China bitcoin exchanges awaiting clarification on closure report

China bitcoin exchanges awaiting clarification on closure report

Last Updated: Sat, Sep 09, 2017 12:19 hrs
FILE PHOTO: A Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial district

BEIJING: China’s Bitcoin exchanges said on Saturday they are still awaiting clarification from the authorities on a media report that they will be shut down.

Bitcoin fell sharply on Friday after Chinese financial publication Caixin reported that China was planning to shut down local crypto-currency exchanges, although analysts said this was just a temporary setback.

The news follows China’s move earlier this week to ban so-called “initial coin offerings,” or the practice of creating and selling digital currencies or tokens to investors in order to finance start-up projects.

Reuters was not immediately able to verify the report.

A spokeswoman for Beijing-based OK Coin said the platform has not received any notification from regulators.

Spokespersons at Beijing-based Huobi and Shanghai-based BTCC said they were still waiting for further official clarification.

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