BTCC stops deposits ahead of China trading shutdown

     BTCC has stopped accepting yuan and cryptocurrency deposits today as it prepares to shutter its operations in China this month.

     Chinese cryptocurrency giant BTCC, the operator of the oldest cryptocurrency exchange in what was previously the largest trading market in the world, has stopped accepting deposits today at 12:00 noon, Beijing time.

     Further, BTCC announced its deadline for withdrawals of digital assets is October 30. The exchange operator insists that all withdrawals will be processed within 3 days, regardless of the digital asset reserve.

    The People’s Bank of China announced a blanket ban on all initial coin offering on September 4. The ban has also extended to bitcoin exchanges in the country.

    Its global exchange BTCC DAX, a recently launched ‘pure crypto-to-crypto exchange’, its mining operation BTCC Pool, BTCC’s USD exchange and other company operations will continue to operate.

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Written by Brad Chillum

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