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China's Bitkan Suspends OTC Bitcoin Trading Following ICO Ban

By NexChange
FinTech

With Beijing cracking down on everything bitcoiney, one of China’s more popular cryptocurrency trading platforms, Bitkan, has decided to suspend some operations.

SCMP:

“..China’s Bitkan said it would suspend its over-the-counter (OTC) bitcoin and bitcoin cash trading services from Thursday.

The move is in response to the recent ban on the practice of initial coin offerings (ICOs), Bitkan said in the statement. It said its bitcoin wallet, as well as the deposit and withdrawal functions of the digital assets will not be affected.”

The decision also follows word that China is planning to ban all domestic bitcoin trading. As we’ve previously reported, Beijing is purportedly set to shut down China’s bitcoin exchanges, fearing – among many other things – that the euphoria over the rise of cryptocurrencies may have spread outside the fintech community. As the SCMP points out however, none of the nation’s largest exchanges have halted trading. Huobi, as well as OkCoin and BTC China, are all operating steadily.

Nevertheless, news of Bitkan’s decision has weighed heavy on virtual currencies. Bitcoin tanked all the way down to $3,852, while Ethereum slid to $267.65 before recovering to $272.

Photo: BTC Keychain

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