Btcchina.com shutting all trading including yuan, digital assets

Updated 2017-09-28 10:01:04 Global Times

Btcchina.com, a popular virtual currency trading platform in China, announced on Wednesday that it will close all of its trading functions, including trades between the yuan and digital assets as well as trades among digital currencies, as of noon on Saturday.

It closed its recharging functions for the yuan and digital assets at noon on Wednesday.

The platform urged users to exchange and withdraw their digital assets before Saturday noon if they do not want to preserve those assets. It also told users that the safety of their digital assets on bitcchina.com would be assured.

Btcchina.com said in mid-September that the platform would end its trading business by the end of September.

Btcchina.com didn't respond to questions from the Global Times as of press time.

A Shanghai-based investor surnamed Dai told the Global Times on Wednesday that he had already changed all of his Bitcoin assets on btcchina.com into yuan and withdrawn the money.

"I lost about 7,000 yuan (,055) in Bitcoin assets in the past two months," he noted.

On btcchina.com, a Bitcoin cost about 25,235 yuan as of 3:15 p.m. on Wednesday, compared with 29,180 yuan at the end of August.

Dai said he had considered transferring the Bitcoin assets to overseas trading exchanges, but decided that would be inconvenient.

But in a virtual currency WeChat communication group, the Global Times saw some investors who said that they were ready to buy at the bottom on Saturday if Bitcoin prices fell sharply.

"I don't think Bitcoin's value will be much affected by btcchina.com ending trade," a virtual currency investor named Xing Hai told the Global Times on Wednesday. "Even if it falls, it wouldn't fall too much," he said.

In mid-August, huobi.com and jubi.com, two popular virtual currency trading exchanges, announced they would end their trading business involving cryptocurrencies.

A number of government departments on September 4 issued a notice to prevent risks involving cryptocurrencies.

The notice banned domestic trading platforms from engaging in exchange business involving such cryptocurrencies, or between those currencies and the yuan.

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