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Beijing Cryptocurrency Exchanges Must Release a Notice Stopping Trading Services on Sept 15

Beijing Special Leading Office had a meeting with owners of local cryptocurrency exchanges including OkCoin and Huobi on Sept 15. The Special Office was set up ad hoc last year to manage and control Internet financial risks.

Followed by the meeting, Beijing regulatory authorities issued a document requiring cryptocurrency exchanges registered in Beijing to announce by the end of day on September 15 that no new account registration is allowed and set a deadline past which all trading will cease. An industrial player reveals that since OkCoin and Huobi haven’t stepped foot in the ICOs market, they could cease all services before the end of October, but details are still under discussion.

The document demands that exchanges must develop a detailed refund and dissolution plan of risk-free to protect interests of investors by 6p.m. on September 20 and submit the plan to the Special Office.

Furthermore, in the course of refund and dissolution, exchanges must report daily their operations status and the progress of dissolution to the local Financial Bureau.

The document notes that exchanges must secure all trading and assets data and deliver them in the form of compact disk to the Financial Bureau.

At the time of writing, Chinese investors are disbanding WeChat groups and switching to Telegrams. In addition, they are working to break through the Great Firewall and hoping to open a new account on foreign exchanges. Chinese Litecoin holders are registering to a Singopore-based exchange called Coinut. The new exchange is founded by Xixi Wang, a developer of the Litecoin team. But what if all accesses to foreign websites are banned some day? MAYBE Chinese investors should wait for news rules be specified by the government. 

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