BTCC , one of China's three big exchanges announced that it would cease trading cryptocurrencies after carefully considering the announcement by Chinese regulators back on the fourth of September.
|BTCC was one of the earliest cryptocurrency trading platforms in China, indeed the world. The company announced that other operations including its mining operation BTCC Pool would not be affected by the change. China has huge cryptocurrency mining operations. On September 4th, the People's Bank of China announced a ban on all initial coin offerings (ICO's) by which new cryptocurrencies were financing operations as discussed in a recent Digital Journal article. The announcement caused a precipitous decline in the value of bitcoin and other cryptocurrencies.|