China tightens curbs on bitcoin trade

by ADAM ROSE, Reuters
December 18, 2013

BEIJING – A Chinese bitcoin exchange platform announced on Wednesday that it had stopped taking Chinese yuan deposits, sending the price of the virtual currency down sharply as China broadened its crackdown on domestic bitcoin trading.

Shanghai-based BTC China, the world’s largest bitcoin exchange by volume, posted a notice about the new regulations on its website, two weeks after Beijing banned financial institutions from trading in bitcoin, due to the risks involved.

“Due to new government regulations, BTC China will temporarily suspend CNY deposits. BTC deposits/withdrawals and CNY withdrawals are not affected, and will continue to operate in the interim,” BTC China said in the notice.

The platform could no longer handle new deposits because its third-party payment provider had abruptly cut off service, said Chief Executive Bobby Lee.

“It was disconnected against our will,” said Lee, adding that BTC China had switched to the provider on Sunday as a precautionary measure.

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