[CryptoNews] | Yunbi Is Winding Down In 3 Months | Has The First Blood Been Drawn?
This post is taken from my website www.cryptoniam.com
The Caixin Weekly has the revealed in their latest report, which says “Yunbi is winding down in 3 months” as per Li Xiaolai, the Bitcoin tycoon of china who also holds circa 25% of the stakes in Yunbi- the cryptocurrency exchange.
The article also mentions that in the wake of the Chinese regulatory scrutiny, a Shenzhen based altcoin exchange Zhgtrade has already suspended new user registrations & CNY deposits, from 9th Sep 2017. Also, Zhgtrade has delisted BTC/CNY and ETH/CNY trade pairs from 10th Sep 2017.
Signs are not looking too promising for the Chinese exchanges as before delisting the aforementioned trades, Zhgtrade made an official announcement, which said:
“As per the regulatory requirement, Zhgtrade will stop most trading pairs gradually. Please withdraw your CNY and digital assets.”
In fact Zhgtrade isn’t the first causality of the Chinese Regulatory changes, as Guojiaowang (one of the six Beijing based cryptocurrency exchanges) was the first exchange to literally shut their operations down. An imperative thing to note is that both of these exchanges i.e. Zhgtrade & Guojiaowang were heavily vested in the entire onslaught of “ICOs”, which was taking place in China.
The refund and de-listing of ICO-ed coins has already started by most of the major cryptocurrency exchanges and ICO platform providers in China.
Although, China based cryptocurrency exchanges such as Huobi, OKCoin, Btc38 and Viabtc hadn’t associated themselves with any of the ICOs yet, but still that does not guarantee them a shield from the Chinese Authorities. Having said that, they can take a sigh of relief for now, as they haven’t been approached by any regulatory authorities.
Amidst all the unrest and confusion, many Chinese exchanges have come out and given indistinguishable statements:
- That they are yet to hear from the authorities and hence can’t confirm anything as yet.
- As a Chinese company, they respect and comply with the local regulatory policies and will do everything, that’s needed, in order to protect their customer’s assets.
- Bitcoin trading is still not considered illegal in China and P2P trading between 2 users is not banned.
Would you please consider to upvote this post & follow me @vinyprop?
Good information ,continue to share this through your posts
with all they hype on china dropping some exchanges what do you think as far as it having an impact on the recent drop in prices?
The short term impacts are already apparent. Massive panic selling is being seen in China. Bitcoin has come down to $3300 odd, where it was about to touch $5K, just a few weeks ago. For the long term investors, it seems to be a great time to get in and but that lucrative coin you always wanted, but thought the price was too high.
I would suggest to keep calm and use the opportunity, while the prices are that low, as once things settle down, this thing is going to shoot up into the sky.
Cheers..!!
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Nice post @vinyprop
Upvoted and Followed
thanks for your vote , i will follow you as you are posting nice content :d
Too bad really. What will happen now?
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STOPGood points in this post. Nice to see I'm not the only one who thinks like this. The crypto space brings the biggest group of uneducated investors with it. This group will only grow. This means markets will be as irrational as this big group of uneducated investors. Besides coinmarketcap.com there is: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto. Check: https://www.coincheckup.com/coins/FirstBlood#analysis For the FirstBlood Investment analysis.
@vinyprop this is really interesting and ...
I like it
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STOP