Bitcoin exchange BTC shuts down in China

Bitcoin a 'fraud' that will 'blow up' according to JPMorgan Chase boss

"All trading exchanges must by midnight of September 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations", the government notice said.

As the news broke, bitcoin price has plunged by 16% and is expected to come down below $3,000.

Two business newspapers on Thursday reported that regulators in Shanghai, the country's financial center, gave verbal instructions to Chinese bitcoin exchanges to close.

Jerome Rousselot of blockchain micro-finance startup Jita Ltd. explained that this is the second time China is acting on digital currencies.

That sentiment was echoed by one of the top names in finance: JPMorgan Chase CEO Jamie Dimon labelled bitcoin "stupid" and "far too dangerous" in a speech Tuesday.

Bitcoin's meteoric summertime surge risks coming to a painful end as Chinese policy makers move to restrict trading amid growing warnings of a market bubble. The outlet does not say when the exchanges must close their operations, but there are several indications that the set date is September 30.

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On September 4, The People's Bank of China (PBoC) outlawed initial coin offerings (ICOs) making token sales illegal. Bitcoin's value tumbled 15 percent on Thursday to about $3,300.

Those exchanges being too big to shut down RMB immediately anticipating a queue of CNY withdrawals were in consideration when the policy instructed to officially stop RMB business by October 31st. The bank said under national laws merchants in the country can not accept digital currencies as payment for goods and services, while cryptocurrency exchanges were also not allowed.

China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand.

The announcement of BTC China left investors scrambling to get their money out before it's too late, which kicked off a rapid plummet of the value of Bitcoin.

Arthur Levitt, former commissioner of the U.S. Securities and Exchange Commission, said that just because the cryptocurrency markets are wildly speculative at the moment doesn't mean cryptocurrencies are going away.

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