The Chinese Bitcoin Exchange fxbtc stopped censoring the pressure of the central bank
China-based Bitcoin exchange FXBTC announced that it will close on May 10th.In its declaration, FXBTC has referred to "uninterrupted pressure" from the People's Bank of China (PBOC) and the restrictions on banking services have resulted in the central bank's policies as the reasons for decision making.FXBTC has said that the long-term financial losses which were called "blockade" by PBOC, the management team decides to terminate the service.A statement from Crypto Coins News said that due to the increased pressure from PBOOCL, the management team was not able to plan for a successful future.The team said:
"The website has been online for more than a year and has gained customer support even after having problems; but how hard we work hard when we face the blockade of PBOC, we are basically powerless."
They concluded: "After long-term damage, we finally decided to stop operating FXBTC."The users of the site must withdraw their funds by 10th May, after which FXBTC officially close. Exchange offers the sale and purchase of light queens and bitcoin.
Campaign Challenges
PBOC is the latest in pushing development to institutionally integrate the field of mutual financial cooperation with the digital currency community.FXBTC had several exchanges to submit new deposits in early April, when it received the word from commercial banking partners that they were trying to close certain accounts.FXBITS closes the debit card deposit until April 3rd and withdraws the withdrawn money temporarily. However, at that time, it has ensured that some processing partnerships were disabled.
Unfair policy violation
In recent months, China's central bank has quietly shifted to restrict the payment processors and banks in the country by dealing with migrated Bitcooney exchanges. This development - as well as the rumors of limitations in the future - may be periodic drops in Bitcoin pricesThese events began in March, when China-based financial news site Keiinin reported that PBOC will implement its December rules more stringently. This report indicates that this new interpretation of China will be implemented until April 15, even though the deadline has exceeded many horrific consequences.However, new reports of certain companies are continuously going on from Bitcoin and associated services, many believe that there is a possibility of more widespread action coming.