22. January 2018 NEW YORK46°F

Local Regulator Orders All Beijing-Based Cryptocurrency Exchanges To Close

China: By midnight on Sept. 15, all Beijing-based cryptocurrency exchanges must halt new user registration and issue a public notice detailing when the exchange will formally close, according to a policy document seen by Caixin and confirmed by a source close to regulators.

The document, issued by the Beijing branch of a central bank-led committee overseeing internet financial risks, also required all cryptocurrency exchanges under its purview to submit detailed plans to exit the market by 6:00 p.m Beijing time on Sep. 20. They must also confirm bank accounts used for client funds, and register with the central bank by the same deadline.

All exchange shareholders, controllers, members of senior management, and personnel in charge of finances and key technology must remain in Beijing to cooperate with authorities.

The newspaper said the Beijing city regulator held talks with crypto-currency exchanges in the city on Friday.

It also cited another notice issued by a Beijing city group in charge of overseeing internet finance risks as saying exchanges must announce an immediate stop to new user registrations by Friday.

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