With regard to the virtual currency exchange, China has expressed its opposition since September 4th, 20 17. In the market, large exchanges gradually faded out of the domestic market, some moved eastward to Japan, and some left Nanyang. Of course, with the release of the new regulations in Hong Kong in early October, we believe that the virtual currency exchange may obtain a legal license in Hong Kong in the future to serve local institutional investors.

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Btc China said that the platform will stop the cash withdrawal business. Up to now, btc China has closed all trading functions. Huobi.com and OKCoin, two other bitcoin trading platforms in China, also stopped all transactions of digital assets targeting RMB.

The virtual currency represented by Bitcoin has soared across the board, attracting a large number of ordinary people without any technical and investment knowledge to enter this high-risk market.

The central bank, together with several ministries and commissions, issued the Announcement on Preventing the Financing Risks of Token Issuance (hereinafter referred to as the Announcement), pointing out that no organization or individual may illegally engage in the financing activities of token issuance. The contents of the "Announcement" show that all kinds of token issuance financing activities will be stopped immediately from the date of promulgation.

Institutions and individuals that have completed token issuance financing should make arrangements for repayment, reasonably protect the rights and interests of investors, and properly handle risks. The relevant departments will seriously investigate and deal with the illegal activities in the token issuance financing activities and completed token issuance financing projects that refuse to stop.

China Internet Finance Association issued "Tips on Preventing Risks of so-called" Virtual Currency "such as Bitcoin", pointing out that Bitcoin trading platform is a tool for money laundering, drug trafficking, smuggling, illegal fund-raising and other illegal and criminal activities. Various so-called "currency" trading platforms have no legal basis in China.

People's Daily Online-The live transaction of Bitcoin was completely shut down in China.