China's Bitkan suspends over-the-counter bitcoin and bitcoin cash trading services - SCMP

Eren Sengezer FXStreet

"China’s Bitkan said it would suspend its over-the-counter (OTC) bitcoin and bitcoin cash trading services from Thursday," South China Morning Post said in a recent article.

Key highlights:

The move is in response to the recent ban on the practice of initial coin offerings (ICOs), Bitkan said in the statement.
Bitkan’s announcement followed the Chinese central bank’s recent decision to ban fundraising through digital currencies, branding it as illegal.
The People’s Bank of China (PBOC) said that 90 per cent of the ICOs launched in China were found to have been fraudulent.

As of writing, the BTC/USD pair was trading at $3866, losing 6.8% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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