, including an worldwide exchange and a bitcoin mining pool, remain unaffected. The digital currency is now trading at US$3,050, a 27% drop since the beginning of the week.

Bitcoin is little more than a "fraud" which will eventually blow up in the faces of traders, according to JPMorgan Chase CEO Jamie Dimon.

The Chinese ban is causing a panic in the market as mixed messages and lack of clarity has turned sentiment negative, said Cryptocompare founder Charles Hayter.

If OKCoin and Huobi do really suspend trading on their high-volume exchanges, they will join the BTCC, which announced the suspension of its exchange scheduled at September 30. Still, the industry was thrown into chaos on September 4 when China issued a directive banning initial coin offerings (ICOs).

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The price of bitcoin has fallen 38% since the beginning of this month as Chinese authorities are tightening their grip on cryptocurrencies.

Before 20 September 6pm, exchanges shall come up with a detailed risk-free clearing plan, and send this plan to the office.

The announcement followed almost a week of uncertainty about the future of bitcoin exchanges in China.

He said there should be a distinction between digital currencies, which were being studied and developed by authorities such as the Chinese central bank, and digital tokens such as bitcoin. "Its popularity amongst investors over the a year ago is directly linked to increasing understanding of this real-world utility".

Arthur Levitt, former commissioner of the U.S. Securities and Exchange Commission, said that just because the cryptocurrency markets are wildly speculative at the moment doesn't mean cryptocurrencies are going away.

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