Thursday, April 3, 2014

Major Chinese Bitcoin Exchange Has Stopped Taking New Deposits

One of the biggest Chinese bitcoin exchanges has closed its doors to new deposits following a renewed clampdown on the currency by the People's Bank of China, reports The Gaurdian.

The Guardian continues:
BTC38 announced to its users on Wednesday that the company was having to suspend the use of 3rd party payment processors due to central bank policy.

The PBOC's warning to payment processors to steer clear of the cryptocurrency dates back to December 2013, and has already taken down one major exchange, BTC China, which closed two weeks later.

Without 3rd party payment processors, bitcoin exchanges have little ability to take Chinese yuan in payment for bitcoin. Few have the means to build the capability themselves, and so far none have seen fit to spend the money in what is likely to remain a tumultuous market.


  1. Come on Wenzel, you left off the best part!

    "Despite the crackdowns bitcoin remains big money in China. According to FiatLeak, a site which tracks bitcoin sales in various currencies, the country is still buying almost 10,000 bitcoin an hour, far in excess of any other nation."

    1. Duh. The crackdown just started, no way does that volume continue if exchanges are shutting down,

    2. Roach Motel for bitcoin "investors"