Breaking: Bitcoin Price Crashes as China’s PBOC Performs “On-Site Checks” of Major Exchanges
In significant news coming out of China, China’s central bank – the People’s Bank of China – has revealed that it carried out on-site checks on major Chinese bitcoin exchanges in Beijing and Shanghai. Bitcoin’s soaring value and trading in China has evidently caught the eye of authorities who are now clamping down on capital outflows that they believe is taking place via bitcoin, while the yuan continues to depreciate. In a public notice, the Shanghai branch of the PBOC revealed it carried out spot checks today (Wednesday) on BTC China. A roughly translated statement reads: The People’s....
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Following findings of “irregularities” in the business and operational processes of the big bitcoin exchanges in the country, China’s central bank (PBOC) has now announced that its on-site inspections of the “Big 3” bitcoin exchanges is set to continue. In a statement today, the Beijing branch of the People’s Bank of China has stated its intention to continue on-site inspections of bitcoin exchanges will continue after the findings of preliminary inspections that took place a week ago. At the time, the PBOC Beijing had announced that OKCoin and Huobi, two Beijing-based bitcoin exchanges....
The price of Bitcoin has been growing steadily in what seems to be a recovery from the setback it suffered on Wednesday, January 18 following reported allegation of irregularities in the operations of major exchanges in China by the People’s Bank of China (PBOC). Officials of the Bank had met with key exchanges – BTCC, OKCoin and Huobi – on January 11 to remind them of their responsibility to conduct their activities according to the laws of the country. The news of the meeting dipped the price of Bitcoin from the $916 range to as low as $761 due to panic selling which emanated from fears....
The People’s Bank of China, the country’s central bank, is continuing its involvement in looking into bitcoin exchanges’ activities in the country by holding a ‘closed-door’ meeting with domestic bitcoin exchanges. According to a Bloomberg report, PBOC officials are meeting representatives from a number of regional bitcoin exchanges in a private meeting on Wednesday afternoon, local time. The publication’s source points to money laundering as one of several topics on the agenda in the closed-doors meeting. The PBOC has publicly revealed its involvement and several ‘on-site inspections’ for....
Reports coming out of Chinese media today have put the spotlight on irregularities in the operations of major bitcoin exchanges, according to reported claims from the People’s Bank of China (PBOC). These operational irregularities in financial business practices led to abnormal fluctuations in the market, as discovered by the authority’s business management department during the recent on-site checks conducted by the PBOC. According to a report on JF Daily, a preliminary inspection by the Shanghai branch of the PBOC supposedly showed that BTCChina had operated beyond the scope of its....
In a public announcement today, the People’s Bank of China (PBOC) has revealed its warning toward 9 local bitcoin exchanges operating in the country. Reports of a ‘closed-doors’ meeting surfaced yesterday, one wherein the PBOC was said to have met with representatives of Chinese bitcoin exchanges. While details were scarce at the time, the Beijing branch of China’s central bank has shed further light into the private meeting and its participants. Having previously inspected and conducted on-site checks of Beijing-based exchanges Huobi and OkCoin, PBOC Beijing revealed that similar talks....